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Date: 11-06-15

ISSI and Cypress Semiconductor finally agree for the acquisition bid

After a lot more public letters and talks, it is reported that finally ISSI agrees for the Cypress Semiconductor's latest bid to acquire ISSI. ISSI also left with few days for the other bidder to rise the bidding price.

For ISSI, anti-trust was a major concern, Cypress has written an open letter explaining its view on anti-trust related issues. SRAM overlap was a key concern. Cypress has stated in its release "First, the SRAM overlap concerns non-embedded SRAM for legacy sales, that is, for the installed base of sockets, which amounts to less than 2% of the sales of the combined companies. The overwhelming trend in the SRAM industry is a transition from non-embedded SRAM chips to embedded SRAM solutions where neither Cypress nor ISSI is a significant supplier. Notwithstanding this decline, there still are numerous other existing non-embedded SRAM suppliers able to meet remaining installed base needs." to answer the concern of the overlap.

For Cypress Semiconductor, ISSI is more of a strategic asset in SRAM products. SRAM is an IP treasure than a direct revenue growth generator. SRAM is basic building block inside cloud processor to IoT SoCs.

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