Renesas, a Japanese chip manufacturer headquartered in Tokyo, as per recent reports, has completed its acquisition of San Jose, California-based Integrated Device Technology Inc. (IDT) for $6.7 billion on Friday, Mar. 29th 2019, expanding its portfolio into self-driving car semiconductor chip offerings.
As per reports, Renesas said that the CEO of IDT Inc., Greg Waters, will now be stepping down from his role, and will be replaced by IDT’s Chief Technology Officer Sailesh Chittipeddi. Prior to joining IDT in early 2014, Waters had a brief stint at venture capital firm General Catalyst Partners.
Last year, in Sep. 2018, Renesas announced its plans to acquire IDT, offering $49 per share for the IDT buyout, largely funded by bank loans.
IDT, which was launched in 1980, grew to a medium-sized semiconductor company specialized in analog mixed-signal chips, which find applications in communications infrastructure, advanced computing, and power management. The company’s last employed global head-count was about 1,800 people. IDT’s chips are specialized in capturing analog data, like readings from a car’s temperature and light sensors, and transducing it into digital signals for the car’s onboard computer to interpret.
“We are thrilled to welcome some of the industry’s best and brightest talent into our team to steer the future of innovation together,” said, Bunsei Kure, Renesas CEO. “This acquisition demonstrates our commitment to bringing more complete solutions to our customers around the globe as we strengthen our leadership position in the high-growth, data-driven economy markets of automotive, industrial/IoT and data center/communications infrastructure where our advanced data processing and analog/mixed-signal performance is crucial.”