SigmaDesigns Acquired by Core Technology for Wide Deployment of Smart Homes
On April 18, 2018, Silicon Labs (also known as "Core Technology", NASDAQ: SLAB) and SigmaDesigns (Nasdaq: SIGM) announced today that Silicon Labs has completed the transaction with SigmaDesigns for US$240 million in cash transactions. The acquisition of the Z-Wave business unit includes a team of about 100 employees.
Z-Wave is the leading technology for smart homes in mesh networks. The thriving Z-Wave Alliance has more than 700 manufacturers and service providers around the world, providing more than 2,400 certified, interoperable Z-Wave infrastructure devices.
Combining Z-Wave mesh networking technology and interoperable product features, coupled with SiliconLabs multi-protocol expertise, smart home R&D personnel can access large, diverse ecosystem networks and a full range of end-nodes The technology options provide vast business opportunities for potential customers of millions of smart homes. SiliconLabs’ acquisition strategy has reached the goal of providing a full range of wireless hardware and software product portfolios for the smart home market, including Wi-Fi®, Zigbee®, Thread, Bluetooth®, and proprietary protocols.
Tyson Tuttle, CEO of SiliconLabs, said: “Combining Z-Wave and Silicon Labs' extensive portfolio of IoT connectivity products allows us to achieve the vision of wireless technology integration in the smart home market. The secure, interoperable customer experience is smart home products. At the heart of design, deployment and management, our smart home vision is that multiple technologies can work together safely and any device that uses all of our connectivity options can easily connect to the home network and automate security updates and feature upgrades."
Raoul Wijgergangs, Z-Wave's vice president and general manager, said: "After the merger, Silicon Labs and the Z-Wave Alliance and its ecosystem will continue to advance Z-Wave's technology roadmap and provide innovative technologies to millions of smart home product users. Z-Wave is a proven, widely deployed technology and the device sales volume has reached a market milestone of 100 million in quantity.This acquisition will promote the cooperation of multi-ecosystem network partners to expand on Amazon,Alarm.com,ADT,Samsung Links to SmartThings, Yale, Vivint, GoogleHome, Comcast, etc."
Elias Nader, SigmaDesigns' acting president and chief executive officer and chief financial officer, said: “We are very pleased that the vast majority of shareholders of SigmaDesigns can approve the sale of our Z-Wave business unit to Silicon Labs. The process of selling this asset is to return the funds as soon as possible. Important milestones for shareholders."
Silicon Labs expects the acquisition will increase non-GAAP earnings in 2018 and will provide additional financial details and guidance on the first quarter profit/loss conference call for the 2018 fiscal year at 7:30 am CST on April 25, 2018 .
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