Crocus Technology ("Crocus") will be acquired by Allegro MicroSystems, Inc. for $420 million in cash, according to a definitive deal that has been signed. Allegro MicroSystems, Inc. is a market leader in power and sensing semiconductor technology for motion control and energy efficient systems.
Privately owned Crocus is a pioneer in cutting-edge Tunnel Magnetoresistance ("TMR") sensor technology. With more than 200 patents backing it, this acquisition delivers cutting-edge technology and goods perfect for high-growth markets like automation, clean energy, and e-mobility. By 2030, the addressable market for TMR, which is predicted to reach $1 billion by that time, will be over $5 billion, making it the fastest-growing segment of the magnetic sensing business. The forecast 30% CAGR for TMR, which is much higher than that of the magnetic sensing industry as a whole, is anticipated to be driven by the automotive and industrial markets.
“Allegro has invested in TMR technology for the past decade, providing our customers with innovative and high-performing solutions enabling them to design products with optimal performance. We are seeing broader application of TMR technology as the megatrends of Electrification and Automation accelerate. This highly complementary acquisition aligns perfectly with Allegro’s growth initiatives and our focus on e-Mobility, Clean Energy and Automation,” said Vineet Nargolwala, President and CEO of Allegro. “In addition to accelerating our TMR roadmap and further strengthening our leadership in Magnetic Sensors, the acquisition will allow us to offer a broader and more differentiated product offering to benefit our customers. We also welcome the deep expertise and technical talent that Crocus will add to the Allegro team.”
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