Indian chip firm makes three acquisitions
These are ElitePlus Semiconductor Technologies Pvt. Ltd. and Orange Semiconductors Pvt. Ltd., both located in Bangalore and Maven Systems Pvt. Ltd. of Pune.
MosChip has made the acquisitions as part of growth plans in the Internet of Things (IoT) as well as to expand its global client base.
ElitePlus Semiconductor, with a focus on mixed-signal and low-power circuit verification, has a presence in the US and the UK. Orange also provides verification of complex ICs and embedded software. The two companies will add 75 people to MosChip.
Maven Systems provides a product development service in the machine-to-machine and IoT domains, including such things as remote monitoring, smart lighting, smart metering and analytics with clients in more than 20 countries.
The three acquisitions will take MosChip global headcount to more than 250 engineers across Hyderabad, Bangalore, Pune, London and Silicon Valley.
MosChip has received multiple orders in the defense market and from clients in the US and so plans to add another 150 to 200 engineers across all locations. Improving organic sales and acquisitions could allow MosChip to record sales more than 10 times those of previous years.
To fund the acquisitions MosChip plans to raise approximately $6.2 million by issuing additional shares and warrants.
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