[Hardware] Well this is certainly news indeed! For the last year or so, many of us have been watching MadCatz and subsidiary Saitek wondering if either or both would go under. It's no secret MadCatz have invested millions developing Guitar Hero which is was a massive flop for the company. Yes, in 2008 the Guitar Hero console game was a hit but clearly in 2015 they didn't get the memo: No one is playing any more. There were a lot of rumours that MadCatz was becoming insolvent and would inevitably file for bankruptcy as stated on a number of gaming sites. Well it looks as of today MadCatz has found a way to drum up some capital while saving the Saitek division in the process.
Now many of you know very well that I am not a big fan of Saitek and that's because Saitek products simply have not held up for me over the years having owned over 20 Saitek devices since 2002 most of which were replacements and others such as the Cessna Yoke was downright junk. I donated the yoke brand new to Vision of Flight after only a few days of use. I have always appreciated Saitek for bringing affordable flight simulation peripherals to market in stores and being easy to acquire. However, I have always felt quality control was something to be desired as well.
Well this news of Logitech purchasing Saitek is rather welcome given the fact that Logitech is well known for having delivered very high quality devices at affordable prices. They have even delivered a few flight simulation peripherals over the years as well which were much higher in quality than the Saitek counterparts. I presume Logitech's ability to compete or lack thereof led to them exiting the market a few years back.
All that said and all things considered, it's my hope that under Logitech's leadership, we will see a new and improved Saitek emerge and hell, maybe we will even see the return of force feedback! See the full press release below and thanks to David Graham and Jordan King for the tipoff!
LOGITECH ACQUIRES SAITEK SIMULATION PRODUCT LINE FROM MAD CATZ
Thursday, September 15, 2016 2:30 pm PDT
LAUSANNE, Switzerland & NEWARK, Calif.--(BUSINESS WIRE)--Logitech International (SIX: LOGN) (Nasdaq: LOGI) today announced that it has acquired Mad Catz Interactive Inc.’s (NYSE MKT: MCZ) Saitek® brand and the Saitek line of flight and space simulation game controller assets for $13 million in cash.
Ujesh Desai, vice president and general manager of gaming at Logitech said: “We’re pleased with this tuck-in acquisition of the Saitek product portfolio. The Saitek product line complements our market-leading portfolio of Logitech G gaming products, including simulation products like our G29 and G920 Driving Force steering wheels, and expands our leadership position at a very exciting time for gaming.”
This asset acquisition is not considered material to Logitech’s quarterly or full-year financial results.
About Logitech: Logitech designs products that have an everyday place in people's lives, connecting them to the digital experiences they care about. Over 30 years ago Logitech started connecting people through computers, and now it’s designing products that bring people together through music, gaming, video and computing. Founded in 1981, Logitech International is a Swiss public company listed on the SIX Swiss Exchange (LOGN) and on the Nasdaq Global Select Market (LOGI). Find Logitech at www.logitech.com, the company blog or @Logitech.