Sunday, November 24, 2013

Apple Reportedly Closed $350 Million Deal for PrimeSense on Friday

Apple reportedly closed a deal for PrimeSense on Friday for $300-$350 million, according to Globes. Calcalist reported the deal last week; however, they did note that the final agreement had yet to be signed.

PrimeSense, founded in 2005 by president Aviad Maizels, CTO Alexander Shpunt, Dima Rais, Ophir Sharon, and Tamir Berliner, is run by CEO Inon Beracha. The start-up's five founders are expected to rake in $50-85 million from the acquisition.The company initially showed great promise, mainly because of its close relations with Microsoft Corporation. The software giant embedded PrimeSense's technology, which comprises both hardware and software, in the Kinect system used in Xbox 360 game consoles.

Globes notes that PrimeSense's relations with Microsoft cooled, after which the company entered into lengthy negotiations with several potential buyers. Microsoft ended up acquiring Canesta, a rival of PrimeSense, and developing the gesture recognition software for the Xbox One in-house.

Apple and PrimeSense have yet to comment on the deal.

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