Two of the biggest names in the smartphone accessory world are joining forces in a rather sizable 9-figure deal. Earlier today, Zagg confirmed their plan to acquire Mophie for more than $100 million. While Zagg is primarily known for its line of impressively effective InvisibleShield protective displays for iPhones and Samsung devices, Mophie is well-regarded for its wide selection of battery packs and smartphone battery cases.
While not necessarily a blockbuster deal as far as tech acquisitions go, the deal does bring two of the more widely known and reputable accessory makers on the planet under the same roof.
According to Zagg CEO Randy Hales, acquiring Mophie will create “numerous opportunities” to increase revenues and profits.
A press release touting the acquisition reads in part:
This strategic combination of two industry innovators with complementary product, brand and distribution platforms will enable us to deliver increased value for our customers and shareholders,” said Randy Hales, President and Chief Executive Officer of ZAGG. “We see numerous opportunities to drive revenue growth and increase profitability by leveraging the strengths of both organizations to strengthen product development, improve brand presence, and expand distribution.”
Daniel Huang, mophie Chief Executive Officer, said, “ZAGG and mophie represent two companies with strong brands and shared values. The rationale for the merger is powerful and the combination enhances each company’s growth strategy while offering a truly compelling value proposition. Together, we intend to build on our market leadership to deliver great products, advance the brand strength, and increase our global presence in mobile accessories.”
The deal is expected to close by March of this year. Once the transaction is complete, Mophie CEO Daniel Huang and COO Shawn Dougherty will maintain their current responsibilities and will report direclty to Zagg CEO Randy Hales.