Sunnyvale, CA-based flash memory developer Silicon Storage Technology (SST) has acquired a majority ownership of privately held Emosyn.
Officially launched as a fabless semiconductor company in January of 1998, Emosyn designs and markets smart card ICs for SIM (subscriber identification module) card applications.
Under the terms of the agreement valued at approximately $19 million, SST – through its subsidiary SST International – acquired 83.6% of Emosyn’s assets, while ATMI, Emosyn’s former parent company, retained 16.4% ownership of the company.
Emosyn’s 40 employees, headed by president Nicholas Wood, are to form a subsidiary of SST and continue to operate as a separate entity, designing and developing ICs based on SST’s SuperFlash technology for the smart card market.
The subsidiary, incorporated in the Cayman Islands, will continue to have an R&D centre in Silicon Valley, and marketing and application offices in the UK and Singapore.