Joe Atkins, chief executive officer of Bowers & Wilkins, has owned a majority stake in the half-century-old British speaker business for the last 30 years. On Tuesday, he plans to tell his 1,100 employees that he’s selling it to a tiny company that almost no one has heard of, run by a man he met just 30 days ago.
Over the weekend, Atkins reached a sale agreement with Eva Automation, a 40-person Silicon Valley startup that hasn’t yet sold a single product or service. The company was started in 2014 by Gideon Yu, a former Facebook Inc. chief financial officer, ex-venture capitalist, and current co-owner of the San Francisco 49ers. Yu has said little about his startup. According to the company’s website, it is “making products that will change how people interact and think about the home.” About a quarter of its employees have worked at Apple, according to their LinkedIn profiles.