Massachussets, USA, January 20th 2011 - Hittite Microwave Corporation (Nasdaq:HITT) today announced it has acquired Arctic Silicon Devices, a developer of advanced mixed-signal integrated circuit (IC) technology, located in Trondheim, Norway. The acquisition price was approximately $12.0 million in cash and equity.
The acquisition provides Hittite with new IC design and integration capability and a state-of-the-art product line of analog-to-digital converters (ADCs). Arctic Silicon Devices has successfully designed and launched innovative, multifunction low power ADC products which target high performance applications, including test and measurement systems and communication infrastructure. The employees of Arctic Silicon Devices will continue to work at their existing facility.
Jens Petter Falck, partner in Incitia Ventures and chairman of ASD said that: "This is a very good solution for ASD. Along with the founders, Incitia Ventures and Proventure have developed ASD into a company with a leading global technology platform and product portfolio within its niche. To exploit the opportunities arising from this position will require much stronger distribution capabilities and a larger capital base than ASD itself has access to. With Hittite as a new owner both of these limitations will be resolved."
About Hittite Microwave Corporation
Hittite Microwave Corporation is an innovative designer and manufacturer of high performance integrated circuits, or ICs, modules, subsystems and instrumentation for technically demanding digital, RF, microwave and millimeterwave applications covering DC to 110 GHz. The Company's standard and custom products apply analog, digital and mixed-signal semiconductor technologies, which are used in a wide variety of wireless/wired communication and sensor applications for Automotive, Broadband, Cellular Infrastructure, Fiber Optics, Microwave & Millimeterwave Communications, Military, Test & Measurement, and Space markets. The Company is headquartered in Chelmsford, Massachusetts.
About Arctic Silicon Devices
Arctic Silicon Devices is a private fabless semiconductor company based in Trondheim, Norway previously owned by the employees, Incitia Ventures and ProVenture. Arctic Silicon Devices aims to be a preferred partner for leading companies within high performance applications providing state-of-the-art Front End ICs like Data Converter Standard Products or Application Specific Standard Products based on data converter cores. The ASD products include ultra low power dissipation, ease of use, and cost efficiency, while maintaining state-of-the-art performance.