Nextbit

Jan 31, 2017

Singapore: Razer acquires majority stake in Nextbit Systems Subscribe to our newsletter Shiwen Yap January 31, 2017: &nbsp Razer , a gaming hardware designer and developer whose origins lie in Singapore, has acquired the majority of the assets of Nextbit Systems Inc. and has brought onboard the management and employees of the company. Razer is financially backed by Heliconia Capital , a unit of Temasek Holdings , Singapore’ state investment fund. Financial details of the transaction, which closed earlier this month, were not disclosed. Razers’ last funding round saw it valued with a market capitalisation of at least $1.5 billion. “Nextbit is one of the most exciting companies in the mobile space,” says Razer co-Founder and CEO Min-Liang Tan. Commenting on the acquisition, Tan adds, “Razer has a track record of disrupting industries where our technology and ability to design and innovate have allowed us to dominate categories with longstanding incumbents, such as the peripherals and laptop categories. With the talent that Nextbit brings to Razer, we look forward to unleashing more disruption and growing our business in new areas.” According to Razer, Nextbit will operate as a standalone business unit under its own management and apart from the ongoing business of its parent company. Furthermore, Nextbit will continue with product support and software updates for its cloud-integrated Robin smartphone. “In order to reach a wider audience and continue our mission, we decided to join with a larger brand,” says Tom Moss, Nextbit Systems Inc. co-founder and CEO. “We’re lucky to have found a company in Razer that shares our value of pushing the boundaries of what our devices can do.” This is one of the latest acquisitions that the gaming hardware corporate has made. In October 2016, it acquired the Lucas-founded theatre audio firm THX  in a deal whose financial terms are confidential. In September 2016, it announce the launch of a $30 million corporate venture fund targeting IoT and VR startups ventures , zVentures . The acquisition is likely drive by Razer’s desire to diversify its portfolio portfolio and will add significant expertise in mobile platforms to its team. In addition, this will allow it to strengthen and expand the offerings of its services and product ecosystem, as well as explore the integration of VR and AR offerings with mobile devices. Also Read: