GoPro Inc. is buying two video-editing app companies for a total of $105 million in cash and stock as the company seeks to diversity its top line amid a challenging market for its wearable cameras.
The move to buy video-editing developers Stupeflix, based in Paris, and Vemory, based in Austin, Texas, is the latest by GoPro to shore up its struggling business.
The company last month said it would cease production of some entry level cameras, following a recent 7% reduction in its workforce and a 50% price cut to its newest camera.