Sivers Semiconductors has completed the integration of MixComm, creating a strong global challenger in 5G, satcom and radar. Along with broadening Sivers’ portfolio, and increasing Siver’s presence in the U.S., the integration entails synergies of approximately SEK 10 million per year. Sivers writes down intangible assets of approximately SEK 22 million due to overlapping product development areas. Sivers is also introducing a new role in the U.S., making Mike Noonen, former CEO of MixComm, U.S. president.
Sivers has found large synergies in development tools and some personnel which gives a total saving of approximately SEK 10 million per year compared with if MixComm and Sivers had been two autonomous units. At the end of the first quarter of 2022, Sivers had 137 employees, which includes personnel synergies.
Sivers Wireless has a minimal product overlap with MixComm. However, there is a one product, a beamforming IC (BFIC) that Sivers and MixComm both had independently developed, where Sivers has determined that MixComm’s BIFC is the most sophisticated solution. Sivers therefore chooses to write down intangible assets of approximately SEK 22 million for the product that Sivers Wireless has developed
“MixComm’s key area has been BFICs, where MixComm founder Harish Krishnaswamy and his team had invested many years in optimizing technology at Columbia University with significant DARPA support. This technology is "state-of-art" and the one we will continue to develop within BFIC and later also RFICs," said Anders Storm, CEO of Sivers Semiconductors.
In the new organization, Mike Noonen has been named U.S. president with a focus on business development and sales for both Sivers Wireless and Photonics. During a transition period, he will also be managing director of Sivers Wireless. Pelle Wijk will take on a new role as chief operating officer of Sivers Wireless. Patric Erlandsson, former VP Sales of Sivers Wireless, becomes SVP Marketing for the parent company Sivers Semiconductors.
Sivers Wireless will be divided into two different development units, one in the U.S. which will be run by Harish Krishnaswamy, co-founder and former CTO at MixComm, and one in the EU which will be run by Magnus Sneitz, previously head of the Project Management Office at Sivers Wireless.
"With MixComm now fully integrated, we now have a much stronger presence in the U.S., and I am very happy that Mike Noonen is taking on this new role. He has a network in the USA that is top tier and is very well known in the semiconductor industry," said Anders Storm, CEO of Sivers Semiconductors.