InvenSense to acquire Movea

InvenSense has also signed a definitive agreement to acquire Trusted Positioning Inc. (TPI), a privately-held indoor/outdoor positioning software company with the vision to provide 'Positioning Everywhere'. "With the addition of Movea and TPI, InvenSense achieves a significant milestone as it transitions to a leading provider of intelligent sensor System on Chips (SoC) for the fast growing mobile market. 'AlwaysOn' location and activity tracking are essential to enabling contextually-aware products and services," said Behrooz Abdi, President and Chief Executive Officer, InvenSense, Inc. "The tight integration of our low-power, high performance, motion and sound sensors, along with TPI's advanced location tracking software and Movea's data fusion algorithms will position us to deliver on this 'AlwaysOn' promise. We're excited to welcome these two top tier organizations into our world class MEMS, SoC and software R&D team as we continue to deliver innovative and highly differentiated products to our customers and eco-system partners." Movea's Chief Executive Officer, Sam Guilaumé, said, "the combination of Movea's strong product and patent portfolios with InvenSense's industry leading motion and sound SoC solutions will bring value to customers by reducing risk, cost and time-to-market as they deliver compelling new features that differentiate their products and deliver more end-user value." "InvenSense shares our passion for 'Positioning Everywhere' and they have been a strong supporter of the Trusted Positioning team, technology and vision," said Chris Goodall, Trusted Positioning's Chief Executive Officer. "We are pleased to be joining the InvenSense family with the goal of making indoor/outdoor positioning ubiquitous. Together with InvenSense we will now have the required resources and investment to mainstream this disruptive technology. We are excited to embark on the next chapter of 'Positioning Everywhere' with InvenSense." The boards of directors of InvenSense and the two companies have approved the mergers. The transactions are expected to close by the end of InvenSense's second quarter, September 30, 2014 and remains subject to the satisfaction of regulatory requirements and other customary closing conditions.