Sonos buys Dutch speaker tech startup Mayht
Sonos acquired Mayht, a Netherlands-based tech company known for making powerful compact speakers, for $100 million in cash.
Why it's the BFD: Sonos' stock has been down about 35% over the past year. While news of the acquisition did little to boost the price, Mayht's technology bolsters Sonos' products.
Details: Mayht created an audio technology called Heartmotion that allows speakers to be more compact and lightweight without compromising sound quality.
- Mayht had raised about $10 million, following its Series A follow-on round from Swedish company Exeger, venture capital firm Forward.One and music producer and DJ Martin Garrix in December 2021.
- Its speaker tech was on display at this year's Consumer Electronics Show alongside Sonos speakers, per TechCrunch.
- "Mayht's breakthrough in transducer technology will enable Sonos to take another leap forward in our product portfolio," Sonos CEO Patrick Spence said.
Be smart: Mayht's patent portfolio and tech can help Sonos continue to compete with tech giants Apple, Google and Amazon that offer at-home speakers.
- Sonos sued Google in 2020 for violating five of its speaker patents. The U.S. International Trade Commission ruled in favor of Sonos in January of this year, which forced Google to modify its designs.
What's next: Sonos said more details will be provided on its second-quarter earnings call next month.
The bottom line: "The acquisition makes a lot of sense in the context of what Sonos has been doing over the last couple of years. The company has been pushing towards making speaker tech smaller, lighter, and more portable." — Haje Jan Kamps, TechCrunch