technology
GoPro Receives Unsolicited Acquisition Interest, Hires Houlihan Lokey to Evaluate Strategic Options
The action camera maker has engaged an investment bank as it fields interest from defense, consumer and financial sectors. GoPro is simultaneously laying off a quarter of its workforce, which has already fallen to just over 600 employees from a peak of 1,500. The move follows last month's announcement that the California company would explore defense and aerospace opportunities.
May 15, 9:14 AM·2m read1 source
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GoPro has hired investment bank Houlihan Lokey to help evaluate a potential sale and other strategic alternatives, the company said Thursday. GoPro’s board of directors stated it recently received several unsolicited inbound strategic inquiries from parties across various sectors including defense, consumer and financial.
The action camera maker, which invented the category, is a California company that has struggled in recent years with declining sales and rising losses.
Its stock price flatlined at about $1 two years ago. Last month GoPro announced a plan to explore defense and aerospace market opportunities, a pivot that nearly doubled its stock price for a few days before it fell back. The company is laying off a quarter of its workforce.
GoPro’s workforce has already shrunk to a little more than 600 workers after once employing as many as 1,500. GoPro founder and CEO Nick Woodman considered putting the company up for sale in 2018. The latest announcement comes as the company navigates a more volatile world in which defense spending has drawn investor interest.
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TechCrunch reported that any company with a remote chance at nabbing government contracts appears to be pursuing that path. The pivot to defense applications makes a certain amount of sense for a company whose cameras combine top-tier image quality with enough durability to withstand a motorcycle crash or a fall from space, according to the reporting.
