SEOUL, Samsung Electronics Co. said Tuesday its automotive and audio electronics subsidiary Harman International has acquired the U.S. music streaming platform Roon in a bid to expand its presence in the digital audio sector.
The New York-based Roon is a comprehensive music management and listening solution catering to music enthusiasts, supporting all major operating systems and manufacturing hardware server appliances called Nucleus, according to Samsung.
However, specific financial details of the acquisition were not disclosed.
Harman expects the acquisition will diversify its business portfolio by tapping into Roon’s open device ecosystem that includes collaborations with more than 160 other audio brands.
“At Harman we take great pride in our ability to create exceptional audio experiences for our partners and consumers around the world,” Dave Rogers, president of Harman’s lifestyle division, said in a statement. “The team at Roon shares our passion in bringing exceptional sound and connectivity to music lovers as they browse, discover, and listen at home and on the go.”
The company said Roon will continue to operate independently following the acquisition.
Samsung, the world’s largest memory chip and smartphone vendor, completed its acquisition of Harman for US$8 billion in March 2017 to expand into the rapidly growing in-vehicle electronics market.
Source: Yonhap News Agency