Salt Lake City, UT (March 6, 2014)—ClearOne Inc. has acquired Sabine Inc. for $7.5 million in cash and $1.5 million in ClearOne shares. Sabine began supplying wireless mic systems sold as ClearOne-branded products in late 2012; now with the acquisition, ClearOne will have exclusive access to the systems.
ClearOne expects to maintain Sabine operations at its current headquarters in Alachua, FL. As part of the acquisition, ClearOne will also assume and pay off Sabine debt of $1.25 million and make earn-out payments over the next three years, based on achievement of certain performance criteria.
“The wireless microphone product has performed well and has driven sales across our Pro portfolio since its introduction more than a year ago,” said Zee Hakimoglu, chairman and CEO of ClearOne. “This strategic acquisition is critical to solidifying our leadership position in this high-growth market and positions us for accelerated development of installed audio and visual collaboration solutions.”
“We look forward to combining resources with ClearOne to offer a complete portfolio of professional products to a global customer base,” said Doran Oster, founder and CEO of Sabine. “We are pleased to join a company with a track record that reflects our shared vision for product innovation and quality.”