Ceva Inc. (Nasdaq:CEVA); LSE:CVA), a provider of chip design technologies, is continuing the expansion beyond its usual cellular business. The company today announced an agreement with chip company NXP in which Ceva's Bluetooth technology would be included in an NXP chip series designed for wearable devices, smart home apps, and the Internet of Things (IoT). Ceva obtained the technology in the agreement from its 2014 acquisition of French company Riviera Waves.
Ceva's announcement said that this technology supported a range of Bluetooth standards, and facilitated low electricity consumption, thereby adding to the lifespan of the battery in wearable devices, such as smart watches, health bracelets, and hearing aids, and in smart home apps.
NXP is one of the world's largest chip companies, whose customers include major firms like Apple Computers, Samsung, and Panasonic. "We are delighted to announce NXP as a licensee for our Bluetooth Smart IP, further extending our position as the undisputed leader in connectivity IP for the Internet of Things and beyond," said Ceva VP and connectivity business unit general manager Aviv Malinovitch. "NXP is at the forefront of innovation in the IoT domain, and we're excited to partner with them as they continue push the boundaries of how we interact with the devices and objects in the world around us."
Herzliya-based Ceva, managed by CEO Gideon Wertheizer, has a market cap of $391 million, following a 5% rise in its share price since the beginning of the year. The company made a $2.9 million non-GAAP net profit on $27.2 million in revenue in the first half of 2015.
Published by Globes [online], Israel business news - www.globes-online.com - on August 20, 2015
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