Adds ultra-low power, short range wireless connected home and IoT offerings to its expanding RF portfolio
GREENSBORO, N.C. and HILLSBORO, Ore. - April 18, 2016 - Qorvo, Inc. (NASDAQ: QRVO), a leading provider of core technologies and RF solutions for mobile, infrastructure and defense applications, announced today that it has signed a definitive agreement to acquire privately-held GreenPeak Technologies, a leader in ultra-low power, short range RF communication technology. The acquisition of Netherlands-based GreenPeak will allow Qorvo to expand its customer offering to include highly integrated RF solutions and systems-on-a-chip (SoCs) for the connected home and the rapidly growing Internet of Things (IoT).
James Klein, president of Qorvo's Infrastructure and Defense Products (IDP) group, said, "The acquisition of GreenPeak Technologies will complement Qorvo's market-leading high power RF portfolio with innovative ultra-low power, short-range wireless personal area network (WPAN) SoCs, ZigBee and Bluetooth solutions. GreenPeak brings a world-class technical team and solutions to Qorvo, allowing us to increase our presence in the rapidly expanding IoT market."
Cees Links, founder & CEO of GreenPeak Technologies, said, "Our team is excited to join Qorvo and continue our legacy of creating ultra-low power RF solutions for our customers. We believe Qorvo will be a great environment for the GreenPeak team to grow as part of a much larger company serving many more global customers."
According to research firm Gartner, Smart Home networking and IoT markets addressed by 802.15.4, ZigBee and Bluetooth Low Energy (BLE) technology are estimated to grow to $2.3 billion by 2020; and related smart markets such as retail, agriculture, automotive, lifestyle and commercial lighting are expected to grow to $4.9 billion by 2020. Beyond smart home networking, demand is growing to connect a variety of devices including HVAC, energy, security, home health, and remote controls utilizing innovative ultra-low power wireless data communication SoCs.
GreenPeak Technologies adds to Qorvo a legacy of world-class engineering and system-level expertise in wireless RF technology, and offers a broad range of proprietary antenna diversity and multiple receiver architecture technologies. GreenPeak solutions offer superior range, robustness and best-in-class WiFi interference rejection with no latency in production-ready reference designs that will allow quick time to market for integration into smart home and IoT applications. In 2015, GreenPeak celebrated shipment of its 100 millionth ZigBee chip to the smart home market.
GreenPeak will become part of Qorvo's IDP group and will be headed by Mr. Links.
The transaction is expected to close in the current quarter, subject to customary closing conditions. Wells Fargo Securities, LLC served as financial advisor to GreenPeak in connection with the transaction.
About GreenPeak Technologies
GreenPeak Technologies is an award winning fabless semiconductor/system company and one of the world's recognized leaders in the IEEE 802.15.4 and ZigBee market with a rich offering of semiconductor products and software technologies for Smart Home data communications and the IoT. The GreenPeak founders have significantly contributed to the invention of WiFi and are responsible for it being a commercial success used by billions of people worldwide today. GreenPeak is recognized as a leader in developing new wireless technologies for consumer electronics and Smart Home applications, demonstrating rapid growth and adoption by major customers. GreenPeak is privately funded. It is headquartered in Utrecht, The Netherlands and has offices in Belgium and Hong Kong.
Qorvo (NASDAQ:QRVO) is a leading provider of core technologies and RF solutions for mobile, infrastructure and aerospace/defense applications. Qorvo was formed following the merger of RFMD and TriQuint, and has more than 7,000 global employees dedicated to delivering solutions for everything that connects the world. Qorvo has the industry's broadest portfolio of products and core technologies; world-class ISO9001-, ISO 14001- and ISO/TS 16949-certified manufacturing facilities; and is a DoD-accredited 'Trusted Source' (Category 1A) for GaAs, GaN and BAW products and services. For the industry's leading core RF solutions, visit www.qorvo.com.