100% shares of Instigate Semiconductor CJSC is now owned by Microchip Technology inc.SOCIETY
The Armenian Instigate CJSC group of companies signed an agreement with the American Microchip Technology Inc., a giant manufacturer of microelectronics, on acquisition of the company "Instigate Semiconductor CJSC", announcing its entry into the Armenian IT market. On that occasion, the company also released a short film describing the cooperation on its official platforms.
According to the agreement reached 2 years ago “Instigate Semiconductor “ CJSC was founded as one of the member companies of Instigate Group, expertised in implementing EDA projects as ordered by Microchip Technology Inc.
Microchip Technology was aimed to grow a team transferring the expertise and knowledge with the help of scientific research institutions operating within the “Instigate“, enabling the start of the work processes through outsourcing and later opening a branch in Armenia.
The cooperation was set in the framework of the Electronic Design Automation sphere focused on FPGA design and development, the challenge was accepted; on the 3rd of August, 2020, “Instigate Semiconductor” CJSC was founded inheriting the values, culture and work-style of Instigate” - mentions Ani Safaryan, Sr. Manager of the Engineering team in the Armenian site.
The process started two years ago made a success, the company opened its own branches in Vanadzor, Gyumri and Ijevan cities and during this time the staff increased from 8 to 47, of which 5 are students of the Real School with employment contracts, and 80% of the management staff are employees trained by Instigate educational programs.
And now, under the signed contract, 100% of the shares is acquired by Microchip Technology Inc".
The financial director of Instigate CJSC, Koryun Davtyan, notes that Instigate, at its own risk, created a subsidiary, assembled a team with its own connections, established infrastructure, organized teamwork, and then, after a predetermined period, transferred the shares of the created organization to the client, alienating them in their favor.
Ahead is the prospect of enlargement. In the coming years, Microchip is planning to expand in the directions of Application Engineering, Customer Support, Embedded Systems Programming, IP Verification.
It should be noted that Microchip Technology is a large microelectronics manufacturing company, whose market capitalization is 45 billion dollars. At the beginning of the year, the company announced record financial results.