“Cypress is a significant player in the IoT because of our PSoC technology, said president and CEO TJ Rodgers, pictured, “but we’ve only been able to pair it with generic radios so far. Now we have the highly regarded Broadcom IoT business—state-of-the-art Wi-Fi, Bluetooth and Zigbee RF technologies—that will transform us into a force in IoT and provide us with new market opportunities.”
However, the deal will see Broadcom continuing to focus on developing wireless connectivity solutions for market segments that are not IoT related, including serving set-top box, wireless access, smartphones, laptops and notebooks.
Broadcom’s IoT business unit, which employs approximately 430 people worldwide, had revenues of $189m during the last twelve months. The acquisition is seen as strengthening Cypress’ position in such markets such as automotive, industrial and consumer IoT.
Meanwhile, Rodgers is stepping down from his role as president and CEO of Cypress. He will remain a member of the Cypress board, while working on key technical projects. “In the future, Cypress management will be able to assign a key project to me and count on it getting done right,” he said.