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Hyderabad: MosChip Semiconductor Technology Ltd, a Hyderabad-based semiconductor design service company, on Monday said it has signed final agreements for the acquisition of three companies as part of its growth plans in the semiconductor design and Internet of Things (IoT), as well as to expand its client base in the North America, the European Union, and Asia-Pacific regions.

The acquired companies include—ElitePLUS Semiconductor Technologies Pvt. Ltd, and Orange Semiconductors Pvt. Ltd, both located in Bangalore as well as Pune-based Maven Systems.

Moschip didn’t disclose financial details of the acquisition, but said to fund the acquisitions and additional working capital requirements, the company obtained board approval to raise an additional 41.25 crore ($6.15 million) by issuing shares and warrants to Techwave Pte. Ltd.

“The three acquisitions will help MosChip to increase the company’s global headcount to more than 250 experienced engineers across Hyderabad, Bangalore, Pune, London and US," Moschip said in a statement.

MosChip said it plans to add another 150-200 engineers across all locations.

The company said the latest acquisition will allow it to increase its sales by 10 times in the current financial year.

MosChip has revenues of 5.5 crore and net loss of 11.5 crore in the year ended March.

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Updated: 12 Sep 2016, 09:59 PM IST
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