To enhance its wireless products offering, Tata Group’s company Tejas Networks will acquire a 64.40% stake in the wireless solution company Bengaluru (Bangalore)-based Saankhya Labs for INR 2.84 billion (USD 38 million) in a cash trade.
According to a media release from the optical, broadband, and data networking products company, the initial acquisition of Saankhya shares is expected to close within the next 90 days.
Tejas Networks, upon procuring all necessary consents and approvals, also intends to proceed with acquiring the balance 35.60% shares through a merger process or a secondary acquisition.
Saankhya was founded in 2007 by technology entrepreneurs with global experience and has developed a wide range of system and semiconductor products for cellular Wireless, Broadcast radios, and Satellite communication ground-terminal, which are deployed by customers in India and in international markets.
With a rich IPR portfolio and 73 international patents (41 granted, 32 filed), Saankhya is a pioneer in building software-defined radios (SDR), powered by its own SDR chipsets. Saankhya has a strong technology team of more than 250 engineers, with deep expertise in wireless communication systems and fabless-semiconductor design.
Sanjay Nayak, CEO & MD of Tejas Networks said, "This acquisition shows our continued commitment to expanding our wireless product offerings to address the growing market opportunity. Saankhya's products would complement our existing 4G/5G Radio Access Network (RAN) products and positions us well for the emerging opportunities in the O-RAN and 5G Broadcast space."
ONE Media 3.0, which is the largest shareholder of Saankhya, will sell the majority of its shareholding in Saankhya and post-merger, will retain a minority shareholding in Tejas.