Qorvo Announces Acquisition Of GreenPeak To Complement Its RF Portfolio

Qorvo Inc (NASDAQ: QRVO) announced Monday morning that it has entered into an agreement to acquire GreenPeak Technologies, a privately-held provider of ultra-low power, short range RF communication technology.

GreenPeak core-product, ZigBee, saw its shipments surpass the 100 million mark in 2015.

Qorvo noted that its acquisition will add to its expertise in wireless RF technology and offers a broad range of antenna diversity and multiple receiver architecture technologies. The company added that GreenPeak offers superior robustness and best-in-class WiFi interference rejection with no latency.

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Qorvo added following the acquisition, it will expand its customer offering to include highly integrated RF solutions and systems-on-a-chip (SoCs) for the connected home and the Internet of Things (IoT) market.

The transaction is expected to close in the current quarter; financial terms were not mentioned.

James Klein, president of Qorvo's Infrastructure and Defense Products (IDP) group, said, "The acquisition of GreenPeak Technologies will complement Qorvo's market-leading high power RF portfolio with innovative ultra-low power, short-range wireless personal area network (WPAN) SoCs, ZigBee and Bluetooth solutions. GreenPeak brings a world-class technical team and solutions to Qorvo, allowing us to increase our presence in the rapidly expanding IoT market."

Cees Links, founder & CEO of GreenPeak Technologies, said, "Our team is excited to join Qorvo and continue our legacy of creating ultra-low power RF solutions for our customers. We believe Qorvo will be a great environment for the GreenPeak team to grow as part of a much larger company serving many more global customers."

Shares of Qorvo were trading lower by nearly 1 percent early Monday morning.