Sivers Semiconductors completes the integration of MixComm
Sivers Semiconductors has completed the integration of MixComm, creating a strong global challenger in 5G, SATCOM and radar. Along with broadening its portfolio, and increasing its presence in the U.S., the integration entails synergies of approximately SEK 10 million per year. Sivers is also writing down intangible assets of approximately SEK 22 million due to overlapping product development areas. Sivers is also introducing a new role in the US, making Mike Noonen, former CEO of MixComm, US President.
Sivers has found large synergies in development tools and some personnel which gives a total saving of approximately SEK 10 million per year compared with if MixComm and Sivers had been two autonomous units. At the end of the first quarter of 2022, Sivers had 137 employees, which includes personnel synergies.
Sivers Wireless has a minimal product overlap with MixComm. However, there is one product, a Beam Forming IC (BFIC) that Sivers and MixComm both had independently developed, where Sivers has determined that MixComm’s BIFC is the most sophisticated product. Sivers therefore has chosen to write down intangible assets of approximately SEK 22 million for the product that Sivers Wireless has developed
“MixComm’s key area has been BFICs, where MixComm founder Harish Krishnaswamy and his team had invested many years in optimizing technology at Columbia University with significant DARPA support. This technology is “state-of-art” and the one we will continue to develop within BFICs and later also RFICs,” said Anders Storm, CEO of Sivers Semiconductors.
In the new organization, Mike Noonen has been named US President with a focus on business development and sales for both Sivers Wireless and Photonics. During a transition period, he will also be Managing Director (MD) of Sivers Wireless. Pelle Wijk will take on a new role as Chief Operating Officer (COO) of Sivers Wireless. Patric Erlandsson, former VP Sales of Sivers Wireless, becomes SVP Marketing for the parent company Sivers Semiconductors.
Sivers Wireless will be divided into two different development units, one in the US which will be run by Harish Krishnaswamy, co-founder and former CTO at MixComm, and one in the EU which will be run by Magnus Sneitz, previously Head of the Project Management Office (PMO) at Sivers Wireless.
“With MixComm now fully integrated, we now have a much stronger presence in the US, and I am happy that Mike Noonen is taking on this new role. He has a network in the USA that is top tier and is very well known in the semiconductor industry,” said Anders Storm, CEO of Sivers Semiconductors.