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Robosapien creator WowWee sold for US$65 million

Montreal, Canada-based Optimal Group has acquired Hong Kong's WowWee, the privately held developer, marketer and supplier of technology-based consumer robotic, toy and electronic products best known for its line of Robo-branded toys, including Robosapien - the mass-market robot that turned the toy biz on its head in 2004.
September 28, 2007

Montreal, Canada-based Optimal Group has acquired Hong Kong’s WowWee, the privately held developer, marketer and supplier of technology-based consumer robotic, toy and electronic products best known for its line of Robo-branded toys, including Robosapien – the mass-market robot that turned the toy biz on its head in 2004.

During 2005 and 2006, WowWee generated total pre-tax earnings of US$32.5 million on revenues of approximately US$248 million.

Under the terms of the purchase agreement, Optimal is shelling out US$55 million in cash and an additional US$10 million in shares for WowWee’s assets and business.

WowWee’s senior management team is expected to remain with the business after the sale is finalized sometime before the end of Q4.

About The Author
Gary Rusak is a freelance writer based in Toronto. He has covered the kids entertainment industry for the last decade with a special interest in licensing, retail and consumer products. You can reach him at garyrusak@gmail.com

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