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ALISO VIEJO, CALIFORNIA & QUEBEC CITY, Quebec – (BUSINESS WIRE) – indie Semiconductor, Inc. (Nasdaq: INDI), an innovator of autotech solutions, announced today that it has signed a definitive agreement to acquire TeraXion Inc., a leader in the design and manufacture of innovative photonic components. This acquisition accelerates Indie’s vision of becoming a provider of semiconductor and software level solutions for multiple sensor modalities, extending to advanced driver assistance systems (ADAS) and autonomous vehicles.
Founded in 2000, TeraXion has built a solid industry reputation based on innovative and highly reliable components backed by more than 30 global patents. The company produces low-noise lasers, Bragg gratings and integrated photonic elements for high-performance applications. More recently, TeraXion has been an indie reference design partner for optical sensors, supporting next generation frequency modulated continuous wave systems (FMCW) for automotive light detection and distance measurement (LiDAR).
“Given the critical role LiDAR plays in achieving maximum levels of safety for assisted and self-driving cars, we are excited to welcome TeraXion’s world-class design team and integrate their differentiated IP and product portfolio,” said Donald McClymont, co-founder of indie and managing director. “In particular, TeraXion has developed leading-edge laser technologies that, when optimized in conjunction with our SoC solutions, enable improvements in system performance and costs by orders of magnitude. Accordingly, this highly synergistic combination, based on a shared vision and strong cultural fit, positions Indie to accelerate the mass market deployment of LiDAR platforms. ”
“TeraXion is excited to partner with Indie to take our business to the next level,” said Ghislain Lafrance, President and Chief Executive Officer of TeraXion. “By combining Indie’s mixed-signal, DSP, software and power management experience with our laser and sensor technologies, we want to jointly enable truly unparalleled solutions for ADAS and autonomous driving and related applications with a high level of reliability.” Lafrance plans to join Indie’s senior management team and continue to lead TeraXion’s operations in Quebec.
indie is a leader in disruptive semiconductor and software solutions for LiDAR and enables its customers to create differentiated platforms that help unleash the next generation of driver assistance systems and ultimately enable true autonomous driving. With its holistic system approach, indie addresses the market need for comprehensive, cost-efficient architectures that expand the safety circle and already fulfill the promise of tomorrow’s vehicles today. According to a MarketWatch report from March 2021, the global automotive LiDAR segment is expected to grow at an average annual growth rate of 28 percent from 2020, creating an addressable market of $ 3.2 billion by 2027.
Based on Indie’s closing price on August 30, 2021, Indie will pay approximately $ 159 million for TeraXion, consisting of $ 80 million in cash plus a fixed number of eight million Indie Class A common shares. The transaction was approved by the Approved by Indie and TeraXion boards of directors and is expected to close in the fourth quarter of 2021 subject to customary closing conditions. Excluding one-time acquisition-related charges and amortization of intangible assets, Indie expects the acquisition to be immediately profitable and will provide additional financial details in the next earnings conference call.
About indie
indie supports the autotech revolution with automotive semiconductors and software platforms of the next generation. We focus on edge sensors for advanced driver assistance systems, including LiDAR, connected car, user experience and electrification applications. These technologies are at the core of both electric and autonomous vehicles, while the advanced user interfaces transform the in-cabin experience to mirror and seamlessly connect to the mobile platforms we rely on every day. We are an approved supplier to Tier 1 partners and our solutions can be found at automotive OEMs around the world. Indie is headquartered in Aliso Viejo, CA, and has design centers and sales offices in Austin, TX; Boston, MA; Detroit, MI; San Francisco and San Jose, CA; Budapest, Hungary; Dresden, Germany; Edinburgh, Scotland and several locations across China.
Please visit us at www.indiesemi.com to find out more.
About TeraXion
TeraXion is a leader in the development and manufacture of innovative high-end components with low-noise lasers, Bragg gratings and integrated photonics. Our unique expertise makes us a preferred partner for OEMs and system providers who address the markets of ultra-fast high-performance lasers, optical communication, fiber optics and optical remote sensing.
More information is available at www.TeraXion.com.
Safe Harbor Statement
This announcement contains “forward-looking statements” (including within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended). These statements include statements about the advantages, synergies or growth of our acquisition of TeraXion; our future business and financial performance and prospects as well as other statements made by words such as “will likely result”, “expect”, “anticipate”, “estimate”, “believe”, “intend”, “plan”, “project” , ”“ Outlook ”,“ should ”,“ could ”,“ can ”or words with a similar meaning. Such forward-looking statements are based on the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. Actual results and the timing of events could differ materially from the results contained in such forward-looking statements. In addition to the factors previously disclosed in our Registration Statement on Form S-1 (SEC File No. 333-257629) and in our most recent Quarterly Report on Form 10-Q and our other public filings from time to time with the SEC ( including those listed under “Risk Factors”), the following factors, among others, could cause actual results and the timing of events to differ materially from the expected results or other expectations expressed in the forward-looking statements: Our ability to Completion of this transaction after government review of our ability to integrate the business, assets and personnel of TeraXion; the risk that we will not realize the expected benefits and synergies from this acquisition; technological and product development risks, the effects of the COVID-19 pandemic; our confidence in contract manufacturing and the outsourced supply chain, as well as the availability of semiconductors and manufacturing capabilities; Competitive products and price pressures; our ability to win competitive bid selection processes and generate additional design wins; Trade restrictions and trade tensions; and political and economic instability in our target markets. indie indicates that the list of factors above is not exhaustive.
All information contained herein speaks only as of the date of this announcement, and we disclaim any intention or obligation to update any forward-looking statements in this announcement or in our other public filings, whether as a result of new information, future events or otherwise, except as required by law required.
Company news: #indieSemi_Corporate
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