GoPro, the renowned action camera producer, has announced its intention to acquire Forcite Helmet Systems, a company noted for pioneering the integration of technology into helmets. With this acquisition, GoPro plans to fast-track Forcite's vision of delivering a safer, more exhilarating motorcycling experience through tech-enhanced motorcycle helmets. The eventual objective is to expand this technology to other categories of helmets.
GoPro's founder and CEO, Nicholas Woodman, has conveyed enthusiasm regarding the integration of the Forcite team into GoPro. He sees the broader helmet market as a significant opportunity for GoPro's expansion. The aim is to collaborate with the Forcite team to improve the performance and safety features of different types of helmets, with an initial focus on motorcycle helmets. This strategic move aligns with GoPro's interest in advancing technology in the helmet industry for enhanced user experience and safety.
Nicholas Woodman said, "The greater helmet market represents a meaningful TAM expanding opportunity for GoPro, and we are excited for the Forcite team to join us so that together we can work towards enhancing the performance and safety of various types of helmets, starting with motorcycle helmets."
GoPro's strong international brand is recognised across the realm of motorsports; the firm also enjoys a significant following among motorcycle enthusiasts. Woodman suggested this, combined with their technical and operational capabilities, positions them to harness this long-term business growth opportunity.
"GoPro has built a strong brand internationally across all forms of motorsports and has enjoyed a strong following with motorcycle enthusiasts. We are excited to leverage our brand reputation along with our technical and operational capabilities to address what we believe is a long-term growth opportunity for our business," said Woodman.
Woodman also revealed plans to develop a GoPro-branded line of helmets, alongside striking partnerships with other leading helmet brands to provide tech-enablement for their products. "In addition to our plan to develop our own GoPro-branded line of helmets, we are excited to partner with other leading helmet brands to help tech-enable their own helmet lines. We have great respect for established brands, and we look forward to working with them to help drive the industry forward together," Woodman added. He invites any helmet brands interested in partnering to contact GoPro directly.
The completion of GoPro's acquisition of Forcite is projected to occur in the first quarter of 2024, subject to standard closing conditions. Further details on the deal will be shared during its 2023 earnings conference call, which is set to take place on February 7, 2024.
This move aligns with GoPro's broader vision of creating immersive, exciting experiences for its user community. The integration of Forcite's advanced technology into GoPro's product range indicates a strategic shift towards the growing market for tech-enabled safety equipment. It will be intriguing to observe the company's progress in this new venture and the subsequent developments in the helmet industry.