Taiwan's Hon Hai Precision Industry Company announced plans to invest USD200 million in Woodman Labs, an American imaging technology company.
The news has been confirmed by spokesperson of Hon Hai and the spokesperson revealed that Woodman is specialized in professional camera technology, which will help Hon Hai's new project named "Eyeball Plan".
According to the report published by Hon Hai, the company will invest USD200 million in Woodman Labs via its subsidiary Foxteq Holdings Inc. With this investment, the company will gain 11.7 million shares of Woodman Labs, which is about a 10.72% stake in Woodman Labs.
Though Woodman is not a well-known company, Hon Hai placed a large investment in it, which means Woodman may own unique technologies that are needed by Hon Hai.
Headquartered in California, Woodman Labs is known for its GoPro brand, which features wearable and gear-mountable cameras and accessories. These products are widely used by professionals and hobbyists for adventure video and photography.