Why it matters: Even in its infancy, streaming is big business. With the acquisition, Corsair is getting its feet wet and planting the seed for further involvement in what could soon be a mega industry.

Corsair on Wednesday announced it has agreed to purchase Munich-based Elgato Gaming for an undisclosed sum.

The Elgato brand will persist under the Corsair banner while the company's connected home business, Elgato Eve, will stick around as an independent entity under the name Eve Systems.

Elgato is well-known in the streaming community for its line of capture cards, stream decks, green screens and docks. In November, the company announced the 4K60 Pro, a high-end PCIe x4 capture card that is compatible with multiple platforms.

Elgato founder Markus Fest, who will now serve as CEO of Eve Systems, said today's gaming space is more dynamic and exciting than ever, prompting them to seek a larger partner to help them capitalize on the phenomenal opportunities ahead.

"The brand has been with us for almost twenty years and we are obviously a little sad to see it go, but Corsair is a fantastic company and will be a great new home for Elgato."

Fest added that the Eve product line will benefit from a focused team and a dedicated organization. The move, he said, will further strengthen both product families.

The sale may have already been finalized as Elgato products are now on Corsair's website.