Simple Audio®, a networked audio company based in Scotland, today announced that it has been acquired by leading US-based PC enthusiast hardware company Corsair® in a multi-million dollar deal. The deal marks another positive chapter in the Simple Audio story and puts the company in a strong position to extend its reach globally.
Simple Audio's world-class engineering and product development teams will continue to develop and market the company's range of music streaming products from its offices in Glasgow, Scotland.
Simple Audio released its first range of networked audio products last year into UK and European markets where the young company quickly built a strong reputation for superior sound quality and exceptional product design.
Peter Murphy, Founder and CEO of Simple Audio commented:
“When I started Simple Audio the aim was to make high quality digital music accessible to more people. Now the company is in a much stronger position to make this a reality. Corsair's extensive resources and worldwide distribution infrastructure will undoubtedly help Simple Audio achieve its ambitions, including plans to launch our products in the USA and Asia during 2013. We’re delighted to be a part of Corsair and very excited about the future.”
Corsair, with half a billion dollars in annual revenue, has built an excellent reputation for designing and manufacturing innovative, high-performance components and peripherals for PC enthusiasts and gamers.
Andy Paul, President and CEO of Corsair commented:
“We have followed Simple Audio as a potential investment opportunity since 2010 and we are extremely impressed by their vision of HD digital music in the post-iPod era. Their high quality, high-performance Roomplayer system demystifies and simplifies the process of playing digital music throughout the home. We believe now is the right time to invest in the fast-growing digital music space and are delighted to help Simple Audio bring their incredible vision into reality and to music lovers around the world.”
Simple Audio received investment in the early stages of its growth from the Edinburgh based investor syndicate PAR Equity and from the Scottish Enterprise Co-Investment Fund. This funding was paramount in helping to support the company’s product development plans.
Kerry Sharp, acting head of the Scottish Investment Bank, said:
“Simple Audio has always been an innovative and ambitious company, and that’s what we’re here to support. Its success and growth is a positive statement about the standard of investment opportunities Scotland’s young, thriving and adventurous companies have to offer. We’re delighted that their technology has been recognised by an international business like Corsair. It’s a great opportunity to develop the brand and secure a skilled workforce in Scotland. It also now enables us to recycle our funds into other innovative Scottish companies with high growth potential."
About Simple Audio
Simple Audio is a networked audio company that released its first multi-room music streaming system in 2012 and quickly gained a reputation for superior sound performance. Now, the company with simplicity and sound quality at its heart, uses the latest advances in technology to create audio products for the home and complimentary applications for desktop and mobile – all designed to help everyone get the best out of the music they love, all around their home. For more information, visit www.simpleaudio.com
Founded in 1994, Corsair supplies high performance products purchased primarily by PC gaming enthusiasts who build their own PCs or buy pre-assembled customized systems. The company’s award-winning products include DDR3 memory upgrades, USB flash drives, power supply units, solid-state drives, PC speakers, gaming headsets, gaming keyboards, laser gaming mice, system monitoring and control devices, PC cooling products, and computer cases. For more information, visit www.corsair.com
About the Scottish Investment Bank
The Scottish Investment Bank is a division of Scottish Enterprise operating Scotland-wide in partnership with Highlands and Islands Enterprise. It manages a suite of funds including the Scottish Seed Fund; the Scottish Co-investment Fund, which is partly funded by the European Regional Development Fund (ERDF); the Scottish Venture Fund; the Scottish Plastics Loan Fund and the Renewable Energy Investment Fund. SIB is also the cornerstone investor in the privately-managed Scottish Loan Fund. These support Scotland’s SME funding market to ensure businesses with growth and export potential have adequate access to capital. SIB also provides a team of financial readiness specialists to help companies prepare for new investment and more easily access finance from the private sector. See www.scottish-enterprise.com/sib
for more information.