Comments
MosChip Semiconductor Technology is acquiring three firms -- elitePLUS Semiconductor Technologies, Orange Semiconductors (both based in Bengaluru) and the Pune-based Maven Systems for an undisclosed consideration. Following the acquisitions, the company’s total workforce will go up to 250, from the current 150.
“We are raising Rs 41.25 crore by issuing shares and warrants to Techwave Pte Ltd. We have given a 30-day notice for the AGM to take up the proposal. We hope to complete the process by October-end,” Ram Reddy, Chief Executive Officer of MosChip, told BusinessLine .
Not all the funds raised would be spent on the acquisitions. “We can’t disclose the cost of acquisition. Part of the proceeds will be spent on the acquisition and part of it would be used for working capital and other purposes,” he said.
“Over and above the people that we get from the acquisitions, we are going to add 150-200 engineers this year for the parent firm,” the CEO said.
Acquisitions
With a presence in the US and UK, elitePLUS Semiconductor Technologies focuses on advanced verification, mixed signal and lower-power verification. Orange Semiconductor is into VLSI (Very Large Scale Integration) services and embedded software. The two acquisitions will get MosChip 75 engineers. “This will strengthen our capabilities in VLSI services in Bengaluru,” he said.
The Pune-based Maven Systems is focussed on machine-to-machine, Internet of Things, remote monitoring and smart metering.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.