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GoPro, Inc. (NASDAQ:GPRO) revealed its plans to acquire Forcite Helmet Systems, a pioneer in embedding technology into helmets. The financial terms were not disclosed.
The company said it intends to boost Forcite’s vision to provide a safer, more dynamic motorcycling experience through tech-enabled motorcycle helmets with the long-term goal of tech-enabling other categories of helmets over time.
“The greater helmet market represents a meaningful TAM expanding opportunity for GoPro, and we’re excited for the Forcite team to join us so that together we can work towards enhancing the performance and safety of various types of helmets, starting with motorcycle helmets,” said GoPro founder and CEO, Nicholas Woodman.
GoPro’s acquisition of Forcite is expected to close in Q1 of 2024, subject to customary closing conditions.
“In addition to our plan to develop our own GoPro-branded line of helmets, we are excited to partner with other leading helmet brands to help tech-enable their own helmet lines,” Woodman adds.
GoPro plans to share more details on the deal at its earnings conference call on February 7, 2024.
Price Action: GPRO shares are trading lower by 0.94% to $3.17 on the last check Wednesday.
Posted In: GPRO
