Chipmaker Intel has agreed to acquire US-based semiconductor manufacturing technology provider Easic in a deal of undisclosed size that will enable data storage equipment provider Seagate Technology to exit.
Founded in 1999, Easic has developed a platform that reduces both the cost and production time for customised silicon devices which are used in a range of applications from wireless infrastructure to smartphones. It is also a long-term partner for Intel.
The company has raised approximately $135m in equity and debt financing according to regulatory filings, most recently securing $15.3m in October 2017 from undisclosed backers. It filed for an initial public offering in 2015 but withdrew the application later the same year.
Seagate, which held a 14.6% stake in Easic at the time of the IPO filing, had previously joined Khosla Ventures, Kleiner Perkins Caufield and Byers, Crescendo Ventures and Evergreen Partners to invest $23.5m in Easic in 2013.
Daniel McNamara, general manager of Intel’s programmable solutions group, said: “This combination brings together the best-in-class technologies from both companies to provide customers with more choice, faster time-to-market and lower development costs.
“Specifically, having a structured [application-specific integrated circuits] offering will help us better address high-performance and power-constrained applications that we see many of our customers challenged with in market segments like 4G and 5G wireless, networking and [the internet of things].”