Semiconductor and embedded design services and solutions company MosChip Technologies has signed a share purchase agreement to acquire Softnautics Inc. for $17.25 million.
The acquisition of the California-based Softnautics, which has offices in Pune and Ahmedabad and focused on product engineering solutions in embedded design, FPGA and VLSI, will help MosChip expand geographically, including enhancing presence in North America and result in broader access to talent pool, MosChip said.
The acquisition will be completed next quarter. The cost of acquisition is to be paid 52.6% in swap shares and 47.4% in cash. More than 185 employees would be added to MosChip workforce across various domains, the company said.
The transaction will strengthen MosChip’s embedded system design capabilities and enable it to serve existing clients better while enhancing the ability to acquire new customers, MD and CEO Venkata Sudhakar Simhadri said in a release.