Microchip Technology announced the acquisition of Tekron International Limited, a startup company in Wellington, New Zealand, which specializes in manufacturing GPS and precision timing devices. So far, Microchip has not disclosed the financial terms of the merger.
Founded in 2002, Tekron is well-known for its TCG01 timing generator. Following its domestic success, the company quickly expanded overseas and provided its products in more than 70 countries.
Microchip explained it acquired Tekron because it wants to establish a presence within the synchronization and timing market. By purchasing an innovative vendor within the field, the company will be able to accelerate its roadmap.
“This acquisition brings Tekron’s knowledgeable team and widely adopted products to our synchronization and timing offering that has become indispensable in today’s increasingly digital, networked world,” said Randy Brudzinski, vice president of Microchip’s Frequency and Timing Systems business unit. “Precise, accurate time is an enabling ingredient for virtually all infrastructures, from data centers, communications and industrial networks to financial exchanges. Acquiring Tekron enables us to expand our offering across a broad customer base in the rapidly expanding smart energy and industrial markets.”
Microchip has established a leading position in the synchronization and timing market for communications, enterprise, government, and military and aerospace applications. Tekron extends this focus to encompass the specific industry requirements for the power utilities and industrial markets. Founded in 2002 in Wellington, New Zealand, Tekron has solved key challenges including providing precision time stamping for advanced substation automation applications; ensuring Network Time Protocol (NTP) reliability and security over computer networks; maintaining continuous time sync operation for transmission and distribution system operators; and implementing IEEE® 1888V2 Precision Time Protocol (PTP) standards to modernize the traditional power grid.
“We are excited to have our employee family join Microchip to help expand its reach and coverage in the smart energy and industrial segments,” said Ian Mills, the outgoing Chairman of the Board with Tekron. “The transaction brings together two organizations with a shared commitment to innovation and flawless execution that is so critical in the timing and synchronization industry. We have strong mutual and complementary track records for successfully deploying this highly specialized technology in demanding applications. We look forward to expanding on this further with the joining of the New Zealand team into the Microchip family.”