IDT to acquire ZMDI for $310 million

The acquisition provides the company with a Automotive & Industrial business and extends IDT's technology position in high performance programmable power devices and timing & signal conditioning. Automotive & Industrial provides a significant new growth opportunity. IDT gains immediate leverage for new designs in Wireless Charging, Power Management, and Timing & Signal Conditioning. “This move accelerates progress to our USD 800 million annual revenue goal within our industry benchmark financial performance by over a year,” said Gregory Waters, IDT President & CEO. “IDT’s strategy is unchanged, but our product and technology position is significantly expanded. Our target market segments of Consumer, Communications, and High Performance Computing all benefit from additional product, revenue, and customer relationships that bolster our commitment to outgrow the semiconductor market by at least a factor of two.” “We gain an exceptional group of talented people and intellectual property from ZMDI, who join one of the technology industry’s fastest growing companies. With the added benefit of IDT’s cost structure and high volume manufacturing capability, we expect ZMDI revenues to achieve a similar financial model as IDT’s existing business in the first year of combined operations,” Waters added. The transaction has been unanimously approved by the board of directors of both companies, with closing expected before calendar end.