Polymatech Electronics to acquire US-based Nisene Technology Group

Chennai-based Polymatech Electronics announced the acquisition of Nisene Technology Group on Monday. The semiconductor chip maker will be acquiring the US-based electronics company through its wholly-owned subsidiary Artificial Electronics Intelligent Materials in Singapore.

Nisene’s expertise in Silicon and Silicon Carbide materials, along with Polymatech’s Sapphire-based semiconductors will help the latter to emerge as a multi-wafer company. “The acquisition complements Polymatech’s leading-edge product portfolio and enables new classes of products,” said Mr Ryan Young, incoming CEO – Nisene. To be sure, Neisen, established in 1970, develops integrated circuits on top of Silicon and Silicon Carbide Wafers, with over 50 versions built over the years. 

“Nisene has seen all the developments from scratch and is now part of Polymatech, and together we will make the next generation of semiconductors not only better but do a lot more,” said Eswara Rao Nandam, Polymatech Electronics CEO. “The Company (Polymatech) may achieve a top line of US$ 5 Billion by 2030.”

Polymatech is also scouting for international partners in a bid to become a fully integrated semiconductor company. Along with the acquisition plan, the company has also announced a partnership with an undisclosed European tools supplier which will supply the latest Sapphire and Silicon Carbide Wafer Technology to the Polymatech group. Earlier this year, the company signed a memorandum of understanding with Japanese firm Orbray. According to the agreement, Orbray will provide Sapphire Ingot growing technologies, with installation expected by March 2025. 

Notably, in an earlier interview with Mint in April, Nandam said that Polymatech plans to raise ₹1,500 crore through initial public offering (IPO) by the year end. This will be twice the size of ₹750 crore initially planned when the company filed its draft prospects with Sebi in October 2023.