Beijing-based Ninebot announced in a news conference its acquisition of the widely-known two-wheeled vehicle company, Segway, for an undisclosed amount.
Ninebot did say, however, it was on the receiving end of an $80 million investment from Xiaomi and venture capital firm Sequoia Capital.
It has been no secret that Segway look-alike products have been popping up all over China for years, ever since the Segway was first revealed to the public back in 2001.
Ninebot also has its own two-wheeled “personal transportation robots” that look eerily similar to the real thing, but now the company owns the real thing.
Segway has struggled financially in the past but to me, this seems more like a get out while you can type deal.
I’m sure the company is tired of fighting patent infringements in China, and it is obvious the Segway is not the transportation of the future.
In fact, it is nothing more than a glorified scooter, so if Segway got a pretty penny to cough up the company, good on them!