SiTime and MegaChips have signed a definitive agreement under which MegaChips will acquire SiTime for $200m in cash. Scheduled to close in November 2014 (pending regulatory approvals and customary conditions), SiTime will retain its name and operate as a wholly owned subsidiary of MegaChips upon closing.
Rajesh Vashist, CEO, SiTime, commented: “SiTime’s founders, Markus Lutz and Dr. Aaron Partridge, started the company with a vision of developing game-changing MEMS and analogue technology to revolutionise the $5bn timing industry. Through innovation, passion and focus, we’ve successfully delivered on this vision. Today, SiTime is the overwhelming leader - we have 1,000 customers, 250m units shipped, major design wins in all electronics segments and a roadmap that extends SiTime’s MEMS technology to all timing markets.”
“MegaChips has an aggressive growth strategy with a vision to become one of the top ten fabless semiconductor companies through both organic growth and strategic acquisitions. MEMS components are fuelling the growth of the semiconductor industry. Through the acquisition of SiTime, MegaChips becomes a leader in MEMS. SiTime will help us expand our portfolio and diversify our customer base. SiTime technology is the perfect match for MegaChips’ solutions that target wearables, mobile and IoT markets such as 'frizz', our ultra-low-power smart phone Sensor Hub LSI and BlueChip Wireless, a sub-GHz RF LSI.”