SUNNYVALE, USA: SiTime Corp., a MEMS and analog semiconductor company, announced that it has signed a definitive agreement under which MegaChips Corp., a top 25 fabless semiconductor company based in Japan, will acquire SiTime for $200 million in cash.
This transaction combines two complementary fabless semiconductor leaders that provide solutions for the growing Wearables, Mobile and Internet of Things markets.
“SiTime’s founders, Markus Lutz and Dr. Aaron Partridge, started the company with a vision of developing game-changing MEMS and analog technology to revolutionize the $5 billion timing industry,” said Rajesh Vashist, CEO of SiTime.
“Through innovation, passion and focus, we’ve successfully delivered on this vision. Today, SiTime is the overwhelming leader – we have 1000 customers, 250 million units shipped, major design wins in all electronics segments, and a roadmap that extends SiTime’s MEMS technology to all timing markets.”
“Every SiTime employee is excited to be part of MegaChips as we share a common entrepreneurial culture,” continued Vashist. “MegaChips’ financial strength and scale, with SiTime’s innovation and passion, will rapidly accelerate the adoption of MEMS timing solutions.”
While the world of electronics has delivered many innovations, the clock function, which is the heartbeat in all electronics, still uses 75-year-old quartz technology. SiTime’s innovative MEMS timing solutions replace dated quartz products in the telecom, networking, computing, storage and consumer markets, with the benefits of higher performance, smaller size, and lower power and cost.