Altitude exits Mortec Semiconductor for 12.6x return

This is the final exit from Altitude's first fund and brings its total overall returns to more than 4.5x the vehicle's size. Altitude One closed on £8m in June 2012 and made its first divestment in 2016, when it exited The Care Division to Bridges Ventures-backed Alina Homecare, generating a 2.9x return.

The acquirer is a California-based electronic design automation company that focuses on silicon design and verification, silicon intellectual property and software security. The acquisition by Synopsys is expected to allow the business to grow further as it becomes part of the acquirer's recently announced Silicon Lifecycle Management Platform, a platform that enables improvement in performance, reliability, functional safety and security.

Previous funding
The firm acquired the company in July 2016 in a deal that valued the company at around £1m, Unquote understands.

Company
Established in 2005, with offices in Plymouth, Bristol and Poland, Moortec designs embedded sensors and monitoring technologies used within advanced node silicon chip devices. For the year ending on 31 May 2019, the company generated EBITDA of £285,584 and revenues of £3.5m.

People
Altitude Partners – Simon White (partner).

Advisers
Vendor – Acuity Advisors, Andy Lister, Brian Snell, Matthew Byatt (corporate finance); Osborne Clarke, Greg Leyshon, Robert Pook, Magnus Williams, James Robertson (legal).

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• Topics
• Exits
• UK / Ireland
• Technology
• Osborne Clarke
• Trade sale
• United Kingdom