Razer has acquired Controller Gear, who previously made licensed peripherals for gaming consoles. The acquisition was made looking at the growing need for more peripherals in the gaming market.
In their press statement, Razer talked about how there is a growing market for gaming peripherals, especially since the console gaming market itself is on the rise.
They’ve said that part of this is because of the pandemic, which has caused console buying to go up as they spend more time indoors. In a report, Newzoo says that the industry is set to grow 21% year-on-year, up to USD 51.2 Billion.
“At Razer, being gamers ourselves, we know how important it is to create best-in-class products for a unique and personalized gaming experience,” said John Moore, Head of Sales and Marketing, Console Peripherals at Razer. “Controller Gear brings leading expertise in this field with their breadth of product offerings, and strong distribution and retailer relationships. Under the Razer umbrella, the products will be made available to new audiences across the globe.”
“Despite global market uncertainty caused by the COVID-19 pandemic, the gaming industry has continued to soar to new heights with console gaming demonstrating strong growth potential as a core gaming segment,” said Limeng Lee, Chief Strategy Officer for Razer Inc and Chief Executive Officer for Razer Fintech. “The acquisition will further solidify Razer’s dominant position in serving 3 billion gamers worldwide through our ecosystem of hardware, software and services. We have an incredibly robust balance sheet with over US$500 million in cash and will continue to identify phenomenal companies to enrich our gamer-centric ecosystem.”
Following the acquisition Razer Controller Gear acquisition, Co-founder and President Jon Buller will join Razer as Director of Product Development along with the current employees of Controller Gear.