Sivers Semiconductors has entered into an agreement to acquire 100 per cent of the share capital of MixComm, a US-based mmWave challenger fabless semiconductor company, for an initial purchase price of USD 135m on a debt-free basis.
Following completion, the enlarged Sivers group will be a global leader in 5G mmWave semiconductors, with strong capabilities and a broad joint IP portfolio of RFIC/BFIC (radio frequency/beam forming integrated circuits) chipsets in a wide variety of mmWave semiconductor technologies, including SiGe (Silicon Germanium) and RF-SOI (RF silicon-on-insulator). This IP portfolio will cover a broad spectrum of possible mmWave use cases such as unlicensed 5G, licensed 5G infrastructure, fixed wireless access (FWA) customer premises equipment (CPE) and satellite communications (SATCOM). The acquisition also enables the combined businesses to bring MixComm’s Antenna-in-Package technology to all mmWave applications.
Through this combination, Sivers will increase its total number of design wins by approximately 70 per cent to 44, as well as double the number of design wins expected to enter volume production within the next 12 months, from eight to 16. MixComm currently has 18 design wins, including with a major Tier 1 5G infrastructure customer, and a significant pipeline of potential new customer opportunities. MixComm has approximately 20 patents currently filed, granted or exclusively licensed and reported USD 1.3 million in revenue in H1 2021 with a strong sales pipeline for the coming year.
Founded in 2017, MixComm is headquartered in Chatham, New Jersey (USA) and has design centres in Oregon and California. It is an active US participant in the 5G BFIC (repeaters/base stations), SATCOM and radar verticals. The company was built on more than 10 years of development at Columbia University led by Dr. Krishnaswamy (MixComm’s co-founder and CTO) through externally funded research projects totalling approximately USD 94 million across all projects and participants.
Completion of the acquisition is conditional upon, inter alia, the approval at an Extraordinary General Meeting (EGM) of Sivers to authorize the Board of Directors to issue the consideration shares as well as regulatory approval by CFIUS (the Committee on Foreign Investment in the United States).
Completion is expected to take place by mid-Q1 2022 subject to the fulfilment of all conditions.
“MixComm and Sivers have the same philosophy when it comes to building partnerships within the mmWave eco-system and by adding these eco-systems together we will create an even greater combined entity. I would like to welcome MixComm into the Sivers family and look forward to executing on all the exciting plans we have together”, said Anders Storm, group chief executive officer of Sivers.
“Sivers and MixComm share a vision for mmWave’s impact and potential. Combining with Sivers will accelerate that impact and amplify that potential. The MixComm team is proud of what we have achieved and excited where we will go now as part of the Sivers family”, said Mike Noonen, chief executive officer of MixComm.