Semtech has completed the acquisition of wireless charging technology expert Triune Systems, L.L.C. Approximately 35 employees of Triune with the majority of these employees based in Plano, Texas are going to be part of Semtech. Ross Teggatz, Founder and Chief Executive Officer of Triune Systems, will join Semtech as Senior Vice President and General Manager of Semtech's Power Management and High-Reliability Product Group reporting directly to Semtech's President and Chief Executive Officer, Mohan Maheswaran.
Triune Systems offers range of wireless charging platforms in different power levels from 0.1W up to 20W while platforms in the prototype stage are expected to deliver up to 100W of power. Wearable, industrial and automotive segments are expected to adopt wireless charging significantly over the next few years. Acquisition of Triune Systems enable Semtech to expand its power supply offerings into fast growing area of wireless charging.
Triune Systems also developed an isolated switching platform that is targeted at home automation and other industrial markets.
Mohan Maheswaran, Semtech's President and Chief Executive Officer, stated, "Triune Systems has developed a number of innovative wireless charging platforms that address some exciting, emerging market segments. These platforms are very complementary to Semtech's current market focus. We are very excited to bring Semtech's power management portfolio and global strengths together with Triune Systems' expertise in wireless charging to introduce new, disruptive power platforms to the market. The acquisition of Triune Systems is consistent with our philosophy of acquiring key core competencies that position Semtech as a leading analog and mixed signal solutions provider in targeted high growth application segments."
"Triune Systems has focused on developing unique solutions for the wireless charging, portable charging and power management markets. We are very pleased to join Semtech, a company with an established reputation as a leading, high quality supplier of analog and mixed signal solutions. We believe Triune's products are a synergistic fit with many of Semtech's end-markets and customers, and I am delighted to be given the opportunity to lead Semtech's future Power Management and High-Reliability strategy," stated Ross Teggatz.
Under the terms of the purchase agreement, Semtech acquired all of the outstanding equity interests of Triune Systems for an aggregate purchase price of $45 million consisting of $35 million cash paid at closing, with an additional cash consideration of $10 million to be paid in six months and additional contingent consideration subject to achieving certain future financial goals.
Semtech is reported to have a sales revenue close to US$560 Million in year 2014.