TAOS joins forces with austriamicrosystems
Press release [Thursday 23 June 2011]
June 16, 2011 (Plano, Texas) - Texas Advanced Optoelectronic Solutions Inc., (TAOS, http://www.taosinc.com/) announced today that it has entered into an agreement to combine the company with austriamicrosystems AG (SIX: AMS), a leading global designer and manufacturer of high-performance analog ICs for the consumer, communications, industrial, medical and automotive markets in a strategic transaction for 100% of TAOS shares. AMS is headquartered in Unterpremstaetten, Austria. The combined company brings together complementary leadership capabilities in the areas of analog mixed-signal design, power management, intelligent sensors and sensor interfaces that are critical core competencies for developing future generations of advanced, intelligent or "smart" wireless/wired sensor platforms. Further synergies will be achieved by leveraging the austriamicrosystems world-class manufacturing and process technology to develop leading-edge SSoC (Sensor Systems-on-Chip) solutions. TAOS has a longstanding and close relationship with austriamicrosystems as a customer of the austriamicrosystems' analog foundry business.
As a result of the transaction, TAOS shareholders will receive cash and stock as they assume an approximately 20% stake in the combined company. The total value of the TAOS shares acquired by austriamicrosystems in the transaction will be approximately $320M (EUR 220M). The transaction is expected to close within 8 weeks subject to certain regulatory approvals and the occurrence of certain conditions defined in the agreements with the sellers of the TAOS shares.
TAOS is recognized globally as an established innovator in light sensing technology and is a leading worldwide supplier of light sensing solutions to the consumer electronics, computer, industrial, medical and automotive markets. The TAOS industry-leading display management solutions portfolio of ambient light sensors, proximity detection sensors and color sensors has established the company as the sensor supplier of choice for many Fortune 100 global manufacturers of smartphones, tablets, HDTVs, laptop/notebooks and desktop/all-in-one (AIO) computers. In each of these markets, TAOS has established a strong market position and attractive customer relationships.
"Acquiring TAOS results in a complementary expansion of our existing innovative sensor portfolio for mobile devices and considerable growth of our Consumer & Communications business. TAOS holds a strong market position as a leading, high-volume provider to many major makers of mobile consumer electronics worldwide. The strategic combination of austriamicrosystems and TAOS creates a significant provider of advanced sensor technologies for the attractive smartphone and tablet PC markets", emphasizes John Heugle, CEO of austriamicrosystems.
"Our display management and proximity detection solutions bring important advantages to increasingly sophisticated devices like the latest-generation of mobile devices. Intelligent sensors are quickly becoming core elements of mainstream consumer and communications devices and open new opportunities in emerging applications. We are excited to join forces with AMS leveraging the combined expertise and IP of both companies as an industry leader in advanced sensor platforms and solutions," adds Kirk Laney, CEO of TAOS.
Austriamicrosystems is a leading designer and manufacturer of high performance analog ICs, combining over 25 years of analog design capabilities and system know-how with its own state-of-the-art manufacturing and test facilities. austriamicrosystems leverages its expertise in low power and high accuracy to provide industry-leading standard and customized analog products. Operating worldwide with more than 1,100 employees, austriamicrosystems focuses on the areas of power management, sensors & sensor interfaces and mobile infotainment in its markets Consumer & Communications, Industry & Medical and Automotive. austriamicrosystems is listed on the SIX Swiss Exchange in Zurich (ticker: AMS). For more information, please visit www.austriamicrosystems.com
About TAOS, Inc. (Texas Advanced Optoelectronic Solutions)
With more than a decade of analog mixed-signal technology innovation and market leadership, Texas Advanced Optoelectronic Solutions (TAOS), Inc. designs and manufactures digital and analog light-sensing solutions that deliver increased system integration, design flexibility and functionality to a wide range of products in the consumer, computer, industrial, healthcare, life & fitness, solid state lighting and automotive markets. Integrated ambient light sensing and proximity detection solutions enable "Green" displays by reducing system power consumption. An expanding portfolio of programmable analog and digital RGB color sensors provides accurate color discrimination, determination and measurement. More information can be found at http://www.taosinc.com