Gaming accessories manufacturer Turtle Beach announced that it has acquired microphone manufacturer Neat Microphones from Stray Electrons to diversify its product portfolio. Turtle Beach adds nearly 40 Neat patents and almost 70 Neat trademark registrations to its overall portfolio through this acquisition. The acquisition was funded from Turtle Beach’s cash positions. Further financial terms were not disclosed.
Neat Microphones was founded as a division of American guitar manufacturer Gibson Brands in 2014 by American session musician Skipper Wise and Latvian recording engineer Martins Saulespurens. Neat’s first products were introduced to the market in 2016. Wise and Saulespurens previously founded Blue Microphones in 1995, which is now owned by Logitech, but left the company in 2013 after it was sold by private equity firm Transom Capital to another private equity firm, Riverside Capital. Wise and Saulespurens initially sold Blue Microphones to Transom Capital in 2008.
In 2018, Neat’s previous owner, Gibson Brands, filed for bankruptcy protection and initiated a restructuring plan by closing down its unprofitable consumer electronics divisions. As part of that process, its subsidiary Neat Microphones filed for bankruptcy. Wise and Saulespurens announced their departure from Neat and went on to found a new company named Stray Electrons, which acquired the Neat Microphones brand from Gibson Brands in the aftermath of its restructuring. In its announcement, Turtle Beach shared that Neat’s original team will rejoin the company.
Turtle Beach intends to refresh the Neat Microphones catalog this year, targeting the home market, which has seen a significant growth spurt caused by the global pandemic, with products for streaming, gaming, podcasting, recording, teaching, and audio conferencing.