Microchip acquires Tekron International Limited
Microchip Technology is acquiring New Zealand-based Tekron International Limited, a provider of high-precision GPS and atomic clock time-keeping technologies and solutions for the smart grid and other industrial applications.
“This acquisition brings Tekron’s knowledgeable team and widely adopted products to our synchronization and timing offering that has become indispensable in today’s increasingly digital, networked world,” says Randy Brudzinski, vice president of Microchip’s Frequency and Timing Systems business unit, in a press release. “Precise, accurate time is an enabling ingredient for virtually all infrastructures, from data centers, communications and industrial networks to financial exchanges. Acquiring Tekron enables us to expand our offering across a broad customer base in the rapidly expanding smart energy and industrial markets.” The terms of the deal are confidential. Microchip has established a strong footing in the synchronisation and timing market for communications, enterprise, government, and military and aerospace applications. Tekron extends this focus to encompass the specific industry requirements for the power utilities and industrial markets. “We are excited to have our employee family join Microchip to help expand its reach and coverage in the smart energy and industrial segments,” says Ian Mills, the outgoing Chairman of the Board with Tekron, in a press release. “The transaction brings together two organizations with a shared commitment to innovation and flawless execution that is so critical in the timing and synchronization industry. We have strong mutual and complementary track records for successfully deploying this highly specialized technology in demanding applications. We look forward to expanding on this further with the joining of the New Zealand team into the Microchip family.”