Indie Semiconductor Acquires Privately-held Exalos

(RTTNews) - Indie Semiconductor (INDI), Monday said it has acquired privately-held Exalos AG, a Swiss photonics company, specializing in the design of high-performance optical semiconductors.

Indie paid about $45 million to Exalos equity holders comprised of 6.6 million indie common shares. In addition, if certain revenue-based performance targets are exceeded over a 24-month post-closing period, there is an opportunity for such holders to earn up to $20 million more in cash or indie Class A common shares, at indie's election.

The transaction has been approved by the boards of directors of both indie and Exalos. The acquisition is expected to be financially neutral in 2023 and accretive to indie's 2024 results.

Founded in 2003 and based in Zurich, Exalos has developed and launched several highly innovative advanced products for the world's most demanding application areas.

"EXALOS' differentiated solutions immediately expand indie's ADAS and User Experience product and technology offering to our global tier one and automotive OEM customer base," said Donald McClymont, indie's co-founder and CEO. "Specifically, indie can now leverage EXALOS' core Super luminescent LED, and SOA technologies to enable Head Up Display (HUD), high brightness visible lighting and Inertial Measurement Unit (IMU)-based navigational applications and, importantly, to extend our FMCW LiDAR portfolio. We are gaining a well-established team of 17 world class engineers, including the industry's leading expertise in bright light sources based on a proprietary Gallium Nitride process. At a higher level, our acquisition of EXALOS represents another step in our quest to build a broadline Autotech powerhouse."