By Stephanie N. Rotondo
Seattle, Jan. 5 – Logitech International SA and its wholly owned subsidiary Lifesize Inc. entered into a stock purchase agreement with three venture capital investment firms, the company said in an 8-K filed with the Securities and Exchange Commission.
The agreement – valued at $20 million – was inked Dec. 28 as part of Logitech’s divestment of its video conferencing assets. The investors included Redpoint Ventures, Sutter Hill Ventures and Meritech Capital Partners.
Under the terms of the agreement, Logitech issued $2.5 million of series B preferred shares to the investors. The subsidiary itself sold $17.5 million of the same shares to the investors.
Upon completion of the agreement, the investors will hold 62.5% of the outstanding series B preferreds.
For its part, Logitech held on to 12 million non-voting series A preferred shares in the subsidiary.
Logitech is a Lausanne, Switzerland-based provider of personal computers and tablet accessories.
| Issuer: | Lifesize Inc.
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| Securities: | Series B preferred stock
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| Amount: | $20 million
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| Investors: | Redpoint Ventures, Sutter Hill Ventures and Meritech Capital Partners
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