Navitas acquires GeneSiC – becoming a GaN & SiC specialist

The transaction is immediately accretive to Navitas as GeneSiC is highly profitable, with more than 25% EBITDA margins. Calendar 2022 revenues are expected to be approximately USD 25 million with demonstrated annual growth rates of over 60%. 

“GeneSiC is an ideal partner for Navitas with their focus and success in developing industry-leading SiC technology,” says Gene Sheridan, Navitas CEO and co-founder, in a press release. “Navitas has significant investments in global sales, operations and technical support teams, along with system design centers in EV and data centers. These capabilities are a perfect complement to GeneSiC and will further accelerate their growth in both synergistic and new customers and markets.”

GeneSiC President Dr. Ranbir Singh joins Navitas as Executive Vice-President for the GeneSiC business and Navitas expects to retain all members of the GeneSiC team.

“GeneSiC’s patent-protected, advanced technology and innovative, experienced team are critical factors in the growth of our company,” says Dr. Ranbir Singh. “With almost 20 years of leading-edge R&D, proven platforms, over 500 diverse customers, and growing revenue and profitability, we can leverage Navitas’ mass-production expertise and go-to-market strategy to accelerate SiC revenues. We are very excited about this new partnership.”

Total consideration consisted of approximately USD 100 million in cash, 24.9 million shares of Navitas stock and possible earn-out payments of up to USD 25 million, conditioned on specific performance targets.

With over 500 customers, Navitas says that the GeneSiC acquisition delivers diversified and synergistic markets and customers, and accelerates the company's revenue in strategic, higher-power applications such as; electric vehicles, solar & energy storage and also broader industrial markets