Radio frequency (RF) technology producer Qorvo agreed on Monday to acquire Netherlands-based RF communication technology provider GreenPeak Technologies for an undisclosed sum, providing an exit to appliance and industrial product manufacturer Robert Bosch.
GreenPeak produces fabless semiconductor technology for the internet of things (IoT) and smart home data communications markets. Qorvo will use the acquisition to expand its RF product offering in the connected home and IoT sectors.
GreenPeak was formed in 2007 through a merger of wireless data chipmaker Xanadu Wireless and wireless monitoring and control sensor producer Ubiwave.
The merger was backed by €2m ($2.3m at current exchange rates) of funding from GIMV, Esprit Capital and Motorola Ventures, the corporate venturing subsidiary of the yet-to-be-broken up communications technology manufacturer Motorola.
The three had previously joined Prelude Ventures for a €6.1m round in 2006. Motorola Ventures and Prelude are not listed as investors on GreenPeak’s website.
The company subsequently raised $19m in a 2009 series B round co-led by GIMV and Robert Bosch Venture Capital (RBVC), Robert Bosch’s corporate venturing unit. The round also included Motorola Ventures, DFJ Esprit and Allegro Investment Fund.
Jan Westerhues, investment partner at RBVC, said: “It has been a pleasure to work with this excellent team and develop GreenPeak from a startup to this global company with big market impact.
“Beyond a financial success for RBVC, the collaboration with GreenPeak allowed the Bosch Group to early on engage with a leading provider of energy efficient RF chips for smart home and IoT.”