Take-Two Sells Joytech to Mad Catz for $3.7M
The acquisition cost Mad Catz $3.7 million, according to a release from the San Diego-headquartered accessories provider. "Joytech's strong presence in Europe and growing presence in North America are expected to complement our current operations and further enhance our worldwide distribution network enabling Mad Catz to more efficiently deliver a larger portfolio of innovative gaming accessories to our customers worldwide," Mad Catz CEO Darren Richardson said in the statement.
According to the announcement from Take-Two, Mad Catz will acquire "substantially all of our Joytech employees in the U.S. and U.K." The Mad Catz statement estimates an additional $10 million in annual revenue resulting from the purchase, with the enhanced revenue stream bolstering Mad Catz operations within a year's time. But for Take-Two, the sale "is not expected to be material to Take-Two's financial results."