What just happened? Logitech has agreed to purchase live streaming software specialist Streamlabs, best known for its livestreaming app Streamlabs OBS. The peripheral maker is shelling out $89 million in cash for the asset with another $29 million in Logitech stock up for grabs should Streamlabs hit certain revenue targets.

Ujesh Desai, general manager and vice president of Logitech G, said they've been fans of Streamlabs since partnering with them over two years ago. Streamlabs' industry-leading software will complement Logitech's existing gaming portfolio, Desai noted, adding that he believes the two can do even greater things together.

Streamlabs was founded in 2014 and helps gamers engage with their audience, grow their channels and brands and monetize their broadcasts across multiple platforms including Twitch, Mixer, YouTube and Facebook.

Streamlabs CEO Ali Moiz said nothing will change as a result of the acquisition from a user standpoint. The service will continue to remain free and open and support multiple platforms, hardware and software services.

Logitech has been focusing on building its streaming and gaming portfolio in recent memory. In July 2018, the company announced it was purchasing audio production company Blue Microphones. A summer earlier, Logitech scooped up console headset maker Astro for $85 million in cash.

The acquisition is subject to regulatory closing conditions. Should everything go smoothly, the two parties expect to close the deal in the coming weeks.