Bowers & Wilkins, an audio equipment logo that has been acquainted to thousands and thousands for decades, has been bought out through EVA Automation, a –year–antique organization that has in no waylaunched a product. yet the antique organization’s name and CEO will continue to be. You’re no longergoing to pay attention about a more odd deal these days.
EVA Automation is the agency based by means of Gideon Yu, presently an consultant at Formation 8(previously, but no longer currently at Khosla Ventures, as I wrote mistakenly earlier), but well knownfrom his involvement in numerous pinnacle-tier funding rounds at predominant tech agencies, fromrectangular to fb. The venture at EVA is to “reimagining the audio/video enjoy via making products that will alternate how people interact and consider the home.”
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That’s proving hard, it seems: EVA has no products to talk of. solution: buy a business enterprise that does!
actually, extraordinary as it could sound, the deal appears to fit numerous parties. Bowers & Wilkins is anvintage–faculty producer, and a partnership with a bleeding-area automation business enterprise ought to make for, as they say, effective marketplace synergy. And as mentioned, EVA needs a product.
“we will have much, an awful lot extra to announce while the time is right approximately our vision and our products,” Yu wrote in a submit on the EVA internet site. “within the intervening time, we willcontinue to work tough on growing a clearly unique, enormously incorporated, and easy to applyhome A/V experience that I understand you’ll love.”
now not simplest that, however it seems like Caledonia Investments was geared up to jump deliver; itbought its 20 percent stake for $24M and alternate as part of the deal.
As it might probable bring about a mutiny if a toddler organisation that’s by no means shipped some thing took over control of a many years–vintage enterprise mainstay, Bowers & Wilkins CEO Joe Atkins willkeep his role, even though he’ll by necessity be parting with a considerable amount of his 60 percentageproportion within the antique company. Yu may be govt Chairman.
It’s an abnormal deal but perhaps one with a purpose to cause prosperity for all involved. though it is able to be a while earlier than you see the results of this partnership.
