© mikael damkier dreamstime.com Business | November 06, 2020
WiMi subsidiary VIYI Technology to acquire Fe-da Electronics
WiMi Hologram, an AR service provider in China, says that its wholly-owned subsidiary, VIYI Technology has entered into a framework agreement to acquire 100% equity interests of Fe-da Electronics, a provider of IoT solutions based in Singapore.
The acquisition is made with the aim of accelerating the development of WiMi’s semiconductor chip business. The payments for this acquisition are expected to be made in several installments during the next two years, subject to the fulfilment of certain performance conditions by Fe-da Electronics. The main businesses of Fe-da Electronics are the customisation of CPUs for computers and servers and the production of storage devices, including SSD and RAM storage devices. After integrating Fe-da Electronics into VIYI Technology, the WiMi plans to both retain and strengthen Fe-da Electronics' current team, fostering meaningful synergies in its development of central processing algorithm services. The company also plans to utilise Fe-da Electronics' existing AI and cloud computing technologies to further unlock its potential in the development of cloud service solutions, a press release reads. Furthermore, WiMi says it will also leverage Fe-da Electronics' resources to further establish its presence in Mainland China, Hong Kong, Taiwan, Southeast Asia, and other areas. “Our acquisition of Fe-da Electronics marks a very important milestone in our journey to achieve our long-term goal of becoming a global leader in CPU AI algorithms. In addition, our integration with Fe-da Electronics will create significant synergies in the areas of technology, product development, and market coverage, helping us to seize those market opportunities in the field of central processing algorithm services and develop more unique competitive advantages,” says Shuo Shi, Chief Executive Officer of WiMi, in the press release.
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