The newly combined company will be a powerhouse in wireless and global positioning system (GPS) satellite navigation chips. CSR, based in Cambridge, England, makes wireless chips such as Bluetooth radios, while SiRF, based in San Jose, California makes GPS chips.
The $2.06 per share price is a steal made possible by the weak stock market. CSR paid a 91 percent premium over yesterday’s closing price, but CSR winds up with the $116 million in cash on Sirf’s balance sheet. That means it’s acquiring the company in effect for just $20 million in stock.
Acuity has been involved from the early stages of the deal and helped to define CSR’s GPS strategy which builds upon other Acuity-driven acquisitions for CSR including Nordnav and Cambridge Positioning Systems.
“Q Advisors and Acuity Advisors managed our first-ever fundraising process with a high degree of professionalism and swiftness, casting a wide net and leveraging their longstanding senior-level relationships with institutional VCs and growth equity investors in the US and Europe to deliver a successful outcome for Innoveo. Their team’s knowledge of underlying technology, SaaS subscription models, and insuretech/fintech vertical was exactly what we were looking for to position Innoveo with growth equity investors. Their senior staff worked closely with my team to articulate Innoveo’s differentiation against a fragmented market backdrop and exhibit Innoveo’s unique technological, commercial, and financial attributes that made us stand out from the pack. This funding puts Innoveo on a path to accelerate growth and I look forward to continuing to work with Q and Acuity in the future.”
AMIR GHAFFAR | CEO
Innoveo