Acquisition of Sabine, Inc. secures continued access to product central to ClearOne’s growth strategy
SALT LAKE CITY, UTAH — March 5, 2014 - ClearOne (NASDAQ: CLRO) today announced the acquisition of Sabine, Inc., solidifying the company’s industry-leading portfolio of professional microphones. With the addition of Sabine, ClearOne will have reliable and exclusive access to the wireless microphones that are a critical component of ClearOne’s complete microphone portfolio. Under the terms of the transaction, ClearOne will pay approximately $7.5 million in cash and $1.5 million in ClearOne shares. In addition, ClearOne will 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.
Sabine has partnered successfully with ClearOne since late 2012, supplying the wireless microphone systems sold under the ClearOne brand. These microphones complement ClearOne’s CONVERGE® Pro and INTERACT® Pro products, driving sales of the company’s broader product line. The wireless microphone systems lead the industry in features, performance and pricing.
“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, Inc. “We are pleased to join a company with a track record that reflects our shared vision for product innovation and quality.”
ClearOne’s WS800 wireless microphone systems include four new models of wireless microphones/transmitters and a base-station receiver with either 4 or 8 channels, which connects to professional audio mixers. The wireless system combines ease-of-use with the most reliable security and power.
ClearOne expects to maintain Sabine operations at its current headquarters in Alachua, Florida.
