On April 3, we reported that ON Semiconductor had signed an agreement to acquire Truesense Imaging, Inc. for approximately $92 million. Just less one month later on May 1, the deal became official with ON Semiconductor agreeing to pay approximately $95 million in cash off its balance sheet, $3 million more than initially reported.
The deal is expected to be immediately accretive to earnings and margins, excluding any non-recurring acquisition related charges and amortization of acquired intangibles, according to the press release. Truesense Imaging’s revenue for 2013 was approximately $79 million with gross and operating margins of approximately 44% and 23%, respectively, according to an audit.
Chris McNiffe, CEO and president of Truesense Imaging, has been kept on by the ON Semiconductor team to help manage the company’s image sensor business. In addition, the Truesense product development and business team will be incorporated into the Application Products Group as part of the company’s Image Sensor Business Unit, reporting to Vince Hopkin, vice president of ON Semiconductor’s MDFI Division.
"It [the acquisition] strengthens ON Semiconductor’s product portfolio targeting industrial end markets such as machine vision, surveillance, and intelligent transportation systems (ITS) by complementing our existing high-speed, high-resolution, power-efficient image sensing solutions with Truesense’s high-performance image sensors for low-light, low-noise," said Hopkin.
He added, "In addition, the acquisition strengthens the company’s talent base with the addition of an experienced design and applications engineering team dedicated to the image sensor market segment."
View the press release.
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