Giant gaming peripheral brand Razer made the announcement of its intent in acquiring console accessories brand Controller Gear. The specialist console brand has been creating licensed peripherals and merchandise for the Playstation, Xbox, and Nintendo brands.
The acquisition will increase Razer’s position in the fast-growing premium console market as the entire gaming market is forecast to cross its first US$200 billion (near whopping RM800 billion) by the year 2023.
The demand on the console gaming market has seen an increase, especially during the worldwide COVID-19 pandemic. The need for social distancing has forced many to stay at home and the need to stay at home has increased thus in home entertainment such as video games has been on the rise.
According to Newzoo, the growth has been doubled during the pandemic and Razer sees the need in this particular segment of the gaming market. The acquisition shows a testament that Razer is going the lengths to deliver to the needs of everyone in the gaming community.
The acquisition also sees Controller Gear co-founder and President Jon Buller join as Director of Product Development in Razer.
“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.
“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.”
Limeng Lee – chief strategy officer for Razer Inc and CEO for Razer Fintech