Semiconductor producer MegaChips Corporation agreed on Monday to acquire US-based analogue semiconductor technology provider SiTime Corporation in a $200m cash deal that provided an exit to several corporate investors.
SiTime produces microelectromechanical (MEMS)-based smart-timing semiconductor components, a field in which it claims an 80% market share. MicroChips intends to expand and diversify its product range and customer base through the purchase.
SiTime had raised about $65m in funding as of 2011, before closing an undisclosed amount of funding in November 2013 and a further $25m of equity and debt last month.
The company’s existing corporate investors include Robert Bosch Venture Capital, the corporate venturing unit of industrial manufacturer Robert Bosch, and Innovative Venture Fund, which is backed by electronics producer NEC and SMBC Venture Capital, the venture capital arm of financial services firm Sumitomo Mitsui Banking Corporation.
Other investors in SiTime include Greylock Partners, Jafco Ventures, Grazia Equity, New Enterprise Associates, Northgate Capital, CID Group and Camp Ventures.
Volkmar Denner, chairman of Robert Bosch, said: “As a founding investor in SiTime, Bosch recognized early on the tremendous vision and innovation behind SiTime’s approach to MEMS timing.
“We have closely followed their success from a Silicon Valley start-up to a revenue-generating company that sells to some of the world’s largest electronics companies. We are pleased that MegaChips is acquiring SiTime and we expect a bright future for the combined companies.”