Williams-Sonoma and Outward have entered into a definitive agreement under which Williams-Sonoma will acquire Outward, a 3-D imaging and augmented reality platform, for $112 million.
“Outward brings proprietary and transformative technology at the forefront of our industry,” said Laura Alber, president and chief executive of Williams-Sonoma in a statement.
Following the close of the transaction, which is expected by the end of this calendar year, Outward will operate as a wholly-owned subsidiary of Williams-Sonoma , and will be managed by Outward’s current team. The company will also maintain existing operations under the Outward brand. Clarence Chui will continue to remain in her role as president and founder, and Outward’s headquarters will remain in San Jose, CA.
[Image courtesy: Williams-Sonoma]