E-commerce aggregator Society Brands said it is “aggressively” expanding into consumer electronics with its acquisition of Power Theory, a maker of cell phone screen protectors and accessories, and hiring of former Mophie executive Charlie Quong as chief product officer.
Society Brands didn’t disclose financial terms of its purchase of Power Theory, which follows a string of acquisitions after the Canton, Ohio-based company raised $205 million earlier this year.
Society Brands, which encourages founders to stay onboard after their brands are acquired, said Power Theory founder Matt Dreier will assume the role of brand president and continue to lead the brand as it grows its product portfolio and expands into new categories and channels.
"I'm very excited to work with the amazing team at Society Brands, who are focused on building a robust platform for brands like Power Theory to grow," Dreier said in a statement. "The collective management team has amazing experience, and it is a huge benefit to have their support and shared resources in product development, marketing, operations, quality management and supply chain to take Power Theory to new heights.”
Society Brands said its hiring of Quong as chief product officer is part of its aim to become one of the first e-commerce aggregators able to acquire and grow tech-enabled consumer electronics brands. He is part of a group of about a dozen former employees Society Brands has hired from Mophie, a maker of cell phone battery cases, power banks and wireless chargers.
"This group has worked in the tech industry and with each other for more than 20 years and bring with them an unmatched level of expertise in delivering game-changing products to the marketplace, as well as long-standing relationships with key decision makers in the e-commerce and retail space,” said Society Brands COO Shawn Dougherty.
