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Synaptics Inc Raises Q1 2014 Revenue Guidance At Midpoint Of Prior Range; Enters Fingerprint ID Market with Acquisition of Validity Sensors, Inc

Wednesday, 9 Oct 2013 04:05pm EDT 

Synaptics Inc announced that for the first quarter of 2014, it expects revenue to be approximately $220 million, above the mid point of its previously provided guidance range of $210 to $225 million. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $219 million for the first quarter of 2014. The Company also announced that it has signed a Definitive Agreement to acquire Validity Sensors, Inc., provider of biometric fingerprint authentication solutions for smartphones, tablets and notebook PCs. With the acquisition of Validity, Synaptics expects to gain access to the fast growing biometrics market, expanding its market opportunity and underscoring the Company's commitment to making smart devices easier to use. Synaptics will pay approximately $92.5 million in stock and cash at the closing plus potential performance payments over a multi-year period for total potential consideration of up to $255.0 million. The stock component is expected to be in the range of 1.5 million to 2.3 million shares. The acquisition is expected to close in the current quarter, subject to customary closing conditions and regulatory reviews, as necessary. 

Company Quote

-1.35 -1.93%
1:31pm EDT