Synaptics has finalized its acquisition of Broadcom’s wireless IoT portfolio. The two parties first announced the cash deal earlier this month, with a disclosed price tag of roughly $250 million.
The purchase gives Synaptics the manufacturing rights to a collection of Wi-Fi, Bluetooth, and GNSS/GPS technology assets, which can in turn be deployed in a variety of different IoT devices. Notable possibilities include smart homes, smart displays, smart cameras, and automotive applications.
“This transaction accelerates our broader strategy of shifting toward our IoT business to drive growth while increasing profitability with higher gross and operating margins,” said Synaptics President and CEO Michael Hurlston. “Acquiring this technology gives us greater depth in our product portfolio and positions us to offer more to our existing customer base.”
Synaptics is bringing on 51 new employees to help handle its expanded portfolio. All of those hires were granted equity awards in accordance with Synaptics’ 2019 Inducement Equity Plan. The company itself recently joined Amazon’s Voice Interoperability Initiative, where it will be offering its wake word expertise to develop devices that can support multiple voice recognition services. The acquisition of Broadcom’s IoT business should further those efforts and supplement Synaptics’ existing line of SoC audio processing solutions.
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