Logitech will continue to provide video conferencing solutions through its LifeSize brand following a strategic review of the operation, reports reuters.com.
The company had announced in January that it would decide within 90 days whether to keep the asset it purchased for $405 million (£264 million) in 2009.
Cisco and Polycom continue to dominate the video conferencing market with little opposition, but Logitech is confident that LifeSize will be able to take a chunk out of their business after slashing its value by more than half.
Bracken Darell, chief executive of Switzerland and California-based Logitech, said: “We made the decision after a pretty hard look at the market.
“We’re going to reduce overall overheads and take it back to the small, competitive, hungry business it was when we bought it.”
As reported by yahoo.com, the announcement comes after Logitech reported a 12 per cent drop in sales in the fourth quarter of its fiscal year. The company welcomed two per cent growth in Asia during this period, but this was offset by a two per cent drop in equipment sales in the Americas and similar declines around the EMEA region.
However, the company claims retail business was starting to stabilise and poor results across the EMEA could be a result of the weak European economy.
Taking into account the savings made through its recent restructuring, the company expected improved profitability in fiscal 2014.