indie Semiconductor, an Autotech solutions innovator listed on Nasdaq, has announced the completion of its acquisition of EXALOS AG, a privately held Swiss company that specializes in high-performance optical semiconductors.

The deal, which was subject to the terms and conditions of a definitive agreement, was valued at approximately $45 million, paid in 6.6 million indie Class A common shares. The EXALOS equity holders also have the chance to earn up to $20 million more in cash or indie shares, depending on the revenue performance of the acquired company over the next 24 months.

EXALOS, founded in 2003 and based in Zürich, has developed and launched several innovative products for demanding application areas, such as fiber optic gyroscope and Semiconductor Optical Amplifiers (SOAs). The company holds 59 global patents and has a team of 17 world class engineers, including experts in bright light sources based on a proprietary Gallium Nitride process.

indie’s co-founder and CEO, Donald McClymont, said that the acquisition of EXALOS will expand indie’s product and technology offering to its global customers in the Autotech sector. He said that indie will leverage EXALOS’ core technologies to enable and enhance applications such as Head Up Display (HUD), high brightness visible lighting and Inertial Measurement Unit (IMU)-based navigation. He also said that the acquisition will help indie extend its FMCW LiDAR portfolio and build a broadline Autotech powerhouse.

Christian Velez, CEO and founder of EXALOS, expressed his excitement about joining forces with indie. He said that he is confident that the partnership will take their business to the next level, capitalizing on clear product synergies and extending their customer reach while preserving the EXALOS innovation engine.

The boards of directors of both indie and EXALOS have approved the transaction, which is expected to be financially neutral in 2023 and accretive to indie’s 2024 results. The securities issued in connection with the transaction are not registered under the Securities Act of 1933 and may not be resold without registration or exemption from such Act. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities.