Truesense Imaging acquired by ON Semiconductor
2 May 2014Tweet
ON Semiconductor has acquired Truesense Imaging, a provider of image sensing devices for industrial end-markets such as including machine vision, surveillance, traffic monitoring, medical and scientific imaging, and photography. The acquisition was completed on 30 April and announced on 2 May during the company’s first quarter earnings report.
ON Semiconductor paid approximately $95 million 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 per cent and 23 per cent, respectively.
Chris McNiffe, CEO and president of Truesense, has been retained by the ON Semiconductor team to help manage and grow the image sensor business. The Truesense product development and business teams will be incorporated in ON Semiconductor’s Application Products Group (APG) as part of the company’s Image Sensor Business Unit, reporting to Vince Hopkin, vice president of ON Semiconductor’s MDFI Division.
‘The acquisition of Truesense Imaging solidifies ON Semiconductor’s position as the leading global supplier of high-performance image sensor solutions addressing a wide range of industrial end-markets,’ said Hopkin. ‘It strengthens ON Semiconductor’s product portfolio targeting industrial end markets such as machine vision, surveillance, and intelligent transportation systems (ITS).’