SiTime announces the completion of its acquisition by MegaChips. This closing follows the earlier announcement that SiTime had entered into a definitive agreement to be acquired by MegaChips for $200m in cash. SiTime will retain its name and operate as a wholly owned subsidiary of MegaChips.
MegaChips was established in 1990 as an innovative fabless company dedicated to ASICs and system LSIs with the goal of integrating LSIs and systems knowledge and solutions. Its focus is on the development of cutting-edge system LSIs and systems products incorporating original algorithms and architecture in the areas of imaging, audio, and telecommunications, and using the advances it achieves to offer outstanding products and solutions that meet the needs of its clients.
SiTime offers MEMS-based silicon timing solutions that replace legacy quartz products. With 80% market share and about 250m devices shipped, SiTime is driving the electronics industry to use 100% silicon-based timing. In this market, SiTime competes with public companies such as Silicon Labs, Micrel, Seiko Epson and Kyocera.