© kritchanut dreamstime.com Business | April 01, 2019
IDT is now in the hands of Renesas
Renesas Electronics has successfully completed its acquisition of Integrated Device Technology as of March 30, 2019.
Together with IDT, Renesas will now deliver a broader range of technology and embedded solutions by combining IDT’s RF, high-performance timing, memory interface, real-time interconnect, optical interconnect, wireless power and smart sensors with Renesas microcontrollers, system-on-chips and power management ICs. As a result of the completion of the transaction, IDT became a wholly owned subsidiary of Renesas. Dr. Sailesh Chittipeddi joined Renesas’ executive team as Executive Vice President and will lead IDT as President and CEO. As previously announced, Renesas anticipates near- and long-term revenue growth from expanded opportunities, access to fast-growing industries, as well as cost savings from a larger business platform, which will bring improvements along with an expected positive financial impact in the region of USD 250 million in non-GAAP operating income per year on a run-rate basis. “We are thrilled to welcome some of the industry’s best and brightest talent into our team to steer the future of innovation together,” says Bunsei Kure, Representative Director, President and CEO of Renesas, in a press release. “This acquisition demonstrates our commitment to bringing more complete solutions to our customers around the globe as we strengthen our leadership position in the high-growth, data-driven economy markets of automotive, industrial/IoT and datacenter/communications infrastructure where our advanced data processing and analog/mixed-signal performance is crucial. We fully expect to continue to significantly outgrow our strategic market segments and drive profitability, allowing us to carry on creating superior value for our customers and shareholders.” “The product portfolios of Renesas and IDT are highly complementary. The combination allows us to bring a more innovative and comprehensive portfolio of products to the market, with a larger global footprint, sales force and distribution network,” adds Dr. Sailesh Chittipeddi, Executive Vice President of Renesas and President and CEO of IDT. “The winning combinations of products introduced today represent our commitment to achieving an efficient and speedy integration of the two companies and enabling our customers to get to market faster with best-in-class solutions.”
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