ON Semiconductor announced that it has completed the acquisition of high-performance image sensor supplier Truesense Imaging, Inc. Truesense Imaging products are used in a variety of industrial end markets, including machine vision, security surveillance, traffic monitoring, medical and scientific imaging, and photography. The acquisition was completed on April 30th, US time.
Adjusted for cash and working capital, ON Semiconductor paid for the acquisition of Truesense Imaging for approximately $95 million in cash available internally. ON Semiconductor expects that the acquisition will immediately add value to the company's revenue and gross profit, excluding any non-recurring acquisition related expenses and amortization of vested intangible assets. Based on audited results, Truesense Imaging's revenue in 2013 was approximately $79 million, with gross margin and operating margins of 44% and 23%, respectively.
Chris McNiffe, CEO of Truesense Imaging, Inc., will remain with the ON Semiconductor team to assist in the management and development of the image sensor business. The Truesense Imaging product development and business team will be integrated into ON Semiconductor's Applications Division (APG) as part of the company's image sensing business, reporting to Vince Hopkin, MDMD's vice president. "We expect that Truesense's plant operations will be reported to the company's manufacturing department."
Hopkin said the acquisition strengthens ON Semiconductor's product lineup for industrial end markets, such as machine vision, security monitoring and intelligent transportation systems (ITS), enabling the company's existing high-speed, high-resolution, energy-efficient image sensing solutions. Truesense's high-performance solutions for low-brightness, low-noise complement each other.
Adjusted for cash and working capital, ON Semiconductor paid for the acquisition of Truesense Imaging for approximately $95 million in cash available internally. ON Semiconductor expects that the acquisition will immediately add value to the company's revenue and gross profit, excluding any non-recurring acquisition related expenses and amortization of vested intangible assets. Based on audited results, Truesense Imaging's revenue in 2013 was approximately $79 million, with gross margin and operating margins of 44% and 23%, respectively.
Chris McNiffe, CEO of Truesense Imaging, Inc., will remain with the ON Semiconductor team to assist in the management and development of the image sensor business. The Truesense Imaging product development and business team will be integrated into ON Semiconductor's Applications Division (APG) as part of the company's image sensing business, reporting to Vince Hopkin, MDMD's vice president. "We expect that Truesense's plant operations will be reported to the company's manufacturing department."
Hopkin said the acquisition strengthens ON Semiconductor's product lineup for industrial end markets, such as machine vision, security monitoring and intelligent transportation systems (ITS), enabling the company's existing high-speed, high-resolution, energy-efficient image sensing solutions. Truesense's high-performance solutions for low-brightness, low-noise complement each other.
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