Maker of hardware and networking gadgets, Belkin have just been snapped up by Foxconn. Importantly this sees one of the most comprehensive IoT peripherals – WeMo be acquired as that industry explodes. The privately held Belkin turned 35 this year.
The Taiwan-based Foxconn has an incredible 1.3 million employees and also lists subsidiaries like Sharp in their portfolio. While US$866 Million sounds like a lot to you or I, for a company of this scale, its pocket change. In 2016 the company brought in US$131.8 billion in revenue.
Sidney Lu, CEO, FIT said,
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.
This move will accelerate our vision of delivering technology that makes the lives of people around the world better, more convenient and more fulfilling. I am thrilled to take our brand portfolio of Belkin, Linksys, Wemo and Phyn to new heights.
We see significant synergies with FIT, including leveraging its world-class manufacturing capability to enhance Belkin’s operating efficiency and competitiveness. The transaction also grants us access to more resources to invest in our people and to aggressively pursue opportunities in the marketplace.
The deal gets a little more interesting when you understand Apple’s Store stocks Belkin accessories. Foxconn has been responsible for assembling Apple products like the iPhone and iPad for years. The two are now connected a little closer.
More information at Belkin via TechCrunch.