Avnera, a US-based fabless semiconductor producer backed by corporates Intel, Panasonic, Best Buy, Polycom and Onkyo, agreed to a $405m acquisition by semiconductor company Skyworks Solutions on Monday.
Skyworks will pay $405m in cash in an upfront transaction, with up to $20m in additional capital due if Avnera meets certain performance targets within a year of the acquisition. The deal is expected to close by the end of next month.
Founded in 2004, Avnera designs analogue system-on-chips that facilitate the production of consumer products such as wireless home cinema systems or gaming headsets that require low power consumption.
The company’s technology will enhance Skyworks products in fields such as smart voice assistants and vehicle in-dash systems.
Avnera has raised almost $77m in funding according to regulatory filings and press reports, most recently securing approximately $3.7m in series E financing from undisclosed investors in 2013.
Panasonic Ventures, Best Buy Capital and Intel Capital, respective subsidiaries of consumer electronics producer Panasonic, retailer Best Buy and chipmaker Intel, backed Avnera’s $10m series D round in 2010 alongside communications technology provider Polycom and audio equipment maker Onkyo.
The series D round also featured Bessemer Venture Partners, Altien Ventures, DAG Ventures and Redpoint Ventures.
Intel, Panasonic, Polycom and Best Buy had already backed a $14.7m series C round for the company in 2007 that included Bessemer, Redpoint, Altien, Ventures, DAG Ventures and Icon Ventures, which was then known as Jafco Ventures.
Avnera had raised an initial $7.7m in series A funding in a 2004 round featuring Bessemer and Redpoint, both of which returned for a $7.6m series A2 round the following year that included Jafco. All three took part in the company’s $12m series B round in 2006 alongside Intel Capital.