ON Semiconductor officially acquires Truesense Imaging, Inc.
On April 3, we reported that ON Semiconductor had signed an agreement to acquire Truesense Imaging, Inc. for approximately $92 million. Just less one month later on May 1, the deal became official with ON Semiconductor agreeing to pay approximately $95 million in cash off its balance sheet, $3 million more than initially reported.
The deal is expected to be immediately accretive to earnings and margins, excluding any non-recurring acquisition related charges and amortization of acquired intangibles, according to the press release. Truesense Imaging’s revenue for 2013 was approximately $79 million with gross and operating margins of approximately 44% and 23%, respectively, according to an audit.
Chris McNiffe, CEO and president of Truesense Imaging, has been kept on by the ON Semiconductor team to help manage the company’s image sensor business. In addition, the Truesense product development and business team will be incorporated into the Application Products Group as part of the company’s Image Sensor Business Unit, reporting to Vince Hopkin, vice president of ON Semiconductor’s MDFI Division.
"It [the acquisition] strengthens ON Semiconductor’s product portfolio targeting industrial end markets such as machine vision, surveillance, and intelligent transportation systems (ITS) by complementing our existing high-speed, high-resolution, power-efficient image sensing solutions with Truesense’s high-performance image sensors for low-light, low-noise," said Hopkin.
He added, "In addition, the acquisition strengthens the company’s talent base with the addition of an experienced design and applications engineering team dedicated to the image sensor market segment."
View the press release.
Also check out:
ON Semiconductor introduces PYTHON series of CMOS image sensors
Image Sensors: Novel sensor designs tackle multispectral applications
GigE cameras provide vision for sports analytics system
Share your vision-related news by contacting James Carroll, Senior Web Editor, Vision Systems Design
To receive news like this in your inbox, click here.
Join our LinkedIn group | Like us on Facebook | Follow us on Twitter | Check us out on Google +
James Carroll
Former VSD Editor James Carroll joined the team 2013. Carroll covered machine vision and imaging from numerous angles, including application stories, industry news, market updates, and new products. In addition to writing and editing articles, Carroll managed the Innovators Awards program and webcasts.