InvenSense® To Aquire MEMS Microphone Business Line From Analog Devices, Incorporated
Acquisition Expected to Accelerate InvenSense Audio Roadmap and Increase Available Market by bringing in Expanded Product Portfolio and Technology Expertise
The acquisition of ADI's MBL is expected to accelerate InvenSense's audio roadmap and complement its current MEMS System on Chip (SoC) product offerings at existing mobile, gaming and wearable device customers, while gaining entry into new markets. The acquisition also is intended to expand InvenSense's patent portfolio and existing tier one customer base, which includes major OEM brands worldwide.
The transaction includes approximately 30-40 of ADI's core employees within the MBL product line and certain support operations, located primarily in Wilmington, MA, Bratislava, Slovakia and Shanghai, China. ADI's MBL product line includes all MEMS microphone devices and complete turnkey reference designs.
"Our fabless MEMS business model and our leadership in MotionTracking solutions have positioned us for significant growth in the coming years in our existing markets" said Behrooz Abdi, President & Chief Executive Officer, InvenSense, Inc. "Audio is fast becoming complementary to motion as a means for interacting with contextually aware devices and applications, with an increasing attach rate of 2-3 microphones per high-end phone. With this acquisition, we are excited to welcome an exceptionally experienced team into InvenSense that will enable us to significantly scale our audio product portfolio, accelerate our time to market, and achieve long-term growth in the broader sensor SoC market."
In connection with the acquisition, InvenSense will pay $100 million in cash in exchange for ADI's MBL assets. Additional cash consideration may be payable upon achievement over 12 months of certain mutually agreed upon financial targets. The board of directors of each company has approved the transaction and stockholder approval of the transaction is not required by either company. The closing, which is targeted to occur during October 2013, remains subject to customary closing conditions. In connection with the transaction, ADI will provide certain transition related services to InvenSense, which includes supplying MBL inventory for a limited period of time following the sale. InvenSense may record one-time costs for transaction expenses and purchased in-process research and development expenses related to the acquisition in the quarter in which the transaction closes. The amount of those costs, if any, has not yet been determined. Other than these one-time costs, the transaction is not expected to significantly impact earnings for the balance of InvenSense's fiscal year ending March 2014, and is expected to be accretive to earnings thereafter.
InvenSense Inc. (NYSE: INVN) is the leading provider of MotionTracking™ solutions for consumer electronic devices. The company's patented InvenSense Platform and patent-pending MotionFusion™ technology address the emerging needs of many mass-market consumer applications via improved performance, accuracy, and intuitive motion- and gesture-based interfaces. InvenSense technology can be found in consumer electronic products including smartphones, tablets, gaming devices, optical image stabilization, and remote controls for Smart TVs. The company's MotionTracking products are also being integrated into a number of industrial applications. InvenSense is headquartered in San Jose, California and has offices in China, Taiwan, Korea, Japan, and Dubai. More information can be found at www.invensense.com.
Scantec, member of the Macnica Group, was founded 1978 and is a value added semiconductor distributor for the markets in Europe. Headquartered in Munich the company runs regional sales offices in Italy (Milan), Czech Republic (Prague) and Poland (Warsaw).
For decades Scantec is a successful hub for state of the art technology associated with knowhow, providing customers with a competitive advantage, minimizing time to market by integrating innovations of start up semiconductor companies with the market power of established key players. For more information on Scantec and our product lines, please visit our website: www.scantec.de, email: firstname.lastname@example.org
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