iBiquity Digital Corp., the developer of digital HD Radio technology, will be acquired by audio technology company DTS Inc. DTS announced Wednesday that it will pay approximately $172 million for iBiquity.
“Consumers have come to expect a higher quality sound experience in their car, and we believe there is a tremendous opportunity for DTS to capitalize on the upgrade to HD Radio technology as cars are increasingly equipped with screens and advanced entertainment systems,” Jon Kirchner, chairman and c.e.o. of the Calabasas, Calif.–based DTS, said in a press release.
“In DTS, we have found a like-minded partner and we look forward to bringing our breakthrough HD Radio technology to the DTS portfolio of solutions,” Bob Struble, president and CEO of iBiquity, said in a press release. “Today’s announcement is an exciting step forward for our employees and customers, who will benefit from the additional scale and enhanced resources of a larger collective company.”
The deal is expected to close later this year.