Sonos Announces Acquisition of Mayht Holding BV

Rhea-AI Summary

Sonos, Inc. (NASDAQ: SONO) announced its acquisition of Mayht Holding BV for approximately $100 million in cash. Mayht has developed innovative audio transducer technology enabling smaller, lighter speakers without sacrificing sound quality. This acquisition is expected to enhance Sonos' product portfolio, offering a competitive advantage by integrating Mayht’s technology and intellectual property. The acquisition's financial details will be disclosed during Sonos’ Q2 earnings call in May. CEO Patrick Spence emphasized its potential to revolutionize the audio experience.

Positive

• Acquisition enhances Sonos' product portfolio with innovative transducer technology.
• Integration expected to provide a competitive advantage in the audio market.
• Access to Mayht's technology and intellectual property could drive future growth.

Negative

• The effectiveness of the integration of Mayht's operations into Sonos remains uncertain.

SANTA BARBARA, Calif.--(BUSINESS WIRE)-- Sonos, Inc. (Nasdaq: SONO) (“Sonos”) today announced the acquisition of Mayht Holding BV (“Mayht”), a Netherlands-based company that has invented a new, revolutionary approach to audio transducers. Transducers are the foundational element within speakers that create sound, and Mayht has re-engineered them to enable smaller and lighter form factors without compromising on quality.

“Mayht’s breakthrough in transducer technology will enable Sonos to take another leap forward in our product portfolio,” said Patrick Spence, CEO. “This strategic acquisition gives us more incredible people, technology and intellectual property that will further distinguish the Sonos experience, enhance our competitive advantage, and accelerate our future roadmap.”

“We are very excited and proud to become a part of Sonos,” said Mattias Scheek, CEO of Mayht. “Our dream has always been to set a new standard in the audio industry. The integration of our technology into Sonos products will further revolutionize high quality sound.”

Under the terms of the agreement Sonos acquired Mayht for approximately $100 million in existing cash on hand. Further details will be provided on Sonos’ Q2 earnings call in May.

Forward-Looking Statements

Certain statements herein constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on management’s current expectations, beliefs, assumptions, and estimates. These forward-looking statements include statements regarding the acquisition of Mayht and its impact on our product portfolio and business strategies and opportunities. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors, including, but not limited to the ability to integrate Mayht’s employees, operations and technology into our business and products; the benefits of the acquisition and impact on our business and products; and the other risk factors set forth under the caption “Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended January 1, 2022 and our other filings filed with the Securities and Exchange Commission (the “SEC”), copies of which are available free of charge at the SEC’s website at www.sec.gov or upon request from our investor relations department. All forward-looking statements herein reflect our opinions only as of the date of this press release, and we undertake no obligation, and expressly disclaim any obligation, to update forward-looking statements herein in light of new information or future events.

About Sonos

Sonos (Nasdaq: SONO) is the world’s leading sound experience company. As the inventor of multi-room wireless home audio, Sonos innovation helps the world listen better by giving people access to the content they love and allowing them to control it however and wherever they choose. Known for delivering an unparalleled sound experience, thoughtful design aesthetic, simplicity of use, and an open platform, Sonos makes the breadth of audio content available to anyone. Sonos is headquartered in Santa Barbara, California. Learn more at www.sonos.com.

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IR@sonos.com

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Tom Lodge

PR@sonos.com

Source: Sonos, Inc.

FAQ

What is the significance of the Sonos acquisition of Mayht?

The acquisition is anticipated to enhance Sonos' product offerings and competitive edge in the audio industry.

How much did Sonos pay for Mayht?

Sonos acquired Mayht for approximately $100 million in cash.

When will further details about the acquisition be released?

Further details will be provided during Sonos' Q2 earnings call in May.

What technology does Mayht bring to Sonos?

Mayht has developed a revolutionary audio transducer technology that enables smaller and lighter speakers without compromising sound quality.

What are the potential risks of the Sonos acquisition?

Integration challenges and the ability to realize anticipated benefits from the acquisition could pose risks.