Peripheral-maker MadCatz will soon be hosting a whole new range of products under its brand name, thanks to the acquisition of competitor Saitek. MadCatz announced the $30 million purchase on Wednesday.
While MadCatz is best known for its line of console peripherals, Saitek focused more on PC peripherals, especially its line of flight simulation controllers. The company also had stronger roots in Europe, where 50 percent of its annual revenues were generated. MadCatz executives hope that both of these factors will help diversify their own company’s product line and strengthen its presence overseas.
“PC games peripherals is a category closely adjacent to our core console business and we are thrilled to be adding one of the world’s leading providers to the Mad Catz family,” said MadCatz CEO Darren Richardson, in a statement. “Saitek significantly enhances Mad Catz’ position as one of the world’s leading games peripherals companies and provides us an entrée into the businesses of PC mice, keyboards and speakers and electronic chess and intelligent games.”
Saitek’s 120 employees, spread over the United Kingdom, Germany, France, the United States, and China, are expected to join MadCatz. Saitek shareholders received “convertible notes” that achieve 7.5 percent interest in two to three years, or can be converted to MadCatz stock.
