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Renesas Electronics Corporation and Altium Limited, a global leader in electronics design systems, announced they have entered into a Scheme Implementation Agreement (“SIA”) for Renesas to acquire Altium by way of a Scheme of Arrangement under Australian law (“Scheme”). Under the terms of the transaction, subject to satisfaction of a number of conditions, Renesas will acquire all outstanding shares of Altium for a cash price of A$68.50 per share, representing a total equity value of approximately A$9.1 billion (approximately 887.9 billion yen at an exchange rate of 97 yen to the A$) and an enterprise value of A$8.8 billion (approximately 859.3 billion yen at an exchange rate of 97 yen to the A$).
The acquisition enables two industry leaders to join forces and establish an integrated and open electronics system design and lifecycle management platform that allows for collaboration across component, subsystem, and system-level design. The transaction strongly aligns with Renesas’ digitalization strategy and represents the company’s first significant step in bringing enhanced user experience and innovation at the system level for electronics system designers.
As technology advances, the design and integration of electronic systems become increasingly complex. The current electronics system design flow is a complicated and iterative process that involves multiple stakeholders and design steps, from component selection and evaluation to simulation and PCB physical design. Engineers must be able to design systems that are not only functional but also efficient and cost-effective under shortened development cycles.
Together, Renesas and Altium, under a shared vision, aim to build an integrated and open electronics system design and lifecycle management platform that unifies these steps at a system level. The acquisition brings together Altium’s sophisticated cloud platform capabilities with Renesas’ strong portfolio of embedded solutions, combining high-performance processors, analog, power and connectivity.
The combination will also enable integration with third-party vendors across the ecosystem to execute all electronic design steps seamlessly on the cloud. The electronics system design and lifecycle management platform will deliver integration and standardization of various electronic design data and functions and enhanced component lifecycle management, while enabling seamless digital iteration of design processes to increase overall productivity. This brings significantly faster innovation and lowers barriers to entry for system designers by reducing development resources and inefficiencies.
“Development processes continue to evolve and accelerate. With our Purpose “To Make Our Lives Easier” in mind, our vision is to make electronics design accessible to the broader market to allow more innovation through a cloud-based platform,” said Hidetoshi Shibata, CEO of Renesas. “Addition of Altium will enable us to deliver an integrated and open development platform, making it easier for businesses of all sizes and industries to build and scale their systems. We look forward to working with Altium’s talented team as we continue to invest and drive our combined platform to the next level of value for our customers.”
“I strongly believe that electronics is the single most critical industry to building a smart and sustainable world. Renesas’s visionary leadership and commitment to making electronics accessible to all resonates strongly with Altium. Altium’s vision of industry transformation finds its fullest expression in service of this grand vision of Renesas,” said Aram Mirkazemi, CEO of Altium. “Having worked closely with Renesas as a partner for nearly two years, we are excited to be part of the Renesas team as we continue to successfully execute and grow.”
Altium’s history began in 1985 from Australia as one of the world’s first printed-circuit board (PCB) design tool providers. The company has grown into a global market leader with the most popular PCB software tool in use today. Its software tools empower and connect PCB designers, part suppliers and manufacturers to develop and manufacture electronics products faster and more efficiently.
With the addition of the world’s first digital platform for design and realization of electronics hardware, Altium 365, Altium’s leading PCB design software creates seamless collaboration across the entire PCB design process. In June 2023, Renesas announced that it had standardized development of all PCB design on the Altium 365 cloud-based platform from Altium. Renesas has been working with Altium to publish all its products’ ECAD libraries to the Altium Public Vault. With features such as manufacturer part search on Altium365, customers can choose Renesas parts directly from the Altium library for faster time to market.
The transaction has been unanimously approved by the boards of directors of both companies and is expected to close in the second half of 2024. Completion of the transaction is subject to approval by Altium shareholders, Australian court approval as well as regulatory approvals and other customary closing conditions.
The Altium Board unanimously recommends that Altium shareholders vote in favor of the Scheme, in the absence of a superior proposal and subject to the independent expert concluding (and continuing to conclude) that the Scheme is in the best interests of Altium shareholders. Subject to those same qualifications, each Altium director intends to vote, or cause to be voted, all Altium shares held or controlled by them in favour of the Scheme. Altium will continue to be led by CEO Aram Mirkazemi as a wholly-owned subsidiary of Renesas.
Financial Highlights
The acquisition strengthens Renesas’ financial profile and provides shareholders significant value by accelerating Renesas’ Digitalization strategy.
Financial highlights of the transaction include:
- Purchase of all Altium common stock for A$68.50 per share in cash. This represents a premium of approximately 34% to the closing price of Altium common stock on February 14, 2024, the last trading day prior to the transaction announcement, a premium of approximately 39% to Altium’s one-month volume-weighted average price (“VWAP”) from January 15, 2024, a premium of approximately 46% to Altium’s three-month VWAP from November 15, 2023 and a premium of approximately 31% to Altium’s all-time high closing price.
- The all-cash transaction represents an equity value of approximately A$9.1 billion (approximately 887.9 billion yen at an exchange rate of 97 yen to the A$), and an enterprise value of approximately A$8.8 billion (approximately 859.3 billion yen at an exchange rate of 97 yen to the A$).
- The transaction is immediately accretive to earnings without synergies; the combined company expects to achieve earnings impact from revenue and cost synergies after the completion of the transaction. Altium brings US$263 million revenue, 36.5% EBITDA margin, and 77% recurring revenue. These metrics are based on Altium’s fiscal year ended June 30, 2023.
- Renesas plans to finance the transaction with bank loans and cash on hand and the transaction is not subject to any financing condition.
- Renesas expects to deleverage its Net debt/Non-GAAP EBITDA multiple to <1.0x within 3 years after the completion of the transaction.
Advisors and counsel
Deutsche Bank is serving as exclusive financial advisor to Renesas; DLA Piper LLP, Covington & Burling LLP and Nagashima Ohno & Tsunematsu are serving as Renesas’ legal counsel. J.P. Morgan Securities LLC is serving as exclusive financial advisor to Altium; King & Wood Mallesons and Reed Smith LLP are serving as Altium’s legal counsel.
Original – Renesas Electronics
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Applied Materials, Inc. reported results for its first quarter ended Jan. 28, 2024.
- Revenue $6.71 billion, flat year over year
- GAAP operating margin 29.3 percent and non-GAAP operating margin 29.5 percent, up 0.1 points and flat year over year, respectively
- GAAP EPS $2.41 and non-GAAP EPS $2.13, up 19 percent and 5 percent year over year, respectively
- Generated $2.33 billion in cash from operations
Applied generated revenue of $6.71 billion. On a GAAP basis, the company reported gross margin of 47.8 percent, operating income of $1.97 billion or 29.3 percent of net revenue, and earnings per share (EPS) of $2.41. On a non-GAAP basis, the company reported gross margin of 47.9 percent, operating income of $1.98 billion or 29.5 percent of net revenue, and EPS of $2.13.
The recently disclosed change in useful lives of certain property, plant and equipment increased GAAP and non-GAAP EPS by $0.03. The company generated $2.33 billion in cash from operations and distributed $966 million to shareholders including $700 million in share repurchases and $266 million in dividends.
“Applied Materials delivered strong results in the first quarter of fiscal 2024 and has outperformed our markets for the fifth consecutive year,” said Gary Dickerson, President and CEO. “Our leadership positions at key semiconductor inflections support continued outperformance as customers ramp next-generation chip technologies critical to AI and IoT over the next several years.”
Original – Applied Materials
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Veeco Instruments Inc. announced financial results for its fourth quarter and fiscal year ended December 31, 2023. Results are reported in accordance with U.S. generally accepted accounting principles (“GAAP”) and are also reported adjusting for certain items (“Non-GAAP”). A reconciliation between GAAP and Non-GAAP operating results is provided at the end of this press release.
Fourth Quarter 2023 Highlights:
- Revenue of $173.9 million, compared with $153.8 million in the same period last year
- GAAP net income of $21.6 million, or $0.37 per diluted share, compared with $128.9 million, or $2.00 per diluted share in the same period last year
- Non-GAAP net income of $29.8 million, or $0.51 per diluted share, compared with $21.9 million, or $0.38 per diluted share in the same period last year
Fiscal Year 2023 Highlights:
- Revenue of $666.4 million, compared with $646.1 million in the same period last year
- GAAP net loss of $30.4 million, or $0.56 loss per diluted share, included a $97.1 million loss related to debt refinancing, compared with net income of $166.9 million, or $2.71 earnings per diluted share in the same period last year
- Non-GAAP net income of $98.3 million, or $1.69 per diluted share, compared with $89.6 million, or $1.57 per diluted share in the same period last year
Original – Veeco Instruments
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Navitas Semiconductor marks 10 years of innovation and growth in a broad range of fast-growing markets from ultra-fast mobile charging to AI data centers, renewable energy and EVs.
The name ‘Navitas’ is from the Latin, meaning ‘energy’, ‘zeal’, or ‘get-up-and-go!’, and signifies the company’s passion and rate of innovation to replace legacy silicon power chips and accelerate the transition from fossil fuels to a carbon-neutral, renewable-energy world, enabling and exploiting a $1.3 trillion electrification opportunity.
Commenting on the ten-year milestone, CEO and co-founder Gene Sheridan stated: “From a trailer to a $1B+ IPO in record time and a worldwide presence with a 300-strong, highly-skilled team, we’ve so far delivered over 150 million devices and saved over 200,000 tons of CO2. Growth awards from Deloitte and Forbes highlight our revenue growth, and a long-term guidance to grow many times faster than the market.”
Dan Kinzer, co-founder and COO / CTO added: “From our founding in 2014 as a next-generation power semiconductor pioneer, Navitas has amassed over 250 patents across ‘wide band-gap’ technologies gallium nitride and silicon carbide, as well as patented, enabling high-speed controller and digital isolators. Leading-edge technology, key talent and a passion for innovation are critical factors in Navitas’ success to-date, and a strong foundation for further technology and continued market leadership.”
With each new generation of GaN IC in only 15-18 months, GaN technology milestones during Navitas’ first decade include the launch of the world’s first integrated GaNFast™ power IC; GaNSense™ – the world’s first integrated precision current-sensing GaN chip; GaNSafe™ – the world’s most protected GaN power device for high-reliability systems; and the unveiling of a revolutionary new bi-directional GaN power IC platform with up to 9x smaller chip size than legacy silicon MOSFETs or IGBTs.
For higher voltages and higher power applications, Navitas offers the industry’s broadest range (650-6,500V) of SiC bare die and packaged devices, with best-in-class efficiency, ruggedness and high-frequency operation, based on GeneSiC technology. This assures Navitas’ position as a leading supplier of both SiC and GaN power semiconductors to markets ranging from consumer electronics, AI data centers and electric vehicles to renewable energy and industrial automation.
In 2021 the company went public with a $1B+ IPO on the Nasdaq exchange, and 2023 marked the shipment of over one hundred million GaN shipments. In the same year the company was recognized by Forbes as one of America’s top 50 most successful small companies and was ranked 72nd in the Deloitte Technology Fast 500™ of fast-growing North American companies.
Along the way the business has also offered the industry’s first 20-year warranty for its technologies and become the world’s first semiconductor company to achieve CarbonNeutral®-company certification from the leading experts on carbon-neutrality and climate finance, Climate Impact Partners.
Last year Navitas officially opened its new headquarters in Torrance, Ca. Around 100 highly-skilled Navitas staff are employed in Torrance for all aspects of GaN and SiC design, applications, test, characterization and quality, alongside specialists in finance, marketing and HR.
Navitas will celebrate 10 years of innovation and growth in a series of events during 2024, beginning with the APEC 2024 conference and “GaNFast Blast!” celebration in Long Beach from February 26th.
Original – Navitas Semiconductor
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LATEST NEWS2 Min Read
Infineon Technologies AG detailed its plans to highlight the industry’s broadest range of power electronic devices during the 2024 Applied Power Electronics Conference (APEC), 25–29 February. Infineon’s wide-bandgap solutions offer the highest efficiency and power density, providing a key element to addressing climate change and accelerating decarbonization efforts. The Infineon best-in-class portfolio includes power devices for leading applications on silicon, silicon carbide (SiC) and gallium nitride (GaN) materials.
Infineon’s exhibits will span two booths, #1013 and #1319 (Infineon + GaN Systems), and feature demonstrations of a broad range of applications. Booth #1013 will be organized in six application zones, including:
- USB-C/Charging. See Infineon’s latest AC/DC and DC/DC USB-C PD chargers, along with system power solutions for next-generation applications such as laptops and notebooks.
- Motor controls. The company’s latest BLDC motor drive solutions for tomorrow’s power tools and robotic applications will be on display. Rad hard reaction wheel motor drives for satellites and space applications will also be demonstrated.
- Data centers. Infineon demonstrations will include a complete artificial intelligence (AI) server solution, a digital power hot-swap solution, and a liquid-cooled high-density power supply optimized for next-generation applications. Also see Infineon’s latest high-density dual-phase power modules that reduce the total cost of ownership in generative AI data centers.
- Electric vehicles (EVs). See Infineon’s latest 50 kW and 22 kW EV chargers, along with SiC- and GaN-based on-board charging solutions, and the company’s latest Hybrid PAK-based inverter for next-generation EVs.
- Renewables & energy storage. Highlighting critical energy applications, this demonstration area will feature the company’s latest solar DC/DC maximizers, along with DC-to-AC inverters, a bi-directional PFC/inverter, and DC-to-DC converters.
- Industrial control. The company’s growing portfolio of solid-state relays and circuit breakers used to replace electromechanical switches will be highlighted.
Infineon’s second booth (#1319) will showcase the company’s expanded portfolio of GaN solutions, such as class D audio amplifiers, data center power supplies, and consumer reference designs. In addition to exhibits in booths #1013 and #1319, Infineon will play a significant role as a contributor to the conference program, participating in more than 30 industry and technical sessions.
Original – Infineon Technologies
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Cambridge GaN Devices (CGD), the fabless, clean-tech semiconductor company that develops energy-efficient GaN-based power devices that make greener electronics possible, will be present at the upcoming APEC 2024, IEEE Applied Power Electronics Conference and Exposition. In addition to having its largest ever booth at the show, the company will contribute with a number of papers including an analysis of how GaN can play a part in supporting the exponential growth in power demanded by datacentres as the use of Artificial Intelligence (AI) proliferates.
GIORGIA LONGOBARDI | CHIEF EXECUTIVE OFFICER, CGD:
“With datacentres now demanding 100kW per rack and predicting even more in the very near future, power system designers are looking to employ GaN devices in new architectures. At CGD we are addressing this challenge with new devices and reference designs which we will be discussing at APEC, along with many other applications where GaN can play a huge role in enabling sustainable electronics solutions that are more efficient, have high performance and are more compact.”
CGD will present three papers at APEC:
- Tuesday 27th February, 15.00-15.30 – ‘How ICeGaN™ technology can address the datacentre challenges that digitalisation brings’, with Andrea Bricconi, Chief Commercial Officer, CGD and Peter Di Maso, VP of Business Development (Americas) CGD.
- Wednesday 28th February, 09.10-09.30 – ‘Evaluation of GaN HEMT dv/dt Immunity and dv/dt induced false turn-on energy loss’, with Nirmana Perera, Application Engineer, CGD.
- Thursday 29th February, 09:45 – 10:10: ‘Monolithic integration addresses the design challenges of GaN Power devices’, with Di Chen, Director of Business Development & Technical Marketing, CGD.
On booth 1553, CGD will present a range of demos designed to showcase industry’s first easy-to-use and scalable 650 V GaN HEMT family. ICeGaN™ H2 single-chip eMode HEMTs can be driven like a MOSFET, without the need for special gate drivers, complex and lossy driving circuits, negative voltage supply requirements or additional clamping components.
Addressing the increase in power required by server and industrial applications, CGD will show a 350 W PFC/LLC reference design using ICeGaN (650 V, 55 mΩ, H2 series). With a board power density of 23 W/in3, the bridgeless CrM Totem Pole PFC plus half-bridge LLC design has a peak efficiency of 95%, (93% average) and a no-load power consumption of 150 mW.
ANDREA BRICCONI | CHIEF COMMERCIAL OFFICER, CGD:
“GaN is now accepted as a reliable and proven technology that is able to deliver high efficiency and power density simultaneously. Datacentres, with their insatiable need for power, are an obvious application for GaN, but there are many other consumer, industrial and automotive applications where GaN can also demonstrate the ability to be a disruptive technology. CGD has delivered industry’s most easy-to-use GaN technology – ICeGaN – and we are keen to share our ideas with the audience at APEC.”
Original – Cambridge GaN Devices
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Micro Commercial Components unveiled 1700V SiC MOSFET – SICW400N170A-BP. Designed to elevate power conversion in a range of applications, this MOSFET features ultra-low on-resistance of only 400mΩ and high blocking voltage capability. SICW400N170A-BP SiC MOSFET enables high-speed switching while ensuring minimal conduction losses — essential requirements for optimizing frequency-dependent systems.
A standard, yet durable TO-247AB package delivers effective operation at a gate-source voltage of 20V with superior thermal stability and an operating junction temperature of +175°C.
This unwavering reliability in harsh conditions only adds to the component’s appeal and versatility for various high-voltage applications, including EV charging stations and renewable energy systems.
Features & Benefits:
- High blocking voltage capability (1700V)
- Ultra-low on-resistance (400mΩ) enhances efficiency
- Low capacitance enables faster switching
- Excellent thermal stability
- High operating junction temperature (to +175°C)
- Standard TO-247AB package
Original – Micro Commercial Components