Renesas Completes Acquisition of Steradian

Rhea-AI Summary

Renesas Electronics Corporation (TSE:6723) has successfully completed the acquisition of Steradian Semiconductors Private Limited as of October 17, 2022. Steradian, an Indian fabless semiconductor start-up founded in 2016, specializes in 4D imaging radar solutions critical for Advanced Driver Assistance Systems (ADAS). The acquisition aims to enhance Renesas' automotive product portfolio and capitalize on the growing automotive radar market. Steradian will operate as a wholly owned subsidiary, expected to improve Renesas' sensing solutions across various applications.

Positive

• Acquisition enhances Renesas' automotive product portfolio.
• Access to Steradian's leading-edge radar technology.
• Expansion into the high-growth automotive radar market.
• Improved product design and faster development times.

Negative

• None.

TOKYO--(BUSINESS WIRE)-- Renesas Electronics Corporation (TSE:6723, “Renesas”), a premier supplier of advanced semiconductor solutions, today announced that it has completed the acquisition of Steradian Semiconductors Private Limited (“Steradian”), a fabless semiconductor company providing 4D imaging radar solutions, as of October 17, 2022.

Headquartered in Bengaluru, India, Steradian is a start-up founded in 2016 and provides radar solutions that enable highly accurate object recognition and power efficiency in a small chip. Radar is a vital technology for ADAS, which uses a complex combination of various sensors in vehicles to detect objects. Renesas plans to capitalize on the high growth opportunities the automotive radar market offers, by expanding its automotive product portfolio with Steradian’s radar technology and extending its reach in the radar market.

The resulting automotive radar solutions will combine the new automotive radar products, Renesas’ ADAS SoCs (System-on-Chips) for processing radar signals, power management ICs (PMICs), and timing products together with software for object recognition. Together, these solutions will simplify the design of automotive radar systems and contribute to faster product development.

With the completion of the acquisition, Steradian has become a wholly owned subsidiary of Renesas. The combination of Steradian's leading-edge radar technology and engineering talent will boost Renesas’ sensing solution offerings in a wide array of applications including industrial systems. Renesas will bring together the best possible device combination and software to meet the growing demand for sensor technology solutions and continue to make engineers’ design work easier.

(Remarks) All names of products or services mentioned in this press release are trademarks or registered trademarks of their respective owners.

About Renesas Electronics Corporation
Renesas Electronics Corporation (TSE: 6723) empowers a safer, smarter and more sustainable future where technology helps make our lives easier. A leading global provider of microcontrollers, Renesas combines our expertise in embedded processing, analog, power and connectivity to deliver complete semiconductor solutions. These Winning Combinations accelerate time to market for automotive, industrial, infrastructure and IoT applications, enabling billions of connected, intelligent devices that enhance the way people work and live. Learn more at renesas.com. Follow us on LinkedIn, Facebook, Twitter, YouTube, and Instagram.

Cautionary note regarding forward-looking statements
This announcement may contain certain statements that are, or may be deemed to be, forward-looking statements with respect to the financial condition, results of operations and business of Renesas and/or Steradian and/or the combined group following completion of the Acquisition and certain plans and objectives of Renesas with respect thereto. These forward-looking statements can be identified by the fact that they do not relate to historical or current facts. Forward-looking statements also often use words such as “anticipate,” “target,” “continue,” “estimate,” “expect,” ‘‘forecast,” “intend,” “may,” “plan,” “goal,” “believe,” “hope,” “aims,” “continue,” “could,” “project,” “should,” “will” or other words of similar meaning. These statements are based on assumptions and assessments made by Renesas and/or Steradian (as applicable) in light of their experience and perception of historical trends, current conditions, future developments and other factors they believe appropriate. By their nature, forward-looking statements involve risk and uncertainty, because they relate to events and depend on circumstances that will occur in the future and the factors described in the context of such forward-looking statements in this announcement could cause actual results and developments to differ materially from those expressed in or implied by such forward-looking statements. Although it is believed that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be correct and you are therefore cautioned not to place undue reliance on these forward-looking statements which speak only as at the date of this announcement.

Forward-looking statements are not guarantees of future performance. Such forward-looking statements involve known and unknown risks and uncertainties that could significantly affect expected results and are based on certain key assumptions. Many factors could cause actual results to differ materially from those projected or implied in any forward-looking statements. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this announcement. Neither Renesas nor Steradian undertakes any obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by applicable law.

There are several factors which could cause actual results to differ materially from those expressed or implied in forward-looking statements. Among the factors that could cause actual results to differ materially from those described in the forward-looking statements are changes in the global, political, economic, business and competitive environments, market and regulatory forces, future exchange and interest rates, changes in tax rates and future business combinations or dispositions. If any one or more of these risks or uncertainties materializes or if any one or more of the assumptions prove incorrect, actual results may differ materially from those expected, estimated or projected. Such forward looking statements should therefore be construed in the light of such factors.

No member of the Renesas group or Steradian nor any of their respective associates, directors, officers, employers or advisers, provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this announcement will actually occur.

Except as expressly provided in this announcement, no forward-looking or other statements have been reviewed by the auditors of the Renesas group or Steradian. All subsequent oral or written forward-looking statements attributable to any member of the Renesas group or Steradian, or any of their respective associates, directors, officers, employers or advisers, are expressly qualified in their entirety by the cautionary statement above.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221017005249/en/

Media Contacts:

Renesas Electronics Corporation

Kyoko Okamoto

+81 3-6773-3001

pr@renesas.com



Investor Relations Contacts:

Renesas Electronics Corporation

Yuuki Oka

+81 3-6773-3002

ir@renesas.com

Source: Renesas Electronics Corporation

FAQ

What is the purpose of Renesas' acquisition of Steradian Semiconductors?

The acquisition aims to enhance Renesas' automotive product portfolio and capitalize on the growing automotive radar market.

When was the acquisition of Steradian completed by Renesas?

The acquisition was completed on October 17, 2022.

What technology does Steradian provide to Renesas?

Steradian provides 4D imaging radar solutions essential for advanced driver assistance systems.

How will the acquisition affect Renesas' product development?

The acquisition is expected to simplify automotive radar system design and accelerate product development.

What is the significance of the automotive radar market for Renesas?

The automotive radar market offers high growth opportunities, which Renesas aims to leverage with the acquisition.