Formation and Start-up of Jariet!
We just announced the divestiture of our Defense and Microwave business to a newly formed start-up, named Jariet Technologies Inc. The new startup will be headed by Charles Harper, former Chairman of Sierra Monolithics and Semtech Chief Strategy Officer. Thirty-four Semtech employees, including Charles, have transitioned from Semtech to Jariet as of Friday, April 10th 2015. Semtech owns a Minority Interest in this new startup and we will continue to partner with Jariet to ensure we jointly execute on any customer commitments.
This spin off enables Semtech to continue to participate in the Defense & Microwave market opportunities without having to make the significant, long-term investment required to develop the necessary technologies to be successful in these markets.