You might not have heard about Leeco much. It has a very short history in the industry as well. However, this tech firm has been able to experience a significant growth throughout their short history. It has been identified as one of the fastest growing and most ambitious companies out there in the world. Leeco came into the industry by manufacturing a streaming video site, but now they are in a position to create self-driving vehicles. This clearly shows how successful the company has been throughout the past 18 months.
Even though Leeco has become one of the leading tech firms, it has had a humble start. The company is based in Beijing and is owned by Leshi Internet Information & Technology Corp. The company developed a video streaming service, which looked more like Netflix for the people in China. However, it was not able to become popular as the developers expected. Then the company thought of entering into the smartphone industry. Since then, the company was gradually transformed into a tech firm, which produces innovative hardware and software solutions for the people in need using latest technology available.
During the mid-2016, Vizio announced that the company would be sold to Leeco for an amount of $2 billion. However, they requested the customers not to see any major changes in the store shelves. In other words, Vizio is looking forward to continue its operations under the good old name, as a fully owned subsidiary of Leeco. The founder of Vizio, William Wang would still hold 51% of the shares even after the company are being sold to Leeco. The contract has been signed to provide technological assistance to Vizio for the period of next 10 years. As a result of this new business venture, Vizio is looking forward to deliver technologically advanced solutions for their customers.
Vizio, which was established 14 years ago, has come a long way to become the largest TV Company in United States. It offers flat panel television screens to the market at a considerably lower price when compared to competitors. Along with the new partnership, they will be able to focus more on other untapped markets as well. They include smartphones and electric vehicles as well. Therefore, the acquisition of Vizio by Leeco seems to benefit both parties in the long run. They will be able to share technology for all the R&D purposes and provide the end benefit to their potential customers. The work that these two companies can do together are interesting to see and we will be able to experience them in the near future.