Something strange has happened today, Bowers & Wilkins has been acquired by the Silicon Valley startup Eva Automation.
First launched in 2014, Eva Automation was founded by the former CFO of Facebook Gideon Yu, but since they launched they haven’t actually announced or released any products or services yet, in fact, all we know about the company is that it has around 40 staff members.
This makes it extremely strange for them to acquire a long-time audio giant like Bowers & Wilkins, however, it’s not a surprise as the sale of the audio manufacturer has been hinted at for some time.
It has been reported that this acquisition is mostly due to B&W not having enough knowledge in cloud services, and presumably, Eva Automation will help them with this.
Yu explained more about the acquisition with the following letter:
“Friends of EVA,”
“I am beyond thrilled to announce that we have acquired Bowers & Wilkins—in my opinion, the absolute quality and design leader in high-end audio equipment. I’ve personally been a huge fan and loyal customer of Bowers & Wilkins for decades and truly admire and respect their Chairman, Joe Atkins. What he and his team have created over the past 30 years is simply inspiring.”
“Since I founded EVA Automation two years ago, we have been working hard to create fantastic home A/V user experiences. When it was time to seek out partners for our journey ahead, Bowers & Wilkins was unquestionably our #1 choice, and after I met Joe and his team, it was immediately clear that we share the same long term product vision and sincere passion for home entertainment.”
“To my new friends at Bowers & Wilkins: I can’t wait to meet all of you! Your brand and heritage are second to none, and we at EVA are excited to operate as one combined company under the Bowers & Wilkins name. Joe Atkins has graciously agreed to remain the CEO of our combined company, while I will be our Executive Chairman. There are very few leaders in home A/V as experienced, respected and successful as Joe, and I look forward to partnering with and learning from him…and all of you.”
“One of the most important parts of our acquisition is that Joe is maintaining a significant equity stake in our combined company and will be joining our board of directors, further aligning all of our interests.”
“We will have much, much more to announce when the time is right about our vision and our products. In the meantime, we will continue to work hard on developing a truly special, highly integrated, and easy to use home A/V experience that I know you’ll love.”
The financial terms of the acquisition have not yet been disclosed, but we do know some more details about what will happen to the company.
After the acquisition, Joe Atkins will remain as Bowers & Wilkins’ CEO, and will maintain a stake in the company, with no layoffs currently planned. It is also said that B&W products will remain as they are.
You can read more at the source link.