It’s not very often that we go buying up companies, but we did it yesterday. ZAGG’s acquisition of iFrogz for $105 million means many wonderful things. First, some explosive details. No joking… EXPLOSIVE!
- By $105 million, we mean that ZAGG buys all outstanding iFrogz stock for $50 million cash, 4.4 million restricted shares of ZAGG stock, and assumed $5 million of outstanding debt.
- iFrogz will operate as a wholly owned subsidiary and will continue to keep offices in Logan, Utah. Scott Huskinson, co-founder and CEO of iFrogz will leading iFrogz along with his executives.
- ZAGG, already found in AT&T and Best Buy, will add places like Wal-Mart and 7-Eleven to its distribution options.
- iFrogz generated $41 million in revenue in 2010 and is expected to exceed that in 2011.
- This is ZAGG’s first acquisition since going public four years ago.
Boring numbers aside, what does this mean for ZAGG, our current fans and customers, and the future of our company? Nothing but good things, it seems. Consider this.
- By buying iFrogz, ZAGG has a whole new range of quality products to deliver without having to go through the product development process (though we enjoy doing that too). This includes plenty of stylish audio accessories as well as gadget cases.
- Our products find their way into more stores, more cities, more countries. This is great for our world domination prospects!
- We get to welcome a whole community of iFrogz fans to the world of ZAGG. Really, all we want is for gadget owners to use the best stuff for their gadgets. This acquisition helps us do that more easily.
- With two awesome teams working together (225 shiny employees in all), you can expect to see nothing but fantastic results.
We’re excited for this news. ZAGG’s employees are very excited for the opportunities this deal presents, especially after we all got to try out some iFrogz ear gear yesterday. Keep an eye out, because we’re headed for new heights!
See the official release about ZAGG and iFrogz.