Wireless-LAN developer Synad Technologies has been acquired by STMicroelectronics, a publicly traded Swiss company that develops semiconductor solutions for microelectronics applications. The transaction, the size of which was not disclosed, provides an exit for the company’s venture capital backers.
Synad was established in Reading, UK, in 2000 with a seed investment from Celtic House Venture Partners, the early stage high tech investor based in Canada and the UK. In July 2002 the company raised a second round of $20.7m, led by Alta Partners of San Francisco and Alta Berkeley of London. Celtic House played a major part in the deal and two new investors, nCoTec from London (which recently merged with Frontiers Capital) and Rendex Partners of Antwerp, also contributed.
The acquisition of Synad strengthens STMicroelectronics’ leadership in broadband access solutions and ideally positions the company to offer WLAN-enabled solutions by in numerous markets. Those segments include wireless handsets, xDSL gateways, cable modems, set-top boxes, inkjet printers, automotive, and a growing number of other telecoms and consumers applications requiring seamless wireless data connectivity.
Johan Danneels, general manager of STMicroelectronics’ telecom group, said: “Through the acquisition of Synad and the integration of their outstanding engineering team, we will be able to strengthen our internal wireless-LAN connectivity developments, in order to deliver them into many high-volume end-products, bringing to our customers new levels of integration and reduced costs. We have been collaborating with Synad for some time already, and we are now delighted to welcome their team into ST.”