Digital technology company DTS Inc. has acquired audio technology company Neural Audio.
Neural, based in Kirkland, Wash., is known for its work in the field of audio processing and its Neural Surround sound format. The company lists such firms as Sony, Harris, THX, Pioneer Electronics, Denon Electronics, Marantz America and XM Satellite Radio among its partners and customers in connection with sound for movies, broadcasting applications, music reproduction and video games.
"We believe that the acquisition of Neural Audio strengthens DTS' position in the important broadcast and automotive markets while also providing immediate access to the evolving satellite and HD radio industries," said Jon Kirchner, DTS president and CEO. "In addition and very importantly, we are acquiring an extremely talented team of professionals who we expect will enhance our technology expertise and market knowledge, and help drive our efforts to sell value-added, branded enhancement technologies into the emerging internet, PC and mobile markets for years to come."
The acquisition agreement called for payment of $7.5 million in cash for certain Neural Audio assets and liabilities, and includes a provision for payment of up to an additional $7.5 million during the next five years if certain conditions are met. The deal closed on Dec. 31, 2008.
