Sony is set to buy Israeli company Altair Semiconductor, which develops single-mode LTE chipsets, for $200 million. The company has raised $135 million to date.
Established in 2005 by former Texas Instruments executives CEO Oded Melamed, CTO Yigal Bitran and VP Marketing Eran Eshed, the company has 200 employees, most of them in Israel.
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Each of the founders holds a 0.5% stake in the company and will earn $1 million. The other major investors are Jerusalem Venture Partners (JVP) (21%), BRM Capital (18%), Bessemer Venture Partners (14%), Giza Venture Capital (13%), and Walden Israel (7%).
Globes report that Altair had required massive investment but with the industry in a major period of uncertainty, the stakeholders preferred to sell, bringing in returns of nearly double their investment. Altair has been partnering with Sony for many years as a chip supplier.
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