The number of players in the phone accessory market just got a little smaller, as Zagg has announced that it has acquired Mophie. Mophie is perhaps best know for its line of battery cases, while Zagg makes a variety of different accessories for numerous devices. Both companies are hoping that their combined strength will lead to continued growth:
"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."
With the deal, Zagg has agreed to pay $100 million for Mophie. However, the terms of the deal indicate that that amount could increase further based on how well Mophie performs between April 1, 2016 and March 31, 2017.
Zagg manufactures a wide range of products, including plastic film and tempered glass screen protectors, tablet keyboards, and cases. Mophie's best known for their battery cases and USB batteries, though they also produce phone docks, external storage modules, and more.