Thursday, October 7, 2010

iGo Buys AERIAL7

Scottsdale, Arizona-based iGo, the manufacturer of electronic device accessories, said late Thursday that it has acquired AERIAL7, a designer of headphones for the mobile electronics and professional audio markets. The deal was worth $3.34M in cash. According iGo, AERIAL7 had annualized revenues of approximately $2.0M. In addition to the cash, iGo said it has signed multi-year employment agreements with AERIAL7's key employees, Seth Egorin, Phil Johnson and Eljay Driessens, who each receive 150,000 restricted stock units from the firm. iGo said the buy would expand its line of accessories for laptops, iPods, iPhones, and other portable media devices.