Elgato Systems sells gaming division to Corsair
Munich, Germany — Elgato Systems is selling its gaming division to Corsair and will now focus solely on its smart home products, which will be marketed under the Eve brand. Elgato Systems is renamed Eve Systems. For the realignment, the provider of app-controlled lifestyle accessories is also parting with another company division. The streaming accessories division Elgato Gaming will be sold to the US gaming accessories specialist Corsair and will be continued there as an independent brand.
“Within an extremely dynamic segment, Elgato Gaming has achieved a momentum that only a larger partner can amplify,” said Markus Fest, Elgato founder and, as of now, CEO of Eve Systems. “The success of our gaming products has exceeded all expectations, and it is now inextricably linked to the Elgato brand. While saying goodbye to the brand after 20 years is anything but easy for us, Corsair is a fantastic company and a worthy new home for Elgato. At the same time, the Eve product line will also benefit from a focused team within a dedicated organization.”
Eve Systems is represented in the connected home market with a diversified product portfolio. The product family developed by Elgato in recent years is based on Apple’s Homekit technology. The components of the Eve family control and automate home appliances, regulate temperature and irrigation or monitor indoor and outdoor air. Each Eve product adds individual features to the smart home that can be accessed with iPhone, iPad, HomePod and Apple Watch. Eve devices talk to the iPhone via Apple’s secure end-to-end encryption, personal data is thus only visible to the user. The products work wirelessly thanks to Bluetooth technology, are quick to set up and do not require bridges. Eve devices can be accessed via the Apple Home app, the Eve app, the iPhone control center or Siri.
Advisor to Elgato Systems GmbH: Bird & Bird LLP
Bird & Bird LLP has advised Munich-based Elgato Systems GmbH on the sale of Elgato’s gaming division to CORSAIR, the US gaming accessories specialist.
Elgato was advised by the following Bird & Bird attorneys: Partner Stefan Münch and Associate Michael Gassner, both Corporate/M&A, Partner Dr. Henriette Picot, Tech & Comms/Commercial and Partner Dr. Ralph Panzer, Labor Law, all Munich.