Huami Corporation has announced it has agreed to acquire core assets of Zepp International Ltd. This transaction is expected to help the company in its efforts to gain a foothold in the premium sports products market.
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Founded in 2010, Zepp is a California-based startup that uses technology like 3D visuals and interactive training tools to help athletes take their training to the next level. Their products, available for multiple sports such as tennis, golf, softball and baseball, are backed by numerous professional athletes.
Huami is the exclusive provider of wearable technology for Xiaomi. Since establishing its partnership with the Chinese tech giant five years ago, Huami has sold over 30 million Mi Bands. Its line of inexpensive fitness trackers has helped the company overtake Fitbit to become the largest global seller of wearable technology.
“We are delighted to be entering into this agreement and are excited about the expanded market and global product development opportunities in the sports training analytics field that this transaction brings to the table,” said Wang Huang, chairman and CEO of Huami Corporation.
“We expect to leverage Zepp’s deep experience, mature products and established partnerships to broaden our feature-rich product portfolio and utilize our strong distribution channels to capture growing opportunities in this segment of the sports industry.”
Last month, Huami released Mi Band 3. It comes with several important updates over its predecessor including a new touchscreen colour display, water resistance down to depths of 50 meters, all day heart rate, NFC connective and more.
It is expected Zepp’s research and development team and their mature products will help Huami in developing an offering in the sports analytics area. Financial specifics of the acquisition were not disclosed.
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