© kritchanut dreamstime.com Components | October 29, 2014
SiTime to be acquired by MegaChips
SiTime Corporation has signed a definitive agreement under which MegaChips Corporation, a fabless semiconductor company based in Japan, will acquire SiTime for USD 200 million in cash.
This transaction combines two complementary fabless semiconductor companies that provide solutions for the growing Wearables, Mobile and Internet of Things markets. “SiTime’s founders, Markus Lutz and Dr. Aaron Partridge, started the company with a vision of developing game-changing MEMS and analog technology to revolutionize the USD 5 billion timing industry,” said Rajesh Vashist, CEO of SiTime. “Through innovation, passion and focus, we’ve successfully delivered on this vision. Today, SiTime is the overwhelming leader – we have 1000 customers, 250 million units shipped, major design wins in all electronics segments, and a roadmap that extends SiTime’s MEMS technology to all timing markets.” “MegaChips has an aggressive growth strategy with a vision to become one of the top ten fabless semiconductor companies through both organic growth and strategic acquisitions,” said Akira Takata, President and CEO of MegaChips Corporation. “MEMS components are fuelling the growth of the semiconductor industry. 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 such as “frizz”, our ultra-low-power smart phone Sensor Hub LSI and BlueChip Wireless, a sub-GHz RF LSI.” Upon closing – scheduled for November 2014 pending regulatory approvals and customary closing conditions – SiTime will retain its name and operate as a wholly owned subsidiary of MegaChips.
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