Incitia et al. sell Arctic Silicon for $12m
Incitia Ventures, Proventure and company founders have sold their stakes in Arctic Silicon Devices AS (ASD) to Hittite Microwave Corporation for approximately $12m.
ASD is a developer of advanced mixed-signal integrated circuit technology and is based in Trondheim, Norway. Proventure made a NOK 4m seed investment in the company in 2007. In 2008, Incitia and Proventure made a NOK 25m investment in the company, with Incitia providing NOK 20m of the funding.
According to Incitia Ventures, in order for the company to progress further, much stronger distribution capabilities and a larger capital base would be required. It was determined that these limitations would be resolved under the ownership of Hittite.
The unquote" team is currently researching this transaction. In-depth deal information for subscribers will follow shortly.
If you have any information regarding this transaction, please contact Viktor Lundvall on +44 20 7004 7476 or viktor.lundvall@incisivemedia.com
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