Samsung wants to make sure that its next generation of smartphones, tablets and televisions look even brighter and more colorful than its current generation. The Wall Street Journal reports that Samsung has paid $347 million to acquire Novaled, a German company that specializes in manufacturing OLED displays and lighting and that has already supplied Samsung with OLED lighting in the past. The Journal says that the acquisition highlights Samsung’s “ambition to expand in next-generation technologies” because it “will help the group secure a better foothold in the market for next-generation displays employing organic light-emitting diodes.” Samsung likely sees Novaled as a major investment for the future and not an immediate money-maker because the Journal notes that Samsung is valuing the company at around 10 times its annual revenues.

Prior to joining BGR as News Editor, Brad Reed spent five years covering the wireless industry for Network World. His first smartphone was a BlackBerry but he has since become a loyal Android user.