TAOS Joins Forces with austriamicrosystems
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.