Japanese electronics titan Sony has inked a deal to buy the Israeli firm Altair Semiconductors for a cool $220 million.
Altair is not another pyrotechnical Israeli startup, but an almost old-school producer of semiconductors for fourth-generation mobile devices.
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The deal was confirmed this morning by Altair’s jubilant CEO, who noted that it is Sony’s first major acquisition in Israel and one of very few by Japanese companies.
For Altair’s staff, it is a dream deal that will retain and expand Altair’s staff in Israel, turning it into a major Sony research and development hub. However, it is less than optimal for Altair’s investors, among them, SanDisk Ventures, Bessemer Venture Partners, BRM Capital, ETV Capital SA, Giza Venture Capital, Jerusalem Venture Partners, Jerusalem Global Ventures, and Pacific Technology Partners, who will not benefit from a spectacular return.
Altair’s annual revenues are of about $45 million, and it has raised $134 million since its’ foundation eleven years ago.