Pioneer Announces Transfer of Cycle Sports Business
Pioneer Corporation announced today that it has signed an agreement to transfer certain assets of its Cycle Sports business to Shimano, Inc. (“Shimano”), a leading manufacturer of bicycle components globally.
Through this agreement, Pioneer will transfer the assets of these technologies and conclude its related operations. Sales by Pioneer of pedaling monitors, cycle computers, and other related products will cease by the end of March 2020.
Shimano plans to develop products, web services, and applications using the Pioneer Cycle Sports assets and make Shimano services available to customers who currently use Pioneer’s Cyclo-Sphere web services, PC tool, and smartphone applications. Cyclo-Sphere will continue to be available to consumers until Shimano’s services are introduced.
Pioneer will continue to accept customer inquiries about cycle products and services and provide repair services on Pioneer Cycle Sports products sold prior to the asset transfer per the terms of any applicable product warranties.
Background
Pioneer Cycle Sports developed and introduced the world’s first pedaling monitor, cycle computers and web services (Cyclo-Sphere) for cyclists in 2013. At present, the product’s third generation has been developed and is used by many cyclists.
Shimano’s bicycle components are highly regarded and equipped by many cycle athletes. As a result, a significant portion of the Pioneer Cycle Sports product portfolio has been designed to be specifically compatible with or sold pre-installed on Shimano components. The transfer of the Cycle Sports technology to Shimano will incorporate Pioneer’s strength in electronics and IT technologies, enhancing the functions of Shimano products and services and achieving the aspiration of Pioneer to contribute to a wider range of customers.
Schedule
(1) Date of execution of the asset transfer agreement: December 17, 2019
(2) Scheduled date of asset transfer: end of March 2020.
About Pioneer
Pioneer Electronics (USA) Inc., headquartered in Torrance, Calif., is a preeminent manufacturer of leading-edge technology solutions for the mobile electronics aftermarket. Its affiliate Pioneer Automotive Technologies, Inc. (PAT) is a key supplier for Tier 1 automotive entertainment systems and components to vehicle manufactures. Pioneer is focused on creating the ultimate in-car entertainment experience with high performance audio and video components as well as connectivity with today’s smart devices. Building on more than 80 years of electronics experience, Pioneer has expanded into the cycle sports industry, designing world-class power meters and cycle computers for professional athletes and cycling enthusiasts.
Pioneer and the Pioneer logo are registered trademarks of Pioneer Corporation. Shimano is a trademark of Shimano, Inc.