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Including Ramesh Singh and 5 others Ramesh Singh Abhay Rai Steve Machuga +3
22% Total headcount growth
2.3 years Median tenure
LinkedIn indie Semiconductor 2,237 followers 4 months ago
Visit indie Semiconductor at electronica virtual - the fastest growing automotive semiconductor in the business! Get your free ticket here https://lnkd.in/gJZMp7a.
indie is scaling rapidly and adding resources and capabilities globally at an incredible pace and just opened its latest design center in Dresden, Germany.
We have greatly expanded our product and IP portfolio to support you with optimized Mixed Signal SoC Solutions for your automotive applications. Whether custom or standard, find out how our unique approach can improve your performance and reliability while reducing space, power and above all cost!
To arrange a meeting with our experts contact us at brendan@indiesemi.com or via our Rep Prisma Sales Service https://lnkd.in/gBb47c4
indie Semiconductor is a company making SoCs for the Automotive industry. We ship 10s of millions of units to tier-1 customers and are specialists in integrating mixed-signal, mixed-process technologies into single packaged devices, reducing size and cost in the process. Typical applications include ADAS sub-systems such as ultrasound and camera support, and User-eXperience applications like automotive lighting and wireless charging.
indie Semiconductor is a leading pure-play provider of next-generation semiconductor and software solutions for the rapidly growing Autotech market, enabling ADAS/Autonomous, Connectivity, User Experience and Vehicle Electrification applications
Business combination with Thunder Bridge Acquisition II, Ltd. (Nasdaq: THBR) positions indie to capitalize on >$2B of strategic backlog and an additional $2.5B in identified pipeline opportunities driven by deep relationships with Tier 1 automotive suppliers
Provides up to $495M in cash to the combined company before expenses, comprised of up to $345M in cash held by Thunder Bridge II in trust assuming no redemptions and an upsized $150M fully committed common stock PIPE at $10.00 per share, including anchor investments from leading long-term institutional shareholders
Estimated post-transaction equity value of approximately $1.4B based on current assumptions; expected to be listed on the Nasdaq under the ticker symbol INDI following an anticipated transaction close in the first quarter of 2021
indie shareholders will rollover 100% of their equity positions through indie’s transition into the publicly listed entity
Net proceeds from the transaction to accelerate deployment of solutions to existing customers and fund pent-up demand for additional programs
Aliso Viejo, CA and Great Falls, VA – Dec. 15, 2020 – indie Semiconductor, a next generation automotive semiconductor and software innovator, and Thunder Bridge Acquisition II, Ltd. (Nasdaq: THBR), a special purpose acquisition company, today announced they have entered into a definitive agreement for a business combination that would result in the combined entity continuing as a publicly listed company. Upon closing of the transaction, the combined operating entity will be named indie Semiconductor, Inc. and will be listed on the Nasdaq Stock Market under the ticker symbol INDI. The transaction reflects an implied equity value for the combined company of roughly $1.4 billion.
indie is at the forefront of disruptive automotive megatrends spanning ADAS/Autonomous, Connectivity, User Experience and Vehicle Electrification. Today, indie’s automotive semiconductor portfolio addresses a $16 billion market, according to IHS, which is expected to exceed $38 billion by 2025 driven by strong demand for silicon and software content in automobiles. indie’s best-in-class, mixed signal system-on-a-chip (SoC) solutions are currently on 12 Tier 1 approved vendor lists, contributing to a strategic backlog position of more than $2 billion, defined as projected revenues based on existing contracts, design and pricing terms and historic production trends.
“Thunder Bridge II has found an outstanding merger partner in indie Semiconductor,” said Gary Simanson, president and CEO of Thunder Bridge II. "Donald McClymont and his team have established a leadership franchise with a differentiated product offering, having shipped over 100 million units to Tier 1 automotive suppliers globally. By virtue of our combination, we believe that indie will have the financial firepower to accelerate the Company’s strategic growth initiatives and help create an Autotech pureplay powerhouse.”
“indie is empowering the Autotech revolution with our highly innovative system solutions,” said Donald McClymont, indie’s co-founder, chairman and chief executive officer. “Our mixed signal SoC platforms are enabling a diverse set of rapidly emerging automotive megatrends that have reached an inflection point. Accordingly, we are excited to partner with Thunder Bridge II at this key growth juncture to capitalize on our existing design win pipeline, extend indie’s product reach, drive scale and further consolidate within Autotech, ultimately creating shareholder value as a public company.”
Upon the closing of the transaction, the combined company will be led by indie’s management team. Prior to founding indie, Donald McClymont held executive roles at Axiom, Skyworks and Conexant. He is joined by Co-founder and President Ichiro Aoki, Ph.D., and Co-founder and Chief Technology Officer Scott Kee, Ph.D., as well as Chief Financial Officer and EVP of Strategy, Thomas Schiller, who previously led highly successful IPOs and M&A initiatives at Skyworks, Conexant and Rockwell Semiconductor Systems. Together, the indie management team has demonstrated a track record of scaling new business and creating extraordinary shareholder value. indie is headquartered in Aliso Viejo, California, and has a global footprint of design centers and sales offices across the U.S., Europe and Asia.
Transaction Overview
The transaction reflects an implied equity value of the combined company of $1.4 billion, based on current assumptions, with a $10.00 per share PIPE subscription price. Upon closing, the combined company will receive up to $495 million in cash, comprised of a $150 million PIPE and up to $345 million in cash held in trust by Thunder Bridge II, assuming no redemptions by THBR shareholders. The boards of directors for both indie and Thunder Bridge II have unanimously approved the proposed business combination, which is expected to be completed in the first quarter of 2021, subject to, among other things, the approval by Thunder Bridge II’s shareholders, satisfaction of the conditions stated in the definitive agreement and other customary closing conditions, including a registration statement being declared effective by the U.S. Securities and Exchange Commission (the “SEC”), the receipt of certain regulatory approvals, and approval by The Nasdaq Stock Market to list the securities of the combined company.
Additional information about the proposed transaction, including a copy of the master transaction agreement and investor presentation, will be provided in a Current Report on Form 8-K to be filed by Thunder Bridge II with the SEC and available at www.sec.gov. More information about the proposed transaction will also be described in Thunder Bridge II’s registration statement relating to the business combination, which it will file with the SEC.
Advisors
Morgan Stanley & Co. LLC is serving as sole financial advisor and lead private placement agent to Thunder Bridge II. Deutsche Bank Securities is serving as lead financial advisor and lead capital markets advisor to indie Semiconductor and joint private placement agent to Thunder Bridge II. Goldman Sachs and Nomura Greentech are also serving as financial advisors to indie Semiconductor. Nelson Mullins Riley & Scarborough, Littler Mendelson and Ellenoff Grossman & Schole are serving as legal advisors to Thunder Bridge II while Loeb and Loeb as well as Rodriguez Wright are serving as legal advisors to indie Semiconductor.
Investor
Conference Call indie and Thunder Bridge II will host a joint investor conference call to discuss the proposed transaction today, December 15, 2020 at 8:00 a.m. ET.
To listen to the conference call via telephone dial (877) 451-6152 (U.S.) and (201) 389-0879 (international callers/U.S. toll) and enter the conference ID number 13714088. To listen via webcast, go to https://indiesemi.com/investors. A telephone replay will be available until midnight on Tuesday, December 29, 2020 at (844) 512-2921 (U.S.) and (412) 317-6671 (international callers/U.S. toll), conference ID number 13714088.
About Thunder Bridge Acquisition II, Ltd.
Thunder Bridge Acquisition II, Ltd. is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. In August 2019, Thunder Bridge Acquisition II consummated a $345 million initial public offering (the “IPO”) of 34.5 million units (reflecting the underwriters’ exercise of their over-allotment option in full), each unit consisting of one of the Company’s Class A ordinary shares and one-half warrant, each whole warrant enabling the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share. Thunder Bridge II’s securities are quoted on the Nasdaq stock exchange under the ticker symbols THBRU, THBR and THBRW.
About indie
indie is empowering the Autotech revolution with next generation automotive semiconductors and software platforms. We focus on EDGE sensors for Advanced Driver Assistance Systems including LiDAR, connected car, user experience and electrification applications. These technologies represent the core underpinnings of both electric and autonomous vehicles, while the advanced user interfaces transform the in-cabin experience to mirror and seamlessly connect to the mobile platforms we rely on every day. We are an approved vendor to Tier 1 partners and our solutions can be found in marquee automotive OEMs around the world. Headquartered in Aliso Viejo, CA, indie has design centers and sales offices in Detroit, MI, Austin, TX, Boston, MA, Edinburgh, UK, Dresden, Germany and Wuxi, China.
Please visit us at www.indiesemi.com to learn more.
ADDITIONAL INFORMATION AND WHERE TO FIND IT
For additional information on the proposed transaction, see Thunder Bridge II’s Current Report on Form 8-K, which will be filed concurrently with this press release. In connection with the proposed transaction, Thunder Bridge II intends to file relevant materials with the Securities and Exchange Commission, including a registration statement on Form S-4 with the SEC, which will include a proxy statement/prospectus of Thunder Bridge II, and will file other documents regarding the proposed transaction with the SEC. Thunder Bridge II’s shareholders and other interested persons are advised to read, when available, the preliminary proxy statement/prospectus and the amendments thereto and the definitive proxy statement and documents incorporated by reference therein filed in connection with the proposed business combination, as these materials will contain important information about indie, Thunder Bridge II and the proposed business combination. Promptly after the Form S-4 is declared effective by the SEC, Thunder Bridge II will mail the definitive proxy statement/prospectus and a proxy card to each shareholder entitled to vote at the meeting relating to the approval of the Business Combination and other proposals set forth in the proxy statement/prospectus. Before making any voting or investment decision, investors and shareholders of Thunder Bridge II are urged to carefully read the entire registration statement and proxy statement/prospectus, when they become available, and any other relevant documents filed with the SEC, as well as any amendments or supplements to these documents, because they will contain important information about the proposed transaction. The documents filed by Thunder Bridge II with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov or by directing a request to Thunder Bridge Acquisition II, Ltd., 9912 Georgetown Pike, Suite D203, Great Falls, Virginia, 22066, Attention: Secretary, or by calling (202) 431-0507.
Participants in the Solicitation
Thunder Bridge II and its directors and executive officers may be deemed participants in the solicitation of proxies from its shareholders with respect to the business combination. A list of the names of those directors and executive officers and a description of their interests in Thunder Bridge II will be included in the proxy statement/prospectus for the proposed business combination when available at www.sec.gov. Information about Thunder Bridge II’s directors and executive officers and their ownership of Thunder Bridge II ordinary shares is set forth in Thunder Bridge II prospectus, dated August 9, 2019, as modified or supplemented by any Form 3 or Form 4 filed with the SEC since the date of such filing. Other information regarding the interests of the participants in the proxy solicitation will be included in the proxy statement/prospectus pertaining to the proposed business combination when it becomes available. These documents can be obtained free of charge from the source indicated above. indie and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the shareholders of Thunder Bridge II in connection with the proposed business combination. A list of the names of such directors and executive officers and information regarding their interests in the proposed business combination will be included in the proxy statement/prospectus for the proposed business combination.
Indie Semiconductor SPAC: What Investors Should Know About The Autonomous Vehicle Play
December 15, 2020 Benzinga By Chris Katje
A leading pure-play provider of semiconductor and software solutions for automotive companies is going public via a special purpose acquisition company deal.
The SPAC Deal: Indie Semiconductor is going public via the SPAC Thunder Bridge Acquisition II (NASDAQ: THBR). The deal values the company at an enterprise value of around $1 billion.
Shares of the new company will trade as "INDI" on the Nasdaq. Shareholders of Thunder Bridge Acquisition II will own 23.8% of the new company.
About Indie: Indie is helping automotive companies with autonomous connectivity, user experience and vehicle electrification.
The company said it has unparalleled semiconductor and software integration, with an efficient design process.
Indie has deals in place with 12 Tier 1-approved vendors, including Magna International (NYSE: MGA) and Aptiv (NYSE: APTV).
The company has already shipped more than 100 million devices and said it is increasing its OEM penetration and content per vehicle.
Indie lists Silicon Laboratories (NASDAQ: SLAB) and Ambarella Inc (NASDAQ: AMBA) as competitors.
Financials: Indie has a backlog of over $2 billion in deals and a pipeline of $2.5 billion in possible opportunities.
Revenue is estimated at $23 million for fiscal 2020. (2021 23M X 1.85 = 42.55M to$60M) (2022 42,55 X 1.85 = 78.72M to$110M) Revenue is expected to ramp up beginning in 2023, with estimates of $204 million, $349 million and $501 million, respectively, for the years 2023-2025.
From 2020 to 2025, Indie sees revenue growing at a compounded annual growth rate of 85%. Over 60% of aggregate revenue through 2025 is already at the shipping or won stage for the company.
Growth: The deal is expected to fund pent-up demand for additional programs, according to the company. Indie said its target market is $16 billion and will grow to $38 billion by 2025.
The strong demand for silicon and software inside automobiles is set to help Indie’s growth. Today, vehicles have around $310 in silicon content per vehicle. In the future, that total could rise to more than $4,000 per vehicle.
Multiple secular growth drivers like autonomous vehicles, connectivity in vehicles and electric vehicles are expected to help the company’s growth.
Phase II for the company also includes shipping a revolutionary lidar solution in 2023.
THBR Price Action: Shares of Thunder Bridge Acquisition II were up 3.6% at $10.80 at last check Tuesday. Shares traded over $12 in pre-market trading.
I agree with all of this sadly thbr has gotten no love while everything else has skyrocketed. The merger should have happened a month ago. I hope management gets it together
The Covid-19 pandemic is claiming another casualty. And it’s one that could threaten the “V-shaped” recovery we are being promised. I’m referring to semiconductors. The chips have become ubiquitous in so many devices we use every day. Our smartphones, tablets, laptops, and in some cases appliances and personal assistants all are powered by these powerful chips.
And if you’ve ever tried working on your car, you know that semiconductor chips are used in many different ways. The problem is that the industry is pivoting to electric vehicles and, eventually, autonomous vehicles. But in the here and now, there is still demand for chips in internal combustion vehicles.
When the pandemic first started, the shortage of chips wasn’t as noticeable. Auto manufacturers were shut down. And people weren’t buying new cars, let alone doing much driving. But that is starting to change. Demand for new cars is increasing. Part of this is because Americans are calculating that hitting the open road may be the most convenient travel option in 2021.
But electric cars aren’t ready yet. And that means there’s a shortage of the chips needed for the mundane, but vital tasks of steering, braking, and even powering windows up and down.
Part of the problem is that U.S. businesses are heavily reliant on countries like China and Taiwan for their semiconductors. In fact, only about 12.5% of semiconductor manufacturing is done in the United States. According to the consulting firm AlixPartners, the chip shortage could potentially cost the automotive industry over $60 billion in revenue in 2021. That loss will be felt throughout the entire supply chain from the dealers and automakers down to the smallest suppliers. And this is exactly the kind of slowdown the U.S. is desperately trying to avoid as the economy continues its recovery from the Covid-19 pandemic.
It’s also why now is the ideal time to invest in the companies that are making semiconductors as well as their suppliers. That’s the focus of this special presentation.
View the “7 Semiconductor Stocks Set to Gain From the Chip Shortage”
Aliso Viejo, Calif. – Mar. 11, 2021 – indie Semiconductor, an Autotech solutions innovator which is currently in the process of becoming a public company through a planned merger with Thunder Bridge Acquisition II, Ltd. (Nasdaq: THBR), a special purpose acquisition company, today launched a new on-board diagnostics (OBD) device, the OnBrD™. The OnBrD™ is a complete hardware and software solution for high-performance OBD-II applications including vehicle tracking, geofencing, connectivity, real-time automotive diagnostics and black box event data recorders. Specifically, indie’s compliant line drivers and hardware controllers make the OnBrD™ a hot plug safe device, while its distinctive, highly integrated, single layer architecture supports both new and existing system platforms.
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OBD-II solutions monitor a car's computer system and report trouble codes. The electronic control unit then uses a microprocessor to read inputs from various engine sensors in real time. When a reading is outside of the expected values, the system logs a diagnostic trouble code (DTC), which is read through the OBD port. Remote diagnostics are extremely valuable tools in preventive maintenance and scheduling vehicle service cycles, reducing downtimes and the risk of breakdowns.
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“Telematics, remote diagnostics and black box event data recorders are rapidly proliferating across a wide range of automotive applications including fleet management of passenger and commercial vehicles,” said Paul Hollingworth, indie’s executive vice president of sales and marketing. “Leveraging our decade-plus of Autotech system-level expertise, indie has developed a truly breakthrough single chip OBD-II interface solution to accelerate Tier 1 time to market, while substantially reducing their bill of materials. At a higher level, today’s announcement reflects how indie is rearchitecting the vehicle of tomorrow today, addressing the market’s need for innovative platforms that enhance safety, deliver real-time diagnostics and support new and emerging high growth applications.”
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According to Technavio, the automotive on-board diagnostics market is expected to grow by $35 billion from 2020 to 2024 driven by the growing focus on remote monitoring and system management. Factors such as the shift in focus from OBD hardware and OBD software, and the integration of OBD with telematics will have a significant impact on the growth of the automotive OBD market value during the forecast period.
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About OnBrD™
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The OnBrD™ is a complete hardware and software solution for high-performance OBD-II applications. It includes the full stack from PHY through to application layer in a single, easy-to-drop-in package for both new and existing designs.
This highly integrated platform is designed to direct wire to the J1962 interface. An innovative crossbar function inside the design enables the multiplexing of any protocol on any connector pin, providing software configurable support for government mandated pinouts, as well as proprietary, per vehicle/machine interfaces. All pins are capable of being driven by the CPU or commonly, through the built-in hardware protocol accelerator.
OnBrD™ integrates an application processor, reducing bill of material costs by enabling the user application to run on the single-chip solution. Provided reference software includes support for a world-class turnkey J1979 stack supporting vehicle compatibility, ignition algorithms and safety functions, including crash detection. The firmware also provides support for common peripherals including radio/location/MEMS sensors and includes integrated RTOS, filesystem and logging infrastructure. Peripherals available to the CPU include GPIO, UART, RTC, PWM, I2C and SPI.
The OnBrD™ leverages indie’s field-proven, mixed-signal automotive technology and has been production-qualified to the AEC-Q100 Grade 1 standard. The iND83405 is available now in production quantities. References designs include J1979, system-on-module, vehicle simulator and cable accessory based products.
For more information about this product and other indie solutions, please contact info@indiesemi.com.
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