SAN DIEGO & VISTA, Calif., Jun 01, 2010 (BUSINESS WIRE) --Mad Catz Interactive, Inc. (AMEX/TSX: MCZ), a leading third-party interactive entertainment accessory provider, announced today that it has acquired 100% of the stock of TRITTON Technologies, Inc. ("TRITTON"), a privately-owned California-based provider of gaming audio headsets, high-performance multimedia consumer electronics and computer peripherals. Total consideration for this acquisition includes $1 million in cash at closing, subject to a working capital adjustment, and a maximum of $9 million in cash over the next five years subject to the sales performance of TRITTON's products. In calendar 2009, on an unaudited basis, TRITTON generated approximately $8 million in revenue from sales principally to customers in North America.
TRITTON's core products, its gaming headsets retailing from $69.99 to $169.99, represent a range of quality audio products that meet the interests of all gamers. Headsets operate on all of the major gaming platforms and computers, and feature a variety of unique additions including true Dolby Digital surround sound. In addition, TRITTON offers a distinctive line-up of USB video products including a simple, out-of-the-box solution to add multiple displays to either Macs or PCs.
"The gaming headset category is one of the fastest growing within the gaming sector, and the acquisition of TRITTON significantly enhances Mad Catz' opportunities in this very attractive market segment," said Darren Richardson, President and Chief Executive Officer of Mad Catz. "TRITTON has developed an attractive portfolio of premium products and a brand that resonates strongly with gaming enthusiasts. Additionally, this acquisition further diversifies Mad Catz' revenue base and is consistent with our strategy to create shareholder value by leveraging our global capabilities with high-value products that enhance the gaming experience."
Pursuant to the terms of the agreement, Mad Catz will also enter into an employment agreement with TRITTON founder and Chief Executive Officer, Christopher Von Huben, and a limited number of other key TRITTON employees.
Mr. Von Huben commented, "We are thrilled to be joining the Mad Catz organization. TRITTON has built a successful brand and lineup of gaming audio headsets and computer peripheral products. I am confident that with Mad Catz' global capabilities we can significantly increase our market penetration and more rapidly grow the TRITTON brand."