Foxconn Buys Stake In GoPro
Michael Harper for redOrbit.com – Your Universe Online
Here’s something interesting: Foxconn, the maker of iPads, Playstations, and more, has announced today they’ll be buying up a piece of GoPro, the tiny high-definition camera loved by extreme athletes and fans of slow motion footage everywhere.
According to the statement, Hon Hai (Foxconn’s flagship factory) has paid $200 million to acquire an 8.88% full-diluted stake in GoPro. In addition to snatching up a part of the company, Foxconn CEO Terry Gou will now take a seat on the GoPro board.
“Needless to say, we are over the moon to have Terry Gou and Foxconn join us on our mission to scale GoPro into one of the great enabling companies of our time,” said founder and CEO of GoPro, Nicholas Woodman in the statement.
“Foxconn and GoPro see a future where personal content capture and enjoyment will play an increasingly important role in our lives and we’re excited to combine efforts to strengthen GoPro’s position in that future.”
Foxconn and Gou did not discuss if they plan on one day manufacturing these cameras for GoPro. One Hon Hai spokesperson, however, has said this new acquisition will help to boost their product portfolio.
“We need image-capture technology which would complement our existing display technology,” explained Simon Hsing, spokesperson for Hon Hai, speaking to Bloomberg.
“We fully expect to participate in their strategy and future development.”
Hsing also said his company expects to one day become a supplier of GoPro equipment. According to CEO Gou, it wasn’t GoPro’s profitability which first attracted him to the deal.
“I saw a great opportunity in investing in GoPro, not only the company’s product lines but also the man who is running the company,” explained Gou.
“The first time I saw [GoPro Founder and CEO] Nick Woodman, I immediately knew he was an outstanding entrepreneur who has the caliber to be very successful in this business. And together with Foxconn, the outlook of this company is even brighter as we commit to helping it achieve its fullest potential.”
GoPro makes mountable and wearable waterproof cameras that allow extreme athletes to take video of themselves in action. So far, the company has a large following in the athletics and sports markets, though it’s been embraced by more sedentary lifestyles as well. As it stands, the company sells their cameras online and in more than 30,000 stores in 100 countries. Their latest lineup of cameras are capable of shooting video in 4K resolution at 5 frames per second or 2.7K videos at 30 frames per second. Thrill seekers can also capture 1080p videos in full HD at 70 frames per second and 720p HD at 120 frames.
The Hero3 Black addition is also capable of taking still shots with a 12-megapixel sensor and can even take time-lapse photos in intervals ranging from 0.5 to 60 seconds.