SMIT Holdings Limited (Stock Code: 02239) Welcome to SMIT Group Limited!
SMiT Group Limited
current position:Home - News - Company News

SMIT Acquires a Hardware-based Verification Systems and Software Company—Further Diversify its Business and Revenue St

release time:30-10-2018 Article Source:

SMIT Acquires a Hardware-based Verification Systems and Software Company—Further Diversify its Business and Revenue Stream

(Hong Kong, 30 October 2018) – SMIT Holdings Limited (“SMIT” or the “Company,” together with its subsidiaries, the “Group”) (stock code: 2239), a world leading CAM supplier and a major mPOS supplier in China, has announced its new acquisition in S2C Tech Inc.( “S2C”), a hardware-based verification systems and software companies to further diversity its business and revenue stream.

According to the agreement, the Group agreed to acquire 19,042,988 ordinary shares representing approximately 86.36% interest in the share capital of S2C. on a fully diluted basis, at the maximum cash consideration of US$19,000,000, plus up to US$2,000,000 at the maximum in milestone based payments to the key management team.

S2C has been successfully delivering hardware-based rapid verification solutions since its establishment in 2003. S2C provides 1) rapid hardware-based verification system and automation software; 2) Prototype Ready™ IP, interfaces and platforms; 3) System-level design verification and acceleration tools. With over 400 customers and more than 2000 systems installed, S2C’s focus is on SoC/ASIC development to reduce the SoC design cycle. Its highly qualified engineering team and customer-centric sales force understands users’ SoC development needs. S2C systems have been deployed by leaders in consumer electronics, communications, computing, image processing, data storage, research, education, automotive, medical, design services, and silicon IP. S2C has offices and distributors around the globe including the US, UK, Israel, China, Taiwan, Korea and Japan.

Mr Shuai Hongyu, President of SMIT, said, “S2C is a well-established company principally engaged in rapid hardware-based verification systems and software for over 15 years. It has strong presence in China, Japan, Korea and Taiwan. The acquisition added a new and strategically important component to our ongoing business development and helps us to quickly tap into this new industry. It is also in line with our overall investment strategy in the high-technology sector, representing a good opportunity for us to broaden our revenue stream.  Through SMIT’s new investments, S2C will be able to accelerate new product developments and provide superior customer support.”

Working hours ( Monday to Friday ) 9:00-18:0086-755-61363366
Online consultation
Copyright © 2023 SMiT Group Limited  粤ICP备15008815号  粤公网安备号 44030502006302 Technical support:Ebaixun - Website