US-based fabless semiconductor producer EnVerv, backed by computing company Cisco and semiconductor foundry UMC, has been acquired by semiconductor supplier Semtech.
Semtech specifically acquired EnVerv for its power line communications technology, which enables communications via power lines and lets utility providers implement smart metering. The technology will be integrated into Semtech’s own platform to penetrate metering, machine to machine and internet of things sectors.
Financial details of the acquisition deal have not been disclosed, but Semtech expects the acquisition to be neutral to its financial results for the fiscal year 2016. EnVerv’s employees have joined Semtech.
EnVerv raised $15.4m in a March 2014 series C round, backed by Cisco and UMC, as well as Cassiopeia Capital Partners, Benchmark Capital, NEA and Walden International. In total, the company secured $33.4m.
Mohan Maheswaran, president and chief executive of Semtech, said: “We are pleased to welcome the EnVerv team to Semtech.
“The acquisition is consistent with our philosophy of acquiring key system level competencies that position Semtech for future growth in targeted application segments.”