Belkin’s popular line of WeMo smart home products was recently brought into the HomeKit fold with the release of the new Smart Bridge, a simple device that lets you control your existing WeMo devices via the Home app and Siri. AppleInsider – Frontpage News
Foxconn Interconnect Technology Limited (FIT), a company most famous for being a supplier of Apple’s smartphones announced it has bought US consumer electronics maker Belkin International for $ 866M.
Belkin is a maker of consumer electronics products including wireless chargers, home automation, and intelligent water solutions. Its three core brands are Belkin, Linksys and, WeMo. FIT expects to leverage Belkin’s sales networks, technology and production capabilities, thus carving out its ‘smart home’ business by acquiring Belkin as well as its Linksys and Wemo businesses.
The acquisition was framed as a merger between FIT and Belkin leaving Chet Pipkin, CEO and founder, Belkin International at the helm of Belkin with additional responsibilities as part of FIT’s management team. “FIT is excited to acquire Belkin and its capabilities in the premium consumer products space,” Integrating Belkin’s best-in-class capabilities and solutions into FIT, we expect to enrich our portfolio of premium consumer products and accelerate our penetration into the smart home,” said Sidney Lu, CEO, FIT.
The merger announcement comes on the heels of President Trump’s blockage of Broadcom’s bid to acquire Qualcomm. “The FIT-Belkin merger is subject to approval from the Committee on Foreign Investment in the United States,” reports Financial Times.
As opposed to the current trend of hardware startups raising millions in several rounds of outside investments, Belkin only raised a private equity round in 2002 led by Summit partners. Neither it acquired any companies during its growth journey to become a multi-million enterprise.
On the contrary, Apple supplier Foxconn previously bought several companies to grow beyond smartphone market. It bought Japan-based Sharp Corporation, a manufacturer and, a seller of electric telecommunication, electric and electronic equipment for $ 3.8B in Mar 2016.
FIT-Belkin merger marks the second high-profile acquisition deal of 2018 as Google announced last month its acquisition of Xively from LogMeIn for $ 50M.
Mergers and acquisitions have decimated the once-thriving Apple accessory industry over the past several years, but the latest deal is more positive than most: Taiwanese manufacturing giant Foxconn announced today that it is purchasing U.S.-based Belkin, one of the biggest names in the accessory business. The $ 866 million all-cash deal will see Bel…Read More Apple – VentureBeat
Foxconn Interconnect Technology, a Foxconn subsidiary, is acquiring popular accessory maker Belkin for $ 866 million in cash, the companies jointly announced on Monday. The deal will also include other brands in the Belkin portfolio, including Linksys, Wemo, and Phyn…. Read the rest of this post here
Taiwanese hardware manufacturer Foxconn, which is contracted by Apple to make its iPhones, has agreed to acquire accessory firm Belkin and its associated brands, Linksys, and Wemo for $ 866 million in cash, by way of a merger. That’s a huge move for Foxconn as this is the first time in its 44 years of existence that it’s venturing into owning and operating consumer-facing brands. The plan with its new buy is to grow into a smart home gadgets powerhouse, and it seems like a natural progression for the three brands it’s now acquired. California-based Belkin has been in the business…
Foxconn, known primarily for assembling iPhones and various other products for Apple, today announced that it has acquired Belkin. The latter is primarily known for its high-quality iPhone and MacBook accessories. However, Belkin also own two other popular brands: Linksys and Wemo. Continue reading → iPhone Hacks | #1 iPhone, iPad, iOS Blog
While we've focused on efforts of giants like Google, Apple and Amazon to dominate "smart home" devices, manufacturing giant Foxconn is making its entry by acquiring Belkin International to create a "global consumer electronics leader." Besides the a… Engadget RSS Feed
The Taiwanese company known best for manufacturing iPhones, Foxconn, will soon be the company behind some of the best known routers and other computer accessories. A subsidiary of Foxconn, Foxconn Interconnect Technology, announced today that it would acquire Belkin, which also owns the brands Linksys and Wemo.
Belkin, based in California, has been around for 35 years and is known today for creating an array of computer and phone accessories, including wireless chargers, laptop docks, and phone cases. Belkin purchased Linksys, which is well known for its home routers, in 2013. And it’s been running a smart home system called Wemo for more than five years now.
For years, Taiwan-based Foxconn has been best-known for manufacturing Apple products, but it also builds countless other consumer electronics. Today, one of the company’s subsidiaries (Foxconn Interconnect Technology) announced it is purchasing US-based Belkin for $ 866 million in cash. Belkin owns a number of major brands, including Linksys and Wemo.
The buyout would make Foxconn a major player in consumer electronics, instead of just a contract manufacturing company. Belkin primarily sells phone/tablet accessories, but also manufactures networking equipment like routers and Wi-Fi range extenders.