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By Sam Boughedda
Investing.com -- On Monday, Sonos Inc (NASDAQ:SONO) shares rose 1.35% after it announced the acquisition of a Netherlands-based firm, Mayht Holdings.
Sonos agreed to pay approximately $100 million in cash for Mayht, the creator of what Sonos described as a new approach to audio transducers, which are the foundational element within the speakers that create sound.
The technology company re-engineered the transducers to enable smaller and lighter form factors without affecting the quality.
“Mayht’s breakthrough in transducer technology will enable Sonos to take another leap forward in our product portfolio,” said Patrick Spence, CEO. “This strategic acquisition gives us more incredible people, technology and intellectual property that will further distinguish the Sonos experience, enhance our competitive advantage, and accelerate our future roadmap.”
Sonos said further details will be provided in its earnings call in May.