SAN JOSE, USA: Integrated Device Technology Inc. (IDT) announced that it has acquired Fox Electronics, a leading global supplier of frequency control products (FCPs), in an all-cash transaction for approximately $30 million, of which $26 million was paid at closing. Fox Electronics’ revenue was approximately $23 million in calendar year 2011, and the company is profitable.
“Fox’s crystal, crystal oscillator and innovative XpressO products combined with IDT’s award-winning CrystalFree solutions make us the industry’s most comprehensive one-stop shop for frequency control products,” said Ted Tewksbury, president and CEO at IDT. “In addition, Fox helps accelerate the adoption of CrystalFree by enabling customers to purchase pMEMS and CMOS solid-state oscillators alongside traditional quartz-based components through an established and trusted sales channel.”
“Everyone within Fox Electronics is enthusiastic about this exciting new direction with IDT,” said E.L. Fox, Jr., president at Fox Electronics. “With IDT’s frequency control products, including CrystalFree technology, and their number one position in silicon timing, Fox’s product portfolio and industry leadership in the frequency control market will be a great fit.”
Fox Electronics, a private company based in Florida, is a world leader for frequency control solutions with an expansive portfolio including the XpressO family of revolutionary quick-turn oscillator products, quartz crystals, voltage-controlled crystal oscillators and more. Fox’s FCP-focused sales team will be a valuable asset to grow IDT’s crystal and CrystalFree product offerings.
Monday, April 30, 2012
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