September 13, 2004 – Silicon Storage Technology Inc. (SST) has acquired a majority ownership of privately held Emosyn LLC, a fabless semiconductor manufacturer specializing in the design and marketing of smart card ICs for SIM (subscriber identification module) card applications.
Under the terms of the $19 million agreement, SST said that its subsidiary, SST International, will acquire 83.6% of Emosyn’s assets, while ATMI Inc., Emosyn’s former parent company, will retain 16.4% ownership of the company. The transaction closed on September 10.
Emosyn’s approximately 40 employees, headed by president Nicholas Wood, will form a subsidiary of SST and will continue to operate as a separate entity, designing and developing leading-edge ICs based on SST’s SuperFlash technology for the burgeoning smart card market. The subsidiary, incorporated in the Cayman Islands, will continue to have an R&D center in Silicon Valley, and marketing and application offices in the United Kingdom and Singapore.