Logitech is best known for its line of computer peripherals but over the past several years, the company has expanded its reach to include consumer audio devices - many of which fall under the Ultimate Ears brand following its 2008 acquisition of the audio specialist.

Now, Logitech is diving even deeper into audio space as it has agreed to purchase Jaybird, a private consumer electronics company based in Salt Lake City, Utah, for $50 million in cash (with an additional $45 million up for grabs based on growth targets). Jaybird was founded in 2006 and specializes in wireless audio and other wearables designed for those with an active lifestyle.

Logitech CEO Bracken Darrell said his company is impressed by the technology, products and marketing Jaybird has brought to the business. He added that as one team, they can address the fast-growing wireless audio wearables market using Jaybird's strong brand and sports expertise combined with their audio engineering and design capabilities.

Judd Armstrong, founder and CEO of Jaybird, said his company will benefit from Logitech's global distribution network and deep engineering prowess.

A post on Logitech's official blog says the Jaybird team will have all the scope to innovate as they had before, suggesting the company would remain operational under its current name as a subsidiary of Logitech.

With the acquisition, it's clear that Logitech is looking to capture a portion of the health-conscious market fueled by other fitness-minded wearables.

Logitech said the acquisition is subject to customary closing conditions which should be wrapped up in the coming weeks.