Since 2002, VOXX International has embarked on a program of synergistic acquisitions designed to help the Company enter new markets, expand worldwide footprints and capitalize on its expansive support network. These acquisitions have made the Company a player in the consumer electronics accessory business, contributed to growth in international business and expanded OE customer programs. The Company's active acquisition strategy is designed to maintain this momentum. Concurrently, VOXX has also looked to diversify and monetize its assets, and establish joint ventures and/or strategic partnerships to enhance both its top- and bottom-line performance, and increase shareholder value.
2017 — August 2017, the Company completed its sale of Hirschmann Car Communication GmbH and its worldwide subsidiaries (collectively, "Hirschmann") with a subsidiary of TE Connectivity Ltd. The consideration received by the Company was approximately 149.0 million Euro or $170.0 million based on the terms of the sale and forward contracts. With this sale completed, the Company strengthened its balance sheet, paying off the majority of debt, while adding cash to execute its growth strategy. Furthermore, the Company will continue to operate in the automotive industry and will retain its ongoing OEM business that is not part of this transaction. The continuing operations include the Company's market-leading rear-seat infotainment solutions, car security and remote start systems, app-based vehicle security solutions, keyless entry products and its newest innovation, the eFob, satellite radio products, and telematics, among others. Under the terms of the agreement, VOXX International will phase out the VOXXHirschmann name over a period of two years.
2017 — April 2017, the Company entered into a definitive purchase agreement with AAMP of America to acquire the inventory, inclusive of all intellectual property, including patents and trademarks of Rosen Electronics products for approximately $2.0 million. This acquisition further strengthens the Company's market-leading rear-seat infotainment solution product line.
2015 — September 2015, the Company completed its acquisition of a majority voting interest in substantially all of the assets and certain specific liabilities of EyeLock, Inc., and Eyelock Corporation through a newly-formed entity, EyeLock LLC, for a total consideration of $31.9 million. EyeLock is a market leader of iris-based identity authentication solutions and this acquisition allows the Company to enter into the growing biometrics market.
2014 — April 2014, the Company made a $3.0 million investment in EyeSee360, Inc. (now 360fly, Inc.), a creator of the panoramic video camera, 360fly. The Company's investment, consisting of shares of the investee's preferred stock totaled approximately $4.5 million as of February 28, 2017 and VOXX International held at that time, approximately 4.7% of the outstanding shares.
2012 — March 2012, the Company completed its acquisition of Hirschmann Car Communication GmbH for a total purchase price of approximately $112 million (€85 million), plus related transaction fees, expenses and working capital adjustments. This acquisition strengthens VOXX International's global footprint and successful OEM automotive offering. Hirschmann Car Communication is a pioneer in the industry and has been supplying automotive manufacturers for nearly 70 years. The Company delivers technologically advanced automotive antenna systems and automotive digital TV tuner systems and is recognized throughout the industry for its commitment to innovation, having developed the world's first analog to digital tuner and the first digital TV tuner for the Chinese market. Hirschmann Car Communication holds more than 65 registered patents and has more than 100 patent filings which are currently pending.
2011 — March 2011, the Company completed its acquisition of the global leader in high-performance audio solutions, Klipsch Group, Inc. and its worldwide subsidiaries for a total purchase price of $166 million. The purpose of this acquisition was to add world-class brands with strong distribution, both domestically and abroad, but it also gives the Company the entre into the high-end installation market at both the residential and commercial level. In addition to the #1 market positions in the U.S., Klipsch brands are recognized throughout EMEA, the Americas and the Asia-Pacific region.
2010 — February 2010, the Company's new subsidiary, Invision Automotive Systems, Inc., completed the acquisition of the assets of Invision Industries, Inc., a leading manufacturer of rear-seat entertainment systems to OEMs, ports and car dealers for a total cash purchase price of $10.3 million. The purpose of this acquisition was to increase VOXX International's R&D capabilities, add a manufacturing facility to the business structure and augment the OEM group. With the addition of Invision, VOXX International is primed to dramatically increase its existing OE business and seeks to grow this segment further through cross-selling existing VOXX International brands into the OEM channel.
2009 — October 2009, Audiovox German Holdings GmbH completed the acquisition of certain assets of Schwaiger GmbH, a German market leader in the consumer electronics, SAT and receiver technologies for a total net asset payment of $4.3 million. The purpose of this acquisition was to expand VOXX International's European operations and increase its presence in the European accessory market.
2007 — December 2007, VOXX International completed its acquisition of certain assets and liabilities of Thomson's consumer electronics audio video business (U.S., Canada, Mexico, China, and Hong Kong), as well as the rights to the RCA brand for the audio video field of use for a total purchase price of $19.7 million. VOXX International also acquired the audio video brands of RCA, Advent and Acoustic Research as a follow-up to a prior transaction with Thomson for accessories. Products acquired and sold through VOXX International's nationwide distribution network include digital clock radios, camcorders and voice recorders, and MP3 players. With this acquisition, VOXX International also added the ability to generate royalty income through a separate licensing agreement with Multimedia Device Ltd.
2007 — November 2007, VOXX International acquired all of the outstanding stock of Technuity, Inc., an emerging leader in the battery and power products industry and the exclusive licensee of the Energizer brand in North America for a total purchase price of $20.4 million.
2007 — August 2007, Audiovox Germany completed the acquisition of certain assets of INCAR Limited, a UK business that specializes in rear-seat electronics systems, for a total purchase price of $0.4 million. This acquisition added a new, international OEM component and greatly enhanced the Company's product development and engineering capabilities to service the European OEM car markets.
2007 — March 2007, Audiovox Germany completed its stock acquisition of Oehlbach, a European market leader in the accessories business for a total cash purchase price of $6.6 million. With the addition of Oehlbach, VOXX International added an electronics accessory product line to its European business to complement its consumer electronics offering.
2007 — January 2007, VOXX International completed the acquisition of certain assets and liabilities of Thomson's American consumer electronics accessory business for a total purchase price of approximately $60 million. This acquisition included the rights to the RCA Accessories brand for consumer electronics accessories, as well as the Recoton, Spike Master, Ambico and Discwasher brands for use on any product category, and the Jensen, Acoustic Research and Road Gear brands for consumer electronics accessories.
2005 — January 2005, VOXX International purchased certain assets and liabilities of Terk Technologies Corp. for $15.3 million. With this acquisition, VOXX International increased its market share for satellite radio products, primarily through an exclusive arrangement with XM Satellite Radio for direct-connect products. Additionally, VOXX International acquired its first accessories product line with high-tech antennas and HDTV products at the forefront.
2003 — July 2003, VOXX International acquired the U.S. audio operations of Recoton and the outstanding capital stock of Recoton German Holdings GmbH for a total purchase price of $40.4 million. This acquisition added the core domestic brands of Advent, Acoustic Research and Jensen for mobile and consumer electronics, as well as a host of international brands. It also marked VOXX International's entrance into the European markets, the creation of Audiovox Germany (now VOXX Germany), and paved the way for future expansion.
2002 — March 2002, VOXX International purchased certain assets of Code Systems, Inc., an automotive security product company, for approximately $7.1 million. This acquisition added two prominent brands, Code Alarm and Chapman, and marked VOXX International's entrance into the OEM marketplace. Code Alarm has since grown to become a leading supplier of security products to select OE customers including GM, Chrysler, Ford, Toyota, and more.