Petaluma-based education audiovisual technology firm FrontRow, started five decades ago as Phonic Ear, is under new ownership.
Lawrenceville, Georgia-based Boxlight Corporation (Nasdaq: BOXL) on Wednesday said it had completed the acquisition of FrontRow Calypso LLC, which was 75% owned by Denmark-based Demant Group.
The total purchase price wasn’t disclosed for the deal, originally announced in November. However, Demant at the time said it expected a one-time gain of 100 million Danish krone (roughly $15.2 million) from the sale. And Boxlight on Wednesday said it used $33.7 million in cash from a $68.5 million new credit facility for the remaining payment to close the transaction.
“The addition of FrontRow expands our product portfolio with robust audio and campus communication solutions,” said Michael Pope, Boxlight chairman and CEO, in the latest news release.
The company expects its FrontRow business unit this year to contribute about $30 million in sales, $15 million in gross profit and $7 million in earnings before interest, taxes, depreciation and amortization.
FrontRow started as Phonic Ear in 1963 in Silicon Valley and moved to Petaluma in 1992, the Business Journal reported. The company has been focused on helping teachers communicate with students, expanding to network-based solutions for intercom, paging, bells, mass notification, classroom sound, lesson sharing, AV control and management.
Amid the coronavirus pandemic, the company has been developing tools for remote and hybrid learning, including teacher-controlled classroom cameras for remote learning.
Demant acquired Phonic Ear in 1997, and the name later changed to FrontRow. In 2011, FrontRow and Minnesota-based Calypso Systems merged.
This is a developing story. Check back for updates.
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Sonoma County edtech firm FrontRow acquisition by Boxlight Corp. completed - North Bay Business Journal
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