Allegro MicroSystems (Nasdaq: ALGM), a Manchester, NH-based global leader in sensing semiconductor technology for motion control and energy efficient systems, acquired Crocus Technology, a Milpitas, CA-based company which specializes in advanced Tunnel Magnetoresistance (“TMR”) sensor technology, for $420M.
The acquisition, which has been approved by the board of directors of both companies, will be funded via a combination of cash on hand and a new term loan. Crocus brings to Allegro technology and products suited to serve high-growth applications in e-mobility, clean energy and automation, supported by more than 200 patents.
Led by Zack Deiri, President and CEO, Crocus Technology is a leader in providing advanced TMR sensor technology solutions to designers and manufacturers of industrial, automotive and consumer electronics. It develops XtremeSense TMR advanced sensor technology which provides the sensitivity, low power consumption by comparison to other magnetic technologies such as Hall, AMR and GMR.
Led by Vineet Nargolwala, President and CEO, Allegro MicroSystems is a global designer, developer, manufacturer and marketer of sensor integrated circuits (“ICs”) and application-specific analog power ICs enabling emerging technologies in the automotive and industrial markets. Its diverse product portfolio provides solutions for the electrification of vehicles, automotive ADAS safety features, automation for Industry 4.0 and power saving technologies for data centers and green energy applications. The company is headquartered in Milpitas, California, with an R&D facility in Grenoble, France.
FinSMEs
10/08/2023