Report: Qualcomm in talks to purchase Israeli Wilocity for $300 million
Wilocity, the Israeli company behind the development of chips that can significantly increase the speed of downloading and uploading files on the internet, is in talks to be purchased by Qualcomm, according to a new report.
Israeli start-up Wilocity, which develops chipsets for wireless communications, is in talks with American giant Qualcomm for a potential sale, according to a report published on Marker. The site adds that the amount of the transaction will be approximately $300 million and while the two companies have not yet reached an agreement, the notice of sale was given to employees.
Reaching the web faster
Wilocity recently developed a 60GHz chip based on technology designed primarily for mobile computing, consumer electronics and peripherals. With the chip’s help, devices can communicate wirelessly at speeds ranging between 1 to 5 Gbps. This is about 10 times the speed of current WiFi devices, such as the N11.
To make the explanation simpler, the chip will be able to transfer a full-length movie at 1080p, average size of 16 gigabytes, in seconds from one computer to another. However, a significant disadvantage is that the technology has limits, so the information cannot be transmitted “between walls,” and it is limited to work in one space.
Since its last financing round, which raised $35 million in October 2013, the company began to expand into the smartphone market. According to the company’s plans, the 60GHz chip is being expected to reach smartphones sometime during 2014 and the framework of the chip was introduced at the MWC exhibition in February.
As part of its release, explained the company, the chip not only helps smartphone users enjoy the fastest transfers, but will also provide enhanced capabilities for surfing the mobile net and for improved access to files stored in the cloud.
Wilocity was founded in 2007 by Tal Tamir, Daniel Rettig, Gal Basson and Jorge Myszne, and its main competitor is Intel. In 2012 it began selling its chip sets and a large number of well-known companies such as Qualcomm are major partners.
The company has about 70 employees at its offices in Caesarea, as well as at its worldwide locations in the United States, China, Taiwan, Japan and Korea. Another part of the acquisition is that its employees are expected to move to Qualcomm’s office in Haifa.