Cypress Adds Broadcom's Wireless Internet Of Things Business In $550 Mln Deal

(RTTNews) - Cypress Semiconductor Corp. (CY) Tuesday said it completed the acquisition of the Wireless Internet of Things or IoT business and related assets of chip maker Broadcom Limited in an all-cash transaction valued at $550 million.

Cypress acquired Broadcom's Wi-Fi, Bluetooth and Zigbee wireless technology for the emerging IoT market. Stephen DiFranco, the former general manager of Broadcom IoT, is now a senior vice president of the IoT Business Unit at Cypress.

According to Cypress, the acquisition, announced in April, positions it as the only company with state-of-the-art Wireless Radios, microcontrollers, Memories and PMICs for Embedded IoT Systems.

With the addition, Cypress now offers Wi-Fi, Bluetooth and ZigBee IoT product lines, along with supporting intellectual property and the WICED brand Software Development Kit, developer ecosystem and community.

Customers will now have complete solutions for connected embedded systems in its key automotive and industrial markets with these technologies, combined with Cypress's existing products.

The low-power products also position Cypress as a major in the consumer IoT market, a segment that offers wearable electronics and home automation solutions.

Badri Kothandaraman, executive vice president of Cypress's Data Communications Division, which now includes the IoT Business Unit, said, "...Cypress is now an IoT leader that can offer customers the industry's most advanced wireless radios and the ability to design products and get to market faster with the support of our WICED SDK and developer ecosystem."