On Semi announces the completion of its acquisition of Truesense Imaging. ON Semi paid approximately $95M in cash off its balance sheet, after adjustments for cash and working capital amounts, to purchase Truesense Imaging. Based on audited results, Truesense Imaging’s revenue for 2013 was approximately $79 million with gross and operating margins of approximately 44% and 23%, respectively.
Chris McNiffe, CEO and president of Truesense, has been retained by the ON Semiconductor team to help manage and grow our image sensor business. The Truesense product development and business teams will be incorporated in ON Semi’s Application Products Group (APG) as part of the company’s Image Sensor Business Unit, reporting to Vince Hopkin, VP of ON Semiconductor’s MDFI Division. The Truesense’s factory operations will report up through ON Semiconductor’s corporate manufacturing organization.
The former Truesense Imaging owner, Platinum Equity too announces the completion of the deal. "We are proud of this investment and of all the hard work that went into making it successful," said Platinum Equity’s Jason Leach, who led the initial Truesense acquisition from Kodak. "The business is fundamentally strong and is well positioned to succeed under new ownership."