SAN DIEGO, Jan. 13, 2021 /PRNewswire/ -- Leading gaming
accessory company Turtle Beach Corporation (Nasdaq: HEAR) today
announced the acquisition of Neat Microphones.
Neat creates, manufactures, and sells high-quality
digital USB and analog microphones that embrace cutting-edge
technology and design. Neat's accomplished leadership
team includes the former founders of Blue Microphones, inventors of
the first high-performance USB microphone, and pioneers behind
other award-winning microphones that have revolutionized how
professionals and consumers capture their voice, music, and more.
The acquisition also enables Turtle Beach's entry into the
$2.3 billion global microphone
market, which is experiencing rapid growth in the digital/USB
accessories segment where Neat's product innovation
is focused.
"We are entering the growing global streaming and microphone
market with two significant advantages – the visionary leadership
and engineering expertise behind some of the most renowned mics of
the past 30-plus years, and Neat's impressive 2021
product lineup," said Juergen Stark,
CEO, Turtle Beach Corporation. "Neat is a great fit
with Turtle Beach's 45-year legacy of audio innovation and
expertise, and we're thrilled to welcome Skipper Wise, Martins
Saulespurens, and the rest of the Neat Microphones
team to the Turtle Beach family."
Stark continued, "This is another significant milestone for
Turtle Beach. Entering the global microphone market with
Neat diversifies our product portfolio into new
categories, while complimenting Turtle Beach and ROCCAT's offerings
in console and PC accessories. The total addressable market for our
diversified products and brands expands from $5.1B to $7.4B with
this acquisition. Turtle Beach is already well-known for the
excellent mic performance in our gaming headsets, and
Neat's technology will further enhance our future
industry-leading Turtle Beach and ROCCAT products. Additionally,
the Neat brand expands our reach beyond gaming with a
broader assortment of consumer and prosumer audio products."
Skipper Wise, President of Neat Microphones,
added, "We are absolutely thrilled to bring our team's 100+
combined years of expertise to Turtle Beach to create
groundbreaking microphone products. The market is ready for a new,
high-quality, easy-to-use portfolio of digital microphones.
Neat is the digitally native microphone brand that,
with Turtle Beach's extensive retail relationships and
best-in-class global distribution, can bring this innovation to
more people all over the world."
Wise continued, "2020 showed all of us – family and friends,
coworkers, musicians, gamers, streamers, podcasters, creators,
influencers, educators and students – the importance of our voices
being heard more than ever before. In 2021, Neat will
launch new, updated versions of some of our most popular analog and
digital microphones. We're also currently developing the next
generation of our products to meet the growing demand for
high-quality, affordable microphones."
The Neat Microphones team is comprised of the best
microphone creators in the world, and between them they have
launched over 60 products since originally founding Blue
Microphones in 1995. Through this acquisition, Turtle Beach adds
nearly 40 Neat patents and nearly 70
Neat trademark registrations to its overall
portfolio. With decades of knowledge in the engineering, design,
and production of microphones for studio and home, the
Neat team changed the way people view, use, and value
quality recording tools, and they are set to do it again in 2021
and beyond as part of Turtle Beach.
For the latest information on the Neat Microphones lineup of
professional and consumer microphones, visit
https://www.neatmic.com/.
For the latest information on Turtle Beach products,
accessories, and stories, visit the Turtle Beach website at
www.turtlebeach.com and the Turtle Beach Blog at
https://blog.turtlebeach.com. Fans can also follow Turtle Beach on
Facebook, Twitter, and Instagram. For more information on ROCCAT's
lineup of high-quality, German-engineered PC gaming accessories,
visit https://roccat.org.
About Turtle Beach Corporation
Turtle Beach
Corporation (https://corp.turtlebeach.com) is one of the world's
leading gaming accessory providers. The Turtle Beach brand
(www.turtlebeach.com) is known for pioneering first-to-market
features and patented innovations in high-quality, comfort-driven
headsets for all levels of gamer, making it a fan-favorite brand
and the market leader in console gaming audio for the last decade.
Turtle Beach's ROCCAT brand (www.roccat.org) combines detail-loving
German innovation with a genuine passion for designing the best PC
gaming products. Under the ROCCAT brand, Turtle Beach creates
award-winning keyboards, mice, headsets, mousepads, and other PC
accessories. Turtle Beach's shares are traded on the Nasdaq
Exchange under the symbol: HEAR.
Cautionary Note on Forward-Looking Statements
This press release includes forward-looking information and
statements within the meaning of the federal securities laws.
Except for historical information contained in this release,
statements in this release may constitute forward-looking
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targets, intentions or beliefs about future events. Statements
containing the words "may", "could", "would", "should", "believe",
"expect", "anticipate", "plan", "estimate", "target", "project",
"intend" and similar expressions constitute forward-looking
statements. Forward-looking statements involve known and unknown
risks and uncertainties, which could cause actual results to differ
materially from those contained in any forward-looking statement.
Forward-looking statements are based on management's current
belief, as well as assumptions made by, and information currently
available to, management.
While the Company believes that its expectations are based upon
reasonable assumptions, there can be no assurances that its goals
and strategy will be realized. Numerous factors, including risks
and uncertainties, may affect actual results and may cause results
to differ materially from those expressed in forward-looking
statements made by the Company or on its behalf. Some of these
factors include, but are not limited to, risks related to the
acquisition and integration of businesses, substantial
uncertainties inherent in the acceptance of existing and future
products, the difficulty of commercializing and protecting new
technology, the impact of competitive products and pricing, general
business and economic conditions, risks associated with the
expansion of our business including the implementation of any
businesses we acquire, our indebtedness, the outcome of our
HyperSound strategic review process, the Company's liquidity and
other factors discussed in our public filings, including the risk
factors included in the Company's most recent Annual Report
on Form 10-K, the Company's most recent Quarterly Report on Form
10-Q, and the Company's other periodic reports. Except as required
by applicable law, including the securities laws of the United States and the rules and
regulations of the Securities and Exchange Commission, the Company
is under no obligation to publicly update or revise any
forward-looking statement after the date of this release whether as
a result of new information, future developments or otherwise.
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SOURCE Turtle Beach Corporation