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MosChip Semiconductor Technology Limited announces acquisition of three companies and adds strength into IoT

Posted On: 2016-09-12 22:39:00

MosChip Semiconductor Technology, a Hyderabad-based leading semiconductor company, has signed final agreements for the acquisition of three companies: elitePLUS Semiconductor Technologies Pvt. Ltd., and Orange Semiconductors Pvt. Ltd., both located in Bangalore, India, as well as Maven Systems Pvt. Ltd. of Pune, India. MosChip has made the acquisitions as part of the company's growth plans in the Internet of Things (IoT) area and semiconductor industry as well as to expand client base in the NA, EU, and APAC regions.

elitePLUS Semiconductor Technologies has significant presence in the US and UK, and the company's core competencies are 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 elitePLUS Semiconductor Technologies and Orange Semiconductor 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 three 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.

With multiple orders from the defense market and clients in the US, MosChip is set to record a very positive top and bottom line for the current fiscal year. The consolidated top line along with the acquisitions may show more than ten times the sales of previous years.

To fund the acquisitions and additional working capital requirements, MosChip obtained Board approval to raise an additional Rs. 41.25 crores (approximately $6.15 million) by issuing shares and warrants to Techwave Pte. Ltd.

Mr. K. Ramachandra Reddy, the CEO of MosChip says that with their capabilities in Design and System Engineering coupled with the new strengths of acquisitions, MosChip is well positioned itself in providing services for the IOT market place and in delivering end-to-end solutions from design to production. Ramachandra Reddy adds that the investment by Techwave, coupled with recent strategic actions, are already showing positive results. MosChip showed significant financial turnaround in the first quarter of the company's 2016-17 fiscal year.

MosChip's focus areas include solutions in IoT, investing in development of IP, and expanding VLSI services globally, says MosChip Director Damodar Rao Gummadapu. MosChip is able to deliver on these focus areas with the company's unique capabilities in the IoT area. As customer engagements continue to increase and marketplace knowledge becomes more prevalent, MosChip is gearing up to help create a roadmap of product technologies for significant growth plans through expanding its global client base, adds Gummadapu.

Shares of MOSCHIP SEMICONDUCTOR TECHNOLOGY LTD. was last trading in BSE at Rs.21.8 as compared to the previous close of Rs. 21.8. The total number of shares traded during the day was 11952 in over 25 trades.

The stock hit an intraday high of Rs. 21.8 and intraday low of 21.8. The net turnover during the day was Rs. 260553.

Source: Equity Bulls

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