DTS acquires Neural Audio, expands R&D capabilities
DTS has acquired Neural Audio, an audio technology business that licenses branded intellectual property solutions for the creation, distribution and playback of music, movies, broadcast programs and video games. At the same time, the company announced plans to expand its engineering and technology capabilities with the opening of a research and development facility in Silicon Valley. Under the terms of the purchase agreement, DTS paid $7.5 million in cash for certain assets and liabilities of Neural Audio and may pay up to $7.5 million more through the next five years if certain conditions are met.
The acquisition of Neural Audio, located in Kirkland, WA, expands DTS’ technology offerings focused on the broadcast, satellite radio, automotive and gaming markets. The acquisition brings aboard key executive and technical talent including Geir Skaaden, CEO; Mark Seigle, president and COO; Jeff Thompson, director of engineering; and chief scientist James Johnston. Johnston is a pioneer in the field of perceptual audio coding, having made significant contributions to the development of the AAC and MP3 formats.
Separately, DTS hired several other key executives and plans to open a research and development facility in Silicon Valley to focus on furthering its technologies for the online, PC and mobile device markets.