Gaming giant Razer has announced it will acquire Controller Gear, a California-based accessories brand for gamers.
Offering accessories that enhance and complement the gamer lifestyle, Controller Gear creates licensed merchandise and peripherals for Xbox, PlayStation, Nintendo and other gaming consoles.
According to a study from Newzoo, the console gaming market is expected to see 21% year-over-year growth in the upcoming year, with the total market value passing the US$200 billion mark by 2023.
Social distancing necessities brought by the COVID-19 pandemic have been credited with heightened demand for console gaming, as the activity offers entertaining, easy, and relatively affordable entry points to just about anyone.
With the acquisition, Razer strengthens itself as a premium player in the gaming space, and brings aboard a company that has been actively growing since it was founded in 2014. Controller Gear co-founder and president Jon Buller will join Razer as director of product development.
“Despite global market uncertainty caused by the COVID-19 pandemic, the gaming industry has continued to soar to new heights with console gaming demonstrating strong growth potential as a core gaming segment,” said Limeng Lee, chief strategy officer for Razer Inc and CEO for Razer Fintech.
“The acquisition will further solidify Razer’s dominant position in serving three billion gamers worldwide through our ecosystem of hardware, software and services. We have an incredibly robust balance sheet with over US$500 million in cash and will continue to identify phenomenal companies to enrich our gamer-centric ecosystem.”