Purple Innovation Tucks In Intellibed - What's The Benefit?

• Purple Innovation Inc (NASDAQ: PRPL) has acquired Intellibed, a sleep health and wellness company, for an undisclosed sum.

• PRPL expects the deal to extend its premium mattress range into the luxury category and accelerate its product development schedule by several years.

• Intellibed has licensed certain aspects of Purple's gel technologies for many years. The acquisition allows PRPL to consolidate its IP under one roof and capitalize on the demand for Gel Grid technology.

• The merger will likely create a product range from premium mattresses starting at $1399 up to over $7000 per mattress.

• Purple will retain Intellibed employees and integrate operations.

• Purple expects its new luxury line to debut early next year.

• PRPL held cash and equivalents of $41.2 million as of June 30, 2022.

• Price Action: PRPL shares are trading higher by 19.05% at $3.40 on the last check Thursday.

• Photo Via Company

See more from Benzinga

• Chico's FAS' Solid Q2 Results Prompts 16% Price Target Hike By This Analyst

• Ford Recalls SUVs In US Over Fire Risk: Reuters

• Legal Experts See Higher Chances Of Trump Getting Indicted But Report Says DOJ May Not Bring Charges Unt

Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.