- Published on 02 December 2021
The steam is sizzling from the latest move in the ebullient US direct-to-consumer hearing tech market by California-based device producer and distributor InnerScope Hearing Technologies, which has announced its purchase of Hearing Assist.
For InnerScope, the acquisition is just the latest move in strengthening its status as emergent and disruptive in the direct-to-consumer hearing aid market. The significance is not easily missed: Hearing Assist, which will continue to operate as a wholly owned InnerScope subsidiary, its current successful crew coming aboard the mothership, is Walmart's largest hearing aid supplier, and has seen $72m come in revenue since 2018.
Power in the hearing device market
"Combining the talents and experience of HearingAssist, with our deep marketing and distribution experience and InnerScope, with its decades of proven track record of retail hearing aid sales and hearing aid R&D manufacturing, will create a powerful disruptive company in the global hearing device market," said Floyd Kuriloff, founder of Hearing Assist II LLC.
HearingAssist has deployed product displays in 757 Walmart stores throughout five states.
In October, InnerScope bought iHear Medical
InnerScope's appetite for assets in the direct-to-consumer hearing tech space is healthy. It has been generating headlines in recent years as it entices investment, expands, and adds partners. In October 2021, InnerScope completed an asset purchase agreement to ingest all assets and operations of iHEAR Medical Inc., bringing access to over 40 patents in hearing technology, sales and distribution through pharmacies and insurance partners, iHEAR's FDA-Registered manufacturing facility, R&D centre, and shipping operations in San Leandro, California, and a home hearing test approved by the FDA.
An advancing strategy
"Today is a tremendous milestone for InnerScope," said InnerScope President and CEO Matthew Moore on completing the acquisition. "I'm delighted to welcome the HearingAssist team, who share our passion for providing convenient and affordable hearing products for the tens of millions of Americans who suffer from hearing loss. The HearingAssist acquisition is another meaningful step in advancing our strategy to grow as a leader and innovator in the direct-to-consumer hearing aid market," continued the CEO.
"Moreover, adding HearingAssist and its management team with their proven track record should continue generating millions of dollars in sales revenues," Moore emphasised.