Apple supplier Foxconn buys Belkin for $866M in case to carve out its smart home business

Foxconn Interconnect Technology Limited (FIT), a company most famous for being a supplier of Apple’s smartphones announced it has bought US consumer electronics maker Belkin International for $866M.

Apple supplier Foxconn buys Belkin for $866M in case to carve out its smart home business 1 image
Belkin F7U014 wireless charging pad

Belkin is a maker of consumer electronics products including wireless chargers, home automation, and intelligent water solutions. Its three core brands are Belkin, Linksys and, WeMo. FIT expects to leverage Belkin’s sales networks, technology and production capabilities, thus carving out its ‘smart home’ business by acquiring Belkin as well as its Linksys and Wemo businesses.

The acquisition was framed as a merger between FIT and Belkin leaving Chet Pipkin, CEO and founder, Belkin International at the helm of Belkin with additional responsibilities as part of FIT’s management team. “FIT is excited to acquire Belkin and its capabilities in the premium consumer products space,” Integrating Belkin’s best-in-class capabilities and solutions into FIT, we expect to enrich our portfolio of premium consumer products and accelerate our penetration into the smart home,” said Sidney Lu, CEO, FIT.

The merger announcement comes on the heels of President Trump’s blockage of Broadcom’s bid to acquire Qualcomm. “The FIT-Belkin merger is subject to approval from the Committee on Foreign Investment in the United States,” reports Financial Times.

As opposed to the current trend of hardware startups raising millions in several rounds of outside investments, Belkin only raised a private equity round in 2002 led by Summit partners. Neither it acquired any companies during its growth journey to become a multi-million enterprise.

On the contrary, Apple supplier Foxconn previously bought several companies to grow beyond smartphone market. It bought Japan-based Sharp Corporation, a manufacturer and, a seller of electric telecommunication, electric and electronic equipment for $3.8B in Mar 2016.

FIT-Belkin merger marks the second high-profile acquisition deal of 2018 as Google announced last month its acquisition of Xively from LogMeIn for $50M.

Trend Reports

10 Trends to Watch

What are the technology and user trends that will shape your business?

[gravityform id="38" title="false" description="false" ajax="true" tabindex="49"]
<div class='gf_browser_unknown gform_wrapper' id='gform_wrapper_38' ><div id='gf_38' class='gform_anchor' tabindex='-1'></div><form method='post' enctype='multipart/form-data' target='gform_ajax_frame_38' id='gform_38' action='/pulse/apple-supplier-foxconn-buys-belkin-for-866m-in-case-to-carve-out-its-smart-home-business/#gf_38'> <div class='gform_body'><ul id='gform_fields_38' class='gform_fields top_label form_sublabel_below description_below'><li id='field_38_2' class='gfield field_sublabel_below field_description_below gfield_visibility_visible' ><label class='gfield_label gfield_label_before_complex' >Your Name</label><div class='ginput_complex ginput_container no_prefix has_first_name no_middle_name no_last_name no_suffix gf_name_has_1 ginput_container_name' id='input_38_2'> <span id='input_38_2_3_container' class='name_first' > <input type='text' name='input_2.3' id='input_38_2_3' value='' aria-label='First name' tabindex='50' aria-invalid="false" /> <label for='input_38_2_3' >First</label> </span> </div></li><li id='field_38_3' class='gfield field_sublabel_below field_description_below gfield_visibility_visible' ><label class='gfield_label' for='input_38_3' >Can you share a high level overview of what you are looking for?</label><div class='ginput_container ginput_container_textarea'><textarea name='input_3' id='input_38_3' class='textarea medium' tabindex='54' aria-invalid="false" rows='10' cols='50'></textarea></div></li><li id='field_38_4' class='gfield field_sublabel_below field_description_below gfield_visibility_visible' ><label class='gfield_label' for='input_38_4' >Best way to reach you?</label><div class='ginput_container ginput_container_text'><input name='input_4' id='input_38_4' type='text' value='' class='medium' tabindex='55' aria-invalid="false" /></div></li> </ul></div> <div class='gform_footer top_label'> <input type='submit' id='gform_submit_button_38' class='gform_button button' value='Submit' tabindex='56' onclick='if(window["gf_submitting_38"]){return false;} window["gf_submitting_38"]=true; ' onkeypress='if( event.keyCode == 13 ){ if(window["gf_submitting_38"]){return false;} window["gf_submitting_38"]=true; jQuery("#gform_38").trigger("submit",[true]); }' /> <input type='hidden' name='gform_ajax' value='form_id=38&amp;title=&amp;description=&amp;tabindex=49' /> <input type='hidden' class='gform_hidden' name='is_submit_38' value='1' /> <input type='hidden' class='gform_hidden' name='gform_submit' value='38' /> <input type='hidden' class='gform_hidden' name='gform_unique_id' value='' /> <input type='hidden' class='gform_hidden' name='state_38' value='WyJbXSIsIjI0MzNjYTY3YTUxNWM5ZTM5NmFkOWNiZWJiMjkyMDYyIl0=' /> <input type='hidden' class='gform_hidden' name='gform_target_page_number_38' id='gform_target_page_number_38' value='0' /> <input type='hidden' class='gform_hidden' name='gform_source_page_number_38' id='gform_source_page_number_38' value='1' /> <input type='hidden' name='gform_field_values' value='' /> </div> </form> </div> <iframe style='display:none;width:0px;height:0px;' src='about:blank' name='gform_ajax_frame_38' id='gform_ajax_frame_38'>This iframe contains the logic required to handle Ajax powered Gravity Forms.</iframe> <script type='text/javascript'>jQuery(document).ready(function($){gformInitSpinner( 38, 'https://www.postscapes.com/wp-content/plugins/gravityforms/images/spinner.gif' );jQuery('#gform_ajax_frame_38').on('load',function(){var contents = jQuery(this).contents().find('*').html();var is_postback = contents.indexOf('GF_AJAX_POSTBACK') >= 0;if(!is_postback){return;}var form_content = jQuery(this).contents().find('#gform_wrapper_38');var is_confirmation = jQuery(this).contents().find('#gform_confirmation_wrapper_38').length > 0;var is_redirect = contents.indexOf('gformRedirect(){') >= 0;var is_form = form_content.length > 0 && ! is_redirect && ! is_confirmation;var mt = parseInt(jQuery('html').css('margin-top'), 10) + parseInt(jQuery('body').css('margin-top'), 10) + 100;if(is_form){jQuery('#gform_wrapper_38').html(form_content.html());if(form_content.hasClass('gform_validation_error')){jQuery('#gform_wrapper_38').addClass('gform_validation_error');} else {jQuery('#gform_wrapper_38').removeClass('gform_validation_error');}setTimeout( function() { /* delay the scroll by 50 milliseconds to fix a bug in chrome */ jQuery(document).scrollTop(jQuery('#gform_wrapper_38').offset().top - mt); }, 50 );if(window['gformInitDatepicker']) {gformInitDatepicker();}if(window['gformInitPriceFields']) {gformInitPriceFields();}var current_page = jQuery('#gform_source_page_number_38').val();gformInitSpinner( 38, 'https://www.postscapes.com/wp-content/plugins/gravityforms/images/spinner.gif' );jQuery(document).trigger('gform_page_loaded', [38, current_page]);window['gf_submitting_38'] = false;}else if(!is_redirect){var confirmation_content = jQuery(this).contents().find('.GF_AJAX_POSTBACK').html();if(!confirmation_content){confirmation_content = contents;}setTimeout(function(){jQuery('#gform_wrapper_38').replaceWith(confirmation_content);jQuery(document).scrollTop(jQuery('#gf_38').offset().top - mt);jQuery(document).trigger('gform_confirmation_loaded', [38]);window['gf_submitting_38'] = false;}, 50);}else{jQuery('#gform_38').append(contents);if(window['gformRedirect']) {gformRedirect();}}jQuery(document).trigger('gform_post_render', [38, current_page]);} );} );</script><script type='text/javascript'> jQuery(document).bind('gform_post_render', function(event, formId, currentPage){if(formId == 38) {} } );jQuery(document).bind('gform_post_conditional_logic', function(event, formId, fields, isInit){} );</script><script type='text/javascript'> jQuery(document).ready(function(){jQuery(document).trigger('gform_post_render', [38, 1]) } ); </script>
[gravityform id="38" title="false" description="false" ajax="true" tabindex="49"]
<div class='gf_browser_unknown gform_wrapper' id='gform_wrapper_38' ><div id='gf_38' class='gform_anchor' tabindex='-1'></div><form method='post' enctype='multipart/form-data' target='gform_ajax_frame_38' id='gform_38' action='/pulse/apple-supplier-foxconn-buys-belkin-for-866m-in-case-to-carve-out-its-smart-home-business/#gf_38'> <div class='gform_body'><ul id='gform_fields_38' class='gform_fields top_label form_sublabel_below description_below'><li id='field_38_2' class='gfield field_sublabel_below field_description_below gfield_visibility_visible' ><label class='gfield_label gfield_label_before_complex' >Your Name</label><div class='ginput_complex ginput_container no_prefix has_first_name no_middle_name no_last_name no_suffix gf_name_has_1 ginput_container_name' id='input_38_2'> <span id='input_38_2_3_container' class='name_first' > <input type='text' name='input_2.3' id='input_38_2_3' value='' aria-label='First name' tabindex='50' aria-invalid="false" /> <label for='input_38_2_3' >First</label> </span> </div></li><li id='field_38_3' class='gfield field_sublabel_below field_description_below gfield_visibility_visible' ><label class='gfield_label' for='input_38_3' >Can you share a high level overview of what you are looking for?</label><div class='ginput_container ginput_container_textarea'><textarea name='input_3' id='input_38_3' class='textarea medium' tabindex='54' aria-invalid="false" rows='10' cols='50'></textarea></div></li><li id='field_38_4' class='gfield field_sublabel_below field_description_below gfield_visibility_visible' ><label class='gfield_label' for='input_38_4' >Best way to reach you?</label><div class='ginput_container ginput_container_text'><input name='input_4' id='input_38_4' type='text' value='' class='medium' tabindex='55' aria-invalid="false" /></div></li> </ul></div> <div class='gform_footer top_label'> <input type='submit' id='gform_submit_button_38' class='gform_button button' value='Submit' tabindex='56' onclick='if(window["gf_submitting_38"]){return false;} window["gf_submitting_38"]=true; ' onkeypress='if( event.keyCode == 13 ){ if(window["gf_submitting_38"]){return false;} window["gf_submitting_38"]=true; jQuery("#gform_38").trigger("submit",[true]); }' /> <input type='hidden' name='gform_ajax' value='form_id=38&amp;title=&amp;description=&amp;tabindex=49' /> <input type='hidden' class='gform_hidden' name='is_submit_38' value='1' /> <input type='hidden' class='gform_hidden' name='gform_submit' value='38' /> <input type='hidden' class='gform_hidden' name='gform_unique_id' value='' /> <input type='hidden' class='gform_hidden' name='state_38' value='WyJbXSIsIjI0MzNjYTY3YTUxNWM5ZTM5NmFkOWNiZWJiMjkyMDYyIl0=' /> <input type='hidden' class='gform_hidden' name='gform_target_page_number_38' id='gform_target_page_number_38' value='0' /> <input type='hidden' class='gform_hidden' name='gform_source_page_number_38' id='gform_source_page_number_38' value='1' /> <input type='hidden' name='gform_field_values' value='' /> </div> </form> </div> <iframe style='display:none;width:0px;height:0px;' src='about:blank' name='gform_ajax_frame_38' id='gform_ajax_frame_38'>This iframe contains the logic required to handle Ajax powered Gravity Forms.</iframe> <script type='text/javascript'>jQuery(document).ready(function($){gformInitSpinner( 38, 'https://www.postscapes.com/wp-content/plugins/gravityforms/images/spinner.gif' );jQuery('#gform_ajax_frame_38').on('load',function(){var contents = jQuery(this).contents().find('*').html();var is_postback = contents.indexOf('GF_AJAX_POSTBACK') >= 0;if(!is_postback){return;}var form_content = jQuery(this).contents().find('#gform_wrapper_38');var is_confirmation = jQuery(this).contents().find('#gform_confirmation_wrapper_38').length > 0;var is_redirect = contents.indexOf('gformRedirect(){') >= 0;var is_form = form_content.length > 0 && ! is_redirect && ! is_confirmation;var mt = parseInt(jQuery('html').css('margin-top'), 10) + parseInt(jQuery('body').css('margin-top'), 10) + 100;if(is_form){jQuery('#gform_wrapper_38').html(form_content.html());if(form_content.hasClass('gform_validation_error')){jQuery('#gform_wrapper_38').addClass('gform_validation_error');} else {jQuery('#gform_wrapper_38').removeClass('gform_validation_error');}setTimeout( function() { /* delay the scroll by 50 milliseconds to fix a bug in chrome */ jQuery(document).scrollTop(jQuery('#gform_wrapper_38').offset().top - mt); }, 50 );if(window['gformInitDatepicker']) {gformInitDatepicker();}if(window['gformInitPriceFields']) {gformInitPriceFields();}var current_page = jQuery('#gform_source_page_number_38').val();gformInitSpinner( 38, 'https://www.postscapes.com/wp-content/plugins/gravityforms/images/spinner.gif' );jQuery(document).trigger('gform_page_loaded', [38, current_page]);window['gf_submitting_38'] = false;}else if(!is_redirect){var confirmation_content = jQuery(this).contents().find('.GF_AJAX_POSTBACK').html();if(!confirmation_content){confirmation_content = contents;}setTimeout(function(){jQuery('#gform_wrapper_38').replaceWith(confirmation_content);jQuery(document).scrollTop(jQuery('#gf_38').offset().top - mt);jQuery(document).trigger('gform_confirmation_loaded', [38]);window['gf_submitting_38'] = false;}, 50);}else{jQuery('#gform_38').append(contents);if(window['gformRedirect']) {gformRedirect();}}jQuery(document).trigger('gform_post_render', [38, current_page]);} );} );</script><script type='text/javascript'> jQuery(document).bind('gform_post_render', function(event, formId, currentPage){if(formId == 38) {} } );jQuery(document).bind('gform_post_conditional_logic', function(event, formId, fields, isInit){} );</script><script type='text/javascript'> jQuery(document).ready(function(){jQuery(document).trigger('gform_post_render', [38, 1]) } ); </script>