IRVINE, Calif., June 12, 2017 /PRNewswire/ -- Conexant
Systems, LLC, a leading provider of audio and voice technology
solutions that enable a more natural user experience, today
announced that it has entered into a definitive agreement with
Synaptics Incorporated (NASDAQ: SYNA) pursuant to which Synaptics
has agreed to acquire Conexant and its portfolio of silicon and
software solutions for audio, voice and imaging applications for
$300 million in cash and 726,666
shares of Synaptics common stock in a cash-free, debt-free
transaction.
"I would like to thank each and every employee for their
dedication and hard work over the past four years as we turned
Conexant into a leader in audio and imaging. We are witnessing a
positive inflection point in the business with voice becoming the
human interface to machines and with the move to next-generation
USB-C headphones," said Cynthia
Paul, Chairman of the Board, Conexant. "I am excited about
the next chapter in Conexant's life as Synaptics helps scale the
business."
Combined, Conexant and Synaptics, together with partners and
customers, have the ability to deliver powerful solutions that
redefine how people interact with machines, including smart home
devices, automobiles, computers, industrial applications, connected
devices, IoT products, and wearables. The two companies offer
highly complementary, innovative solutions, and the scale of the
combined entity should be well positioned to invest in new
opportunities that greatly enhance the human-machine-interface
experience.
"We have spent the past few years sharpening Conexant's focus on
providing silicon and software solutions for voice-enabled devices,
consumer and commercial imaging, and next-generation audio
applications," said Jan Johannessen,
CEO, Conexant. "We believe that by joining Synaptics, we will
further scale in the USB-C headphone market, while also enabling
device makers to develop innovative applications for some of the
industry's most advanced human-machine-interface technologies,
including voice."
Conexant, with a portfolio of more than 480 patents granted or
pending, is a leader in far-field voice solutions with more than 27
million units shipped. Conexant's far-field voice processing
solutions have been featured in more than 60 different products,
including a variety of home appliances, home audio/video
applications, home networking devices, lighting, security devices,
set-top-boxes, smart thermostats, robots, and toys.
Recognized for its superior-performing voice solutions, as well
as its powerful supply chain and engineering support capabilities,
Conexant has been selected by industry leaders to collaboratively
develop noise robust, voice-enabled products and development kits
for leading artificial intelligence (AI) platforms. In addition to
its voice solutions, Conexant is helping the 13-billion-dollar headphone industry go digital
with its USB-C CODEC solutions for next generation hearables and
wearables.
"At Synaptics, we have a knack for bringing the right
technologies to the right growth markets. Adding voice and
audio processing solutions to our portfolio blends
perfectly into the company's innovative technology product mix,"
said Rick Bergman, President and
CEO, Synaptics, "The acquisition broadens Synaptics' portfolio of
human interface solutions and rapidly accelerates the execution of
our IoT strategy, driving our next major phase of growth. Conexant
adds an established and highly profitable revenue base, a diverse
set of customers, new tier-one accounts, impressive global talent,
and a deep portfolio of intellectual property."
The Conexant transaction is expected to close in the third
calendar quarter of 2017, subject to customary closing conditions,
including regulatory clearances.
Conexant was advised by Cowen and Company, LLC and O'Melveny
& Myers LLP.
To learn more about Conexant and this announcement, please visit
www.Conexant.com, or follow them on LinkedIn, like them on
Facebook, and view their videos on YouTube.
About Conexant Systems, LLC:
Conexant Systems, LLC, is the industry's go-to source for
hardware and software solutions that offer unrivaled performance
for audio and voice applications. The company combines its
significant IP portfolio in DSP, analog and mixed signal technology
with embedded software to enrich and expand audio and voice
capabilities of products across nearly every vertical. Conexant
also is a leader in advanced imaging solutions designed to improve
performance of image dependent electronic equipment, such as
document and photo imaging controllers and digital video. Founded
in 1999, Conexant is a privately-held fabless semiconductor and
audio technology engineering company headquartered in Irvine, California with offices and design
centers worldwide.
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SOURCE Conexant Systems, LLC