Zagg

Last updated

ZAGG Inc
Type Private
IndustryConsumer electronics accessories
Founded Salt Lake City, Utah, United States
Headquarters
Midvale, Utah
Key people
Chris Ahern, CEO and Director [1]
Products Screen protectors, Battery chargers, Mobile phone accessories, Computer keyboards
Revenue$521.922 million (2019) [2]
Number of employees
450 [2]
Subsidiaries
Website zagg.com

Zagg (stylized in all-caps) is a company based in Midvale, Utah. It was originally called InvisibleShield. [8] Under its subsidiaries, the company distributes phone and audio accessories. [9]

Contents

History

In March 2005, InvisibleShield was created by Phillip Chipping. [10] [11] [12]

In January 2006, Chipping brought in Robert G. Pedersen II as the CEO, while Chipping retained the title of president and founder. Later that year, after buying out Chipping, Pedersen became the largest shareholder. [13]

The company changed its name to ShieldZone Corporation in March 2006 and then to ZAGG Inc in July 2007. The name change coincided with a reverse merger that made Zagg a publicly traded company on the OTC Bulletin Board exchange. [14] In November 10, 2009, it was listed on the NASDAQ market. [15]

In August 2012, Pedersen stepped down following a margin call, and Randall Hales, previously President and COO, became interim CEO. In December 2012, Hales was named CEO by the Board of Directors. [16]

In March 2018, Randall Hales resigned and the Board of Directors appointed Chris Ahern to be the CEO. [16] Ahern was serving as the head of the Mophie brand and international business. [17]

In 2020, Zagg was received a loan of US$9.4 million as part of the Paycheck Protection Program (PPP). The loans to publicly traded companies such as Zagg caused criticism of the program, and allegations that funds were misallocated. [18] In April 23, 2020, the US Treasury announced that the eligibility criteria for PPP had been updated to be less inclusive of publicly traded companies. Zagg released a statement that it would not be returning its loans. [19]

In February 2021, Zagg was delisted from NASDAQ as it was acquired by a buyer group led by the holding company Evercel Inc. [20]

In 2022, Zagg began offering Zagg Protect, a phone protection plan. [21] [22]

Acquisitions and subsidiaries

In 2011, Zagg acquired iFrogz, a Logan, Utah manufacturer of audio accessories and protective cases, for $105 million. [23] In 2016, Zagg acquired Mophie, a manufacturer of wireless chargers, battery packs, and smartphone charging cases, for $100 million. [24] In August 2018, Zagg acquired Braven, an Orem, Utah-based retailer of headphones, earphones and bluetooth speakers, for $4.5 million. [25] In November 2018, Zagg acquired smartphone case manufacturer Gear4 for $40 million. [26] In January 2019, Zagg acquired HALO, a manufacturer of wireless charging accessories, for $43 million. [27]

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References

  1. ↑ "Symbol Lookup from Yahoo Finance".
  2. 1 2 2019 SEC Form 10-K. ZAGG Inc. March 16, 2020.
  3. ↑ Oberbeck, Steven (June 4, 2011). "Investors like Zagg's acquisition of Utah's iFrogz". The Salt Lake Tribune. Retrieved April 4, 2012.
  4. ↑ Lee, Nicole (February 2, 2016). "Zagg buys battery phone case maker Mophie for $100 million". Engadget. Retrieved February 2, 2020.
  5. ↑ "Company Overview of ZAGG Inc". Bloomberg. July 15, 2023.
  6. ↑ Roumeliotis, Greg (August 6, 2019). "Smartphone protective case maker Zagg hires bank to explore options". reuters.com. Reuters. Retrieved February 2, 2020.
  7. ↑ Raymond, Art (January 3, 2019). "Utah's ZAGG acquires HALO in $43 million deal". Deseret.com. Deseret. Retrieved February 2, 2020.
  8. ↑ Zubasti (December 21, 2011). "Zagg Stock Falls On Unusually High Volume (ZAGG)". TheStreet.com . Retrieved January 5, 2012.
  9. ↑ Association, WestPeak Research (August 29, 2018). "ZAGG: A Steady Change". Seeking Alpha. Retrieved May 14, 2020.
  10. ↑ Wallace, Bruce (December 20, 2005). "Firm seeks a scratch-free world". Deseret News. Retrieved April 4, 2012.
  11. ↑ Clark, Emily (December 29, 2011). "Made in America: ZAGG". ABC News 4. Archived from the original on September 6, 2013. Retrieved April 4, 2012.
  12. ↑ "InvisibleShield Launches a Non-Newtonian Fluid Screen Protector". Mac Observer. March 5, 2021. Retrieved April 1, 2021.
  13. ↑ "ZAGG CEO Robert G. Pedersen II Named Ernst & Young's 2010 Entrepreneur Of The Year". Utah Pulse. July 6, 2010. Archived from the original on October 18, 2010. Retrieved September 20, 2022.
  14. ↑ "ZAGG Inc Common Stock (Delaware) (ZAGG)". NASDAQ.com. Retrieved July 9, 2019.
  15. ↑ GmbH, finanzen net. "ZAGG Announces Executive Leadership TransitionChris Ahern to Succeed Randy Hales as Chief Executive Officer | Markets Insider". markets.businessinsider.com. Retrieved July 9, 2019.
  16. 1 2 "CEO of Utah's ZAGG quits unexpectedly". The Salt Lake Tribune. Retrieved July 9, 2019.
  17. ↑ "ZAGG, Inc. (ZAGG) Names Chris Ahern President of mophie". StreetInsider.com. Retrieved July 9, 2019.
  18. ↑ Zarroli, Jim (April 21, 2020). "Some Not-So-Small Companies Are Getting Small-Business Loans Under PPP". NPR.org. Retrieved April 21, 2020.
  19. ↑ "Some U.S. companies will keep small business loans, defying backlash". Reuters. April 25, 2020. Retrieved April 29, 2020.
  20. ↑ "Buyer Group Led by Evercel Completes Acquisition of ZAGG" (Press release). ZAGG Inc. GlobeNewswire. February 22, 2021.
  21. ↑ "Zagg Protect is the case maker's version of phone insurance". The Verge. February 2, 2022. Retrieved June 23, 2022.
  22. ↑ Davis, Ziff. "Zagg Protect Is a $99 Insurance Plan for Your Phone". PC Mag.
  23. ↑ Opsahl, Kevin (June 23, 2011). "iFrogz acquired by Zagg for $105 million". The Herald Journal. Retrieved May 14, 2020.
  24. ↑ "Zagg Acquires Mophie For $100M+". TechCrunch. Retrieved May 14, 2020.
  25. ↑ Raymond, Art (August 3, 2018). "Utah's Zagg expands product line with Braven acquisition". Deseret News. Retrieved May 14, 2020.
  26. ↑ Wilson, Stuart (December 3, 2018). "ZAGG grabs Gear4 for US$40m". Channel Emea. Archived from the original on May 7, 2021. Retrieved May 14, 2020.
  27. ↑ Raymond, Art (January 3, 2019). "Utah's ZAGG acquires HALO in $43 million deal". Deseret News. Retrieved May 14, 2020.
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