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Intel Pockets Indian Origin Entrepreneurs’ Soft Machines For $300 Mn

Intel Pockets Indian Origin Entrepreneurs’ Soft Machines For $300 Mn

Global technology company Intel has reportedly acquired US-based chip-design company, Soft Machines for $300 Mn (INR 2,000 Cr) in a cash and stock deal.

Silicon Valley-based Soft Machines was founded in 2006 by Mahesh Lingareddy and Mohammad A Abdallah. It is a semiconductor company that developes VISC (Variable Instruction Set Computing) architecture-based processor and SoC (System on-a Chip) products for all performance-computing platforms. According to its official website, it has raised close to $175 Mn until now.

A source close to the development said, “It is a cash and stock deal with a cash component of over $250 Mn. All the professionals of Soft Machines have become part of Intel from Thursday.”

Soft Machines’ investors include Samsung Ventures, AMD, GLOBALFOUNDRIES, RVC, KACST, RUSNANO, TAQNIA, and others.

According to the sources, with this deal in place, all the previous investors will exit the venture and Intel will become the sole owner and controller of Soft Machines. Intel has already started expanding operations at the company’s Hyderabad office by securing office space in the city.

“The plan is to see that the team size is increased more than 10-fold over the next two-three years to nearly 2,000,” the source added.

In August 2016, integrated commerce solution provider Iksula acquired US-based Blisstering Solutions, a software development company. Earlier this month, software solutions provider Zybo Tracking Solutions received foreign equity investment from Grasshoppers, a Netherlands-based company.

This development was first reported by ET.

Author

Ambika Chopra

Inc42 Staff

An ace feminist and humanitarian, Ambika identifies herself as a reader, writer and a dreamer. Also a literature buff and development enthusiast. At Inc42 she aims to explore the startup ecosystem with ideas that juxtapose digital culture with social responsibility.

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