MosChip bets on IoT for growth
City-based MosChip Semiconductor Technology inked signed final agreements for the acquisition of three companies: elitePlus Semiconductor Technologies and Orange Semiconductors, both based out of Bangalore, as well as Pune-based Maven Systems. However, the company did not reveal the amount it spent for the buyouts.
Hyd-based firm acquires three companies
Hyderabad: City-based MosChip Semiconductor Technology inked signed final agreements for the acquisition of three companies: elitePlus Semiconductor Technologies and Orange Semiconductors, both based out of Bangalore, as well as Pune-based Maven Systems. However, the company did not reveal the amount it spent for the buyouts.
MosChip made these acquisitions as part of the company’s growth plans in the Internet of Things (IoT) space and also to expand client base in North America, Europe and APAC regions. elitePlus Semiconductor has significant presence in the US and UK, and the company’s core competencies are in advanced verification, mixed signal, and low power verification; while Orange Semiconductor provides offerings in verification, very-large-scale integration (VLSI) services, and embedded software.
The third company, Maven Systems, has several award-winning products and service offerings in M2M and IoT domains, including remote monitoring, smart lighting, smart metering, smart cities and analytics with clients in more than 20 countries. To fund the acquisitions and additional working capital requirements, MosChip obtained Board approval to raise Rs 41.25 crore by issuing shares and warrants to Techwave Pte. Ltd.
“With the three companies’ capabilities in design and system engineering coupled with the new strengths of acquisitions, Moschip is well-positioned in providing services for the IoT market place and in delivering end-to-end solutions from design to production,” said Ram Reddy, CEO, Moschip.
