Robert Bosch Venture Capital agrees to sell award winning semiconductor company GreenPeak to Nasdaq-listed Qorvo
Robert Bosch Venture Capital GmbH (RBVC) has agreed to sell its stake in GreenPeak Technologies to Qorvo (Nasdaq: QRVO), together with co-investors, Gimv, Draper Esprit and other shareholders. GreenPeak is a leader in RF communication technology for wireless connected home applications. Qorvo is a leading provider of core technologies and RF solutions for mobile, infrastructure and defense applications. RBVC invested in the company in 2009.
From an early stage company to a leading provider
Since 2009 GreenPeak Technologies (www.greenpeak.com) has been developing into a leader in RF communication technology for wireless connected home applications based on the ZigBee standard. It offers innovative ultra-low power wireless data communication controller chips for smart home and internet of things applications, such as energy efficiency, lighting, heating and HVAC control, senior lifestyle and home healthcare, access control and security. GreenPeak is closely collaborating with Bosch in Smart Home and Internet of Things (IoT) applications.
“It has been a pleasure to work with this excellent team and develop GreenPeak from a startup to this global company with big market impact. Beyond a financial success for RBVC, the collaboration with GreenPeak allowed the Bosch Group to early on engage with a leading provider of energy efficient RF chips for smart home and IoT”, Jan Westerhues, Investment Partner RBVC concludes.
Cees Links, CEO GreenPeak, about this transaction: “Just like the use of WiFi started at home and was a real internet milestone, the Internet of Things with ZigBee has started at home as well, enabling the next wave in the technology revolution. With the Internet of Things we can make better decisions faster and by doing so create new wealth, making our lives more secure, more comfortable, while spending less energy. Becoming part of Qorvo will create a context for further growth and expanding our role in the development of the future. RBVC not only supported the company as a financial investor but also helped GreenPeak to grow with industry knowledge and great connections into the Bosch Group.”
From WiFi to ZigBee
About 25 years ago, GreenPeak CEO Cees Links and a key group of the current GreenPeak team designed and developed the first wireless networking technology – WiFi. Today, Cees Links and many of the same Dutch engineers have developed the next generation wireless home network – based on the ZigBee/IEEE 802.15.4 wireless communication standard. Similar to WiFi, it is designed to connect all the various devices in the home and let the residents monitor and control them from a smart phone, over the internet, from any place in the world.
GreenPeak focuses on the world market and distributes its products in the USA, Europe, Asia and Latin-America, where it offers its wireless products and technology to leading OEMs and ODMs for integration with their applications and is collaborating with partners in the Digital Home eco-system to provide innovative Smart Home solutions. Today the company ships its chips to leading customers such as Comcast, Time Warner Cable, NTT, Cisco, Samsung, Philips, Bosch and Sony. As a result the company achieved in September 2015 the milestone of 100 million chips shipped since its first product shipment in 2010. Together with its headquarters in Utrecht (The Netherlands), GreenPeak also has offices in Belgium and Hong Kong.
The transaction is expected to close in the current quarter, subject to customary closing conditions.
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