CORSAIR to Acquire Drop Assets; Further Expand Peripherals Business

Rhea-AI Summary

Corsair (CRSR) Announces Acquisition of Assets from Drop, Expanding into Custom Mechanical Keyboards and Enthusiast Products

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• Corsair's acquisition of assets from Drop positions the company to capitalize on the fast-growing trend of personalized keyboards in the gaming peripheral space, potentially boosting its global brand presence.
• The acquisition allows Corsair to offer specialized products to the enthusiast community engaged with Drop, leveraging its worldwide sales and logistics footprint to make Drop products more widely available.

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• None.

MILPITAS, Calif.--(BUSINESS WIRE)-- CORSAIR®, a world leader in high-performance gear for gamers and content creators, today announced that it has reached an agreement to acquire certain assets from Drop, a leading privately held peripheral developer best known for its customizable mechanical keyboards and switches, and its millions-member strong enthusiast community. Financial terms of the non-material, all-cash transactions were not disclosed.

Founded in 2011, Drop (formerly known as Massdrop) develops and sells a portfolio of peripherals and enthusiast products, with the majority of its business coming from customized “DIY” keyboards, aftermarket designer keycaps and desktop accessories. Drop leveraged the insights of its members to develop its current collection of over 120 colorful, classic, and iconic sets offering an incredible degree of personalization to mechanical keyboard users from all walks of life. It recently expanded its portfolio to include a range of so-called Battlestation products to offer an even wider assortment of designer products for the desk and workspace.

Past Drop partnerships have included officially licensed The Lord of The Rings™ and Marvel Infinity Saga™ keycaps, with the Drop community voting on new color schemes and concepts to continuously deliver fresh and in-demand styles.

“Personalized Keyboards that can be modified by the consumer is one of the fastest growing trends in the gaming peripheral space. Drop has proven to be one of the leaders in this space and with Corsair’s global footprint, we expect to significantly grow the Drop brand worldwide. We are also excited to be able to offer specialized Corsair and Elgato products to the enthusiast community that Drop is engaged with,” said Andy Paul, Founder and CEO of CORSAIR.

“CORSAIR is the ideal partner to help Drop grow and continue to fulfill its purpose of creating amazing community-driven products,” said Jef Holove, CEO of Drop. “With a worldwide sales and logistics footprint, we’ll be able to make Drop products more widely available, faster, while retaining the enthusiast-led product development that has seen millions of fans trust Drop for their setup and hardware.”

Drop will remain a separate brand within CORSAIR and all existing warranties, purchases and customer support requests will continue to be handled directly by the team at Drop.

About CORSAIR

CORSAIR (Nasdaq: CRSR) is a leading global developer and manufacturer of high-performance gear and technology for gamers, content creators, and PC enthusiasts. From award-winning PC components and peripherals to premium streaming equipment, smart ambient lighting, and esports coaching services, CORSAIR delivers a full ecosystem of products that work together to enable everyone, from casual gamers to committed professionals, to perform at their very best.

About Drop

Drop is driven by a passionate group of creators and technophiles who tap into feedback and insights from its enthusiast community—millions strong—to design and curate Drop’s selection of products. Drop listens to, digests, and analyzes community feedback in the creation of Drop products and collaborates with leading brands to improve upon existing products in a way that is relevant to the Drop community. Drop is continuously broadening its workspace product focus into new categories to ensure it brings its community the technology they need to thrive.

Copyright © 2023 Corsair Memory, Inc. All rights reserved. CORSAIR and the sails logo are registered trademarks of CORSAIR in the United States and/or other countries. All other company and/or product names may be trade names, trademarks, and/or registered trademarks of the respective owners with which they are associated.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230717162136/en/

Investor Relations:

Ronald van Veen

ir@corsair.com

510-578-1407

Media:

David Ross

david.ross@corsair.com

+44 1182 080542

Source: CORSAIR

FAQ

What assets did Corsair acquire from Drop?

Corsair announced the acquisition of certain assets from Drop, known for its customizable mechanical keyboards and switches, and its millions-member strong enthusiast community.

What is the financial nature of the transaction between Corsair and Drop?

The financial terms of the non-material, all-cash transactions were not disclosed.

How does the acquisition benefit Corsair and Drop?

The acquisition positions Corsair to significantly grow the Drop brand worldwide and offer specialized products to the enthusiast community engaged with Drop, while retaining the enthusiast-led product development that has seen millions of fans trust Drop for their setup and hardware.