The acquisitions were part of MosChip's growth plans in the Internet of Things area.
Hyderabad-based MosChip Semiconductor Technology has signed final agreements to acquire elitePLUS Semiconductor Technologies, Orange Semiconductors and Pune-based Maven Systems.
The acquisitions were part of MosChip's growth plans in the Internet of Things area, as well as to expand its client base in the North America, European Union and Asia-Pacific regions.
To fund the acquisitions and additional working capital requirements, MosChip obtained board approval to raise an additional ₹41.25 crore ($6.15 million) by issuing shares and warrants to Techwave.
elitePLUS, which has significant presence in the US and UK, is focused on advanced verification, mixed signal and low power verification. Orange Semiconductor provides offerings in verification, very-large-scale integration (VLSI) services, and embedded software. The acquisitions of the two Bangalore-based companies will strengthen MosChip’s end-to-end capabilities in VLSI services by adding more than 75 experienced resources in Bangalore.
Maven Systems has several award-winning product and service offerings in M2M, IoT domains of remote monitoring, smart lighting, smart metering, smart cities and analytics with clients in more than 20 countries. Maven Systems is part of the growth strategy to allow MosChip to be a leading player in the IoT area.
The acquisitions will help MosChip to increase the company’s global headcount to more than 250 experienced engineers across Hyderabad, Bangalore, and Pune in India; London; and Silicon Valley. MosChip also plans to add another 150-200 engineers across all locations.