Product category:
Communications ICs (Wireless)
News Release from: NXP Semiconductors
Edited by the Electronicstalk Editorial
Team on 24 December 2007
Acquisition brings ready-made GPS
expertise
NXP Semiconductors is acquiring fabless GPS specialist GloNav for an initial payment of US $85 million in cash.
NXP Semiconductors is acquiring GloNav, a US-based fabless semiconductor company developing single-chip solutions for global positioning systems (GPS) and other satellite navigation systems NXP will purchase the company for US $85 million in cash plus up to US $25 million in cash contingent on GloNav reaching certain revenue and product development milestones over the next two years
This article was originally published on Electronicstalk on 23 Oct 2001 at 8.00am (UK)
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The transaction will give NXP immediate access to market-proven GPS products and technology.
The deal is expected to close in the first quarter of 2008, subject to regulatory approvals.
"This is the second major acquisition that we have made this year to strengthen our Mobile and Personal Business Unit that quickly adds complementary technologies to our existing portfolio and meets our customers' demands for innovative products".
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"We are a leader in cellular system solutions".
"Combining GloNav's GPS expertise with NXP's FM Radio, Bluetooth, USB and NFC leadership, enables us to offer a broader connectivity suite to the mobile phone market", says Frans van Houten, Chief Executive Officer, NXP Semiconductors.
By 2010, approximately 40% (some 560 million) of mobile phones will be equipped with the GPS feature.
"We already turned the cellphone into a multimedia wallet", says van Houten.
"It's only natural that we also want to use our mobile phones to navigate and to find local goods and services".
"GPS integration allows us to create these and many more interesting and dynamic features, continuously enriching the cellphone in our pocket", he adds.
"Becoming part of NXP allows us to achieve the required scale in innovation, and opens up many new markets and customers in order to exploit the significant market potential for GPS.
Our engineers are excited to become part of ambitious leadership projects in state-of-the-art technologies and to join their expertise to one of the leaders in cellular system solutions", says Bill McLean, GloNav's Chief Executive Officer.
"We will have access to NXP's impressive customer base, which includes all the leading handset and device manufacturers".
GloNav has approximately 50 employees and contractors at locations in the USA, UK, Ireland, and Taiwan.
They will join NXP's Mobile and Personal Business Unit.
GloNav has a significant intellectual property portfolio and over 20 years of technology heritage in developing silicon-based GPS solutions.
Through this acquisition, NXP will be able to access GloNav's single chip and 90nm capability to establish a strong presence in the fast growing GPS market in both personal navigation devices and mobile phones, and further strengthen its capability to offer functionally rich, integrated cellular solutions for its mobile customers.
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