InvenSense To Acquire Movea, A Leading Provider Of Ultra-Low Power
Motion And Data Fusion Software Platforms And Trusted Positioning, Inc.,
A Leader In Indoor/Outdoor Location Technology
Acquisition Secures Two Leading Sensor-Based Navigation Solutions,
And Broadens Sensor Software and Algorithm Technology Portfolio
SAN JOSE, California, July 7, 2014 - InvenSense, Inc. (NYSE: INVN), the leading provider of intelligent sensor solutions, announced that it has signed a definitive agreement to acquire Movea, a privately-held company that is a leading provider of software for ultra-low power location, activity tracking and context sensing. Movea's products, technology and IP cover a broad range of signal processing and data fusion technology applied to consumer mobile (smartphones and tablets), TV interaction and wearable sports & fitness applications. Movea's world class team is dedicated to context analysis using both motion and audio sensors to determine, for example, a person's state/activity, their energy expenditure, their location, and an athlete's speed and cadence. Movea's algorithm and software framework expertise is expected to further scale InvenSense's leadership in motion software and accelerate InvenSense's 'AlwaysOn' low-power solutions for mobile and the Internet of Things.
InvenSense has also signed a definitive agreement to acquire Trusted Positioning Inc. (TPI), a privately-held indoor/outdoor positioning software company with the vision to provide 'Positioning Everywhere'. TPI's location tracking technology improves accuracy both indoors and outside by augmenting GNSS and Wi-Fi based location infrastructure. Using inertial sensors such as accelerometers, gyroscopes, magnetometers, and pressure sensors in mobile and wearable devices, TPI's software platform provides continuous and accurate positioning and also solves the difficult problem of alignment between the user and the mobile device. The TPI platform provides complete inertial navigation software solutions for a variety of industries including smartphones, tablets, wearables, in-vehicle navigation, personnel tracking, and machine guidance and control.
"With the addition of Movea and TPI, InvenSense achieves a significant milestone as it transitions to a leading provider of intelligent sensor System on Chips (SoC) for the fast growing mobile market. 'AlwaysOn' location and activity tracking are essential to enabling contextually-aware products and services," said Behrooz Abdi, President and Chief Executive Officer, InvenSense, Inc. "The tight integration of our low-power, high performance, motion and sound sensors, along with TPI's advanced location tracking software and Movea's data fusion algorithms will position us to deliver on this 'AlwaysOn' promise. We're excited to welcome these two top tier organizations into our world class MEMS, SoC and software R&D team as we continue to deliver innovative and highly differentiated products to our customers and eco-system partners."
Movea's Chief Executive Officer, Sam Guilaumé, said, "the combination of Movea's strong product and patent portfolios with InvenSense's industry leading motion and sound SoC solutions will bring value to customers by reducing risk, cost and time-to-market as they deliver compelling new features that differentiate their products and deliver more end-user value."
"InvenSense shares our passion for 'Positioning Everywhere' and they have been a strong supporter of the Trusted Positioning team, technology and vision," said Chris Goodall, Trusted Positioning's Chief Executive Officer. "We are pleased to be joining the InvenSense family with the goal of making indoor/outdoor positioning ubiquitous. Together with InvenSense we will now have the required resources and investment to mainstream this disruptive technology. We are excited to embark on the next chapter of 'Positioning Everywhere' with InvenSense."
In connection with the acquisition of both companies, InvenSense expects to pay approximately $81 million, net of cash assumed, to acquire all of the outstanding shares of capital stock and other equity rights of Movea and Trusted Positioning Inc. The purchase price will be paid with $6M of InvenSense common stock and the remainder in cash, except that portion attributable to unvested employee stock options will be paid in stock options exercisable for shares of InvenSense's common stock. A portion of the cash consideration payable to the stockholders will be placed into escrow pursuant to the terms of the acquisition agreement. The estimated financial impact of the acquisitions upon the future operating results of InvenSense, Inc., which is not expected to be significant, will be discussed during the next regularly scheduled quarterly investors analyst conference call currently planned for July 29, 2014. The boards of directors of InvenSense and the two companies have approved the mergers. The transactions are expected to close by the end of InvenSense's second quarter, September 30, 2014 and remains subject to the satisfaction of regulatory requirements and other customary closing conditions.
ClicktoTweet: InvenSense To Acquire Movea, A Leading Provider Of Ultra-Low Power Motion And Data Fusion Software Platforms And Trusted Positioning, Inc., A Leader In Indoor/Outdoor Location Technology
InvenSense Inc. (NYSE: INVN) is the world's leading provider of intelligent sensor solutions for consumer electronic devices. The company's patented InvenSense Fabrication Platform and patent-pending MotionFusion(TM) technology address the emerging needs of many mass-market consumer applications via improved performance, accuracy, and intuitive motion-, gesture- and sound-based interfaces. InvenSense technology can be found in consumer electronic products including smartphones, tablets, wearables, gaming devices, optical image stabilization, and remote controls for Smart TVs. The company's MotionTracking products are also being integrated into a number of industrial applications. InvenSense is headquartered in San Jose, California and has offices in China, Taiwan, Korea, Japan, Slovakia, and Wilmington, MA. More information can be found at www.invensense.com or follow us on Twitter at @InvenSense.
Movea is the leading provider of data fusion and motion processing firmware, software, and IP for the consumer electronics industry. Thriving on its portfolio of more than 500 patents, Movea turns sensor data into meaningful personal information, decoding and analyzing sensor signals using ultra-low power, high performance algorithms and data hub technology. Our expertise enables customers and partners to unlock the 1 trillion sensors opportunity into 1 million smart applications for mobile, sports and interactive TV while reducing the risk, cost, and time-to-market for delivering compelling new features that differentiate their products and deliver more end-user value.
Movea has a global presence with headquarters in Grenoble, France, subsidiaries in the U.S. in Silicon Valley, California, and Seoul, South Korea, as well as technology and manufacturing partners and distributors around the world. For more information visit www.movea.com or follow us on Twitter at @MoveaDataFusion.
About Trusted Positioning
Trusted Positioning is a Calgary-based software company with a vision to provide 'Positioning Everywhere'. Trusted Positioning was founded in 2009 by globally recognized experts in the fields of inertial navigation, multi-sensor systems and Micro-Electro Mechanical Systems (MEMS) technology.
Trusted Positioning provides indoor location in areas where wireless systems, such as GPS and Wi-Fi alone, are unavailable or inaccurate. Using pre-existing sensors in smartphones, Trusted Positioning's software integrates the sensor signals with wireless systems to enable continuous and accurate positioning.
Statements in this press release that are not historical are "forward-looking statements" as the term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally written in the future tense and/or preceded by words such as "will," "expects," "anticipates," or other words that imply or predict a future state. Forward-looking statements include any statements in this press release concerning the anticipated benefits of the Movea and TPI acquisitions, the anticipated timing of the closing of the acquisitions, the anticipated closing of the acquisitions and the impact of the acquisition on our future product offerings. Investors are cautioned that all forward-looking statements in this release involve risks and uncertainty that can cause actual results to differ from those currently anticipated, due to a number of factors, including without limitation, our ability to close the acquisition, our ability to achieve the anticipated benefits of the acquisitions, market and customer response to the proposed acquisitions, diversion of management resources as a result of the proposed acquisitions, the our achievement of design wins for our new product offerings, intense competition in our industry; our dependence on a limited number of customers; our entry into a new product market, our ability to continue to develop and introduce new and enhanced products on a timely basis; difficulties in integrating a newly acquired business organization with our own, including managing teams in new geographic locations, as well as transitioning existing business processes to our own platform, and changes in economic conditions in our markets, as well as other risk factors discussed in documents filed by us with the Securities and Exchange Commission (SEC) from time to time. Copies of InvenSense`s SEC filings are posted on the company`s website and are available from the company without charge. Forward-looking statements are made as of the date of this release, and, except as required by law, the company does not undertake an obligation to update its forward-looking statements to reflect future events or circumstances.
©2014 InvenSense, Inc. All rights reserved. InvenSense, MotionTracking, MotionProcessing, MotionProcessor, MotionFusion, MotionApps, DMP, AAR, and the InvenSense logo are trademarks of InvenSense, Inc. Other company and product names may be trademarks of the respective companies with which they are associated.
# # #
For Investor Inquiries, Contact:
Green Communications Consulting, LLC
For Press Inquiries, Contact:
Marketing and Business Development
Marketing and Communications