MegaChips buys SiTime for $200m in cash
MEMS timing pioneer SiTime is being bought by Japanese fabless semiconductor company MegaChips for $200million in a cash deal expected to close in November 2014. According to SiTime, the deal will see two complementary fabless semiconductor companies uniting to provide solutions for the wearables, mobile and Internet of Things markets.
"MegaChips has an aggressive growth strategy with a vision to become one of the top 10 fabless semiconductor companies through organic growth and strategic acquisitions," said Akira Takata, president and CEO. "Through the acquisition of SiTime, MegaChips becomes a leader in MEMS. SiTime will help us expand our portfolio and diversify our customer base. SiTime technology is the perfect match for MegaChips' solutions that target wearables, mobile and IoT markets."
Rajesh Vashist, pictured, SiTime's CEO, added: "Today, SiTime is the overwhelming leader – we have 1000 customers, 250million units shipped, major design wins in all electronics segments, and a roadmap that extends SiTime's MEMS technology to all timing markets.
"MegaChips' financial strength and scale, with SiTime's innovation and passion, will rapidly accelerate the adoption of MEMS timing solutions."
Source: www.newelectronics.co.ukPrevious news All news of day Next news
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