Monday, May 14, 2018

More Info on SensL Acquisition by ON Semi

The Irish Times times publishes an article on ON Semi acquisition of SensL:

"Financial details of the transaction have not been disclosed but industry insiders told The Irish Times it was a “high double-digit deal”. The Bank of Ireland-backed Delta fund had a 45 per cent stake in the company prior to the acquisition with management and employees owning the bulk of the remaining shares.

SensL, whose clients include the European Space Agency, was spun out of the Tyndall National Institute in 2004. It was founded by Carl Jackson and Joe O’Keeffe, the latter of whom went on to enjoy success as a founder of Infiniled, which was acquired by Facebook-owned Oculus VR in 2016. SensL, which is now led by Bryan Campbell, employs 25 people in Cork.

“We built the company making optical sensors that can be used in a whole bunch of different products,” Mr Jackson told The Irish Times.

“We built the business on the back of our involvement in medical imaging, where we developed a key sensor that goes into PET scanners. We’re also active in radiation detection, and three years ago started working on lidar products for the automotive market. This will be one of our core focuses going forward,” he added.

While SensL’s autonomous car technology was one big attraction for On Semiconductor, Mr Jackson stressed that the buyer was interested in all of its product lines.

Update: The Sunday Times reports "Tech sources said ON Semiconductor was paying €60m-€70m cash for Sensl, which was founded in 2004. The takeover will deliver a significant return for Sensl’s shareholders, which include Irish venture capitalists Delta Partners and Enterprise Equity."

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