RTTNews | May 10, 2021 08:25AM EDT

08:25 Monday, May 10, 2021 (RTTNews.com) - CEVA, Inc. (CEVA) announced its decision to acquire Intrinsix Corp., a chip design company, for about $33 million in cash

The combination of Intrinsix's chip design expertise, together with CEVA's wireless connectivity and smart sensing IP helps CEVA to expand its offering to full turnkey IP platforms.

CEVA believes that the acquisition will help it to increase revenue and royalty by combining IP, software and chip development for full turnkey IP platforms.

Intrinsix has been providing complex System-on-Chip (SoC) design expertise to customers including Intel, IBM, Leidos and Lockheed Martin.

"The acquisition of Intrinsix will provide us with new growth vectors and a larger market reach. We will be able to offer our key customers a comprehensive portfolio of turnkey IP solutions that will capitalize on our off-the-shelf IP and Intrinsix's reputable design capabilities in RF, mixed-signal, security and more," said Gideon Wertheizer, CEO of CEVA.

The deal is expected to take place during the second quarter of 2021.

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