When it comes to “action cameras,” the first name to come to mind would have to be GoPro. Ever since their founding in 2002, GoPro Inc. has been one of the leading pioneers in the development of digital camera tech alongside mobile app support and video-editing computer software. But not everything has been wine and roses where GoPro is concerned. Following their becoming public, the company has found itself in some financial difficulties. By January this year, GoPro has had to discontinue its Karma quad-copter drone. Not long after, they’ve opened themselves up to the possibility of being sold as an acquisition, but is not actively offering itself up either.
As The Verge tells it, GoPro Inc. has acquired the services of JP Morgan Chase & Co. to pursue any possible options of selling their company. That however does not mean that the action camera household brand is eager to throw in the towel. Its founder and CEO Nick Woodman admitted in an interview that JP Morgan has been engaged as the company’s banker, but that the firm has not been explicitly asked to go out of its way to find any enterprise for GoPro to sell its company to.
“If there were an opportunity for GoPro to partner up with a larger organization that could help us scale the company that’s certainly something that we would consider,” Woodman tells Bloomberg Technology. “But it’s not something that we’re actively engaged in at the moment.” An earlier statement by the GoPro founder/CEO has broached the idea that being acquired by a large parent company would help their business to scale bigger in the notoriously cutthroat action camera market. The Karma drone, which GoPro introduced in 2016, was a victim of “extreme competition” that led to the company to lay off staff.
GoPro made its initial public offering back in 2014, leading to the action camera company being valued at a strong $3 billion in its early days at the stock market. Unfortunately the revenues in its core business to a sharp downturn, and their exploratory ventures into aerial drones and video-editing software, while sound, could not return good enough profits to keep them afloat. As of Monday, January 8, GoPro Inc.’s market capitalization is at just $1 billion, a pale shadow of its IPO period. No information was also forthcoming regarding any large companies expressing interest in bidding for GoPro Inc.
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