Synaptics Accelerates Mobile Display Leadership with Acquisition of Renesas SP Drivers

Synaptics Accelerates Mobile Display Leadership with Acquisition of Renesas SP

Acquisition Unites Industry Leaders to Further Synaptics' Market Position as a
Leading Human Interface Solution Provider

PR Newswire

SAN JOSE, Calif., June 10, 2014

SAN JOSE, Calif., June 10, 2014 /PRNewswire/ --Synaptics Inc. (NASDAQ: SYNA),
a leading developer of human interface solutions, today announced that it has
signed a definitive agreement to acquire all of the outstanding equity of
Renesas SP Drivers, Inc., the industry leader in small and medium-sized
display driver ICs (DDICs) for smartphones and tablets. With the acquisition,
Synaptics expects to increase its addressable market opportunity by 1.5X and
to accelerate its product roadmap for touch-and-display driver integration
(TDDI). The combination enables platform-level solutions for select segments
of the mobile market, while also extending its leadership position in Touch
and DDIC product families.

The addition of Renesas SP Drivers positions Synaptics at the forefront of a
tremendous growth opportunity with a complete portfolio of products to address
a full spectrum of display market needs. The acquisition underscores
Synaptics' commitment to developing high-performance and cost effective
solutions for its customers, backed by the unparalleled technical leadership,
real-time local support, and systems level engineering expertise that its
valued customers need.

"The acquisition of Renesas SP Drivers unites complementary and best-in-class
technologies and brings on board a very experienced, highly skilled
engineering team, strengthening Synaptics' position as the number one
touchscreen controller supplier to the mobile display market, with unmatched
platform level technologies," said Rick Bergman, President and CEO, Synaptics.
"Upon closing the acquisition, we will have the scale to accelerate our
technology roadmap and expand our broad portfolio of human interface product
families including display integration solutions."

"We are very excited about joining Synaptics. The combination of Synaptics and
Renesas SP Drivers forms an even stronger market leader with a highly
complementary combination of products and technologies," said Ikuo Kudo,
President and CEO, Renesas SP Drivers. "The well-matched technologies and
enhanced scale will drive further innovations in mobile display."

Synaptics will pay a purchase price of approximately JPY48.5B ($475 million)
for 100% of Renesas SP Drivers, based on JPY52.5B ($515 million) enterprise
value. The purchase price is based on cash and other adjustments and is
subject to customary adjustments for net working capital, net debt, and third
party expenses. The US dollar consideration is based on a yen conversion rate
of 102.

For the year ended March 2014, Renesas SP Drivers' revenue and cash flow were
approximately $650 million and $100 million, respectively. The combined
business of Synaptics and Renesas SP Drivers is expected to create significant
revenue and investment scale to drive future growth and operating leverage.
The acquisition will be immediately accretive to Synaptics' non-GAAP EPS,
excluding transaction related expenses. The acquisition is expected to close
in the fourth calendar quarter of 2014, subject to customary closing
conditions and regulatory reviews, as necessary. Synaptics intends to fund the
transaction with cash and committed debt financing of $300 million. Additional
details can be found in Synaptics' Current Report on Form 8-K, filed today.

Investor Call

The company will host a teleconference and webcast at 2:00 p.m. Pacific Time
(5:00 p.m. Eastern Time) today, Tuesday, June 10, 2014, to provide additional
commentary regarding the acquisition, during which the company may provide
forward-looking information. To participate on the live call, analysts and
investors should dial 1-888-500-6950 (719-325-2329 international) at least ten
minutes prior to the call. A telephonic replay of the conference call will
also be available until 5:00 pm PT on Sunday, June 15, 2014 by dialing 1-
888-203-1112 (719-457-0820 international) and entering the passcode: 5056156.
Synaptics will also offer a live and archived webcast of the conference call,
accessible from the "Investor Relations" section of the company's website at The acquisition presentation, that will be referred to on
the conference call, can also be found in the "Investor Relations" section of
the company's website.

For up-to-the-minute Synaptics news, follow @SynaCorp  on Twitter. For more
information on Synaptics' products and solutions please visit

About Synaptics

As aleading developer of human interface solutions which enhance the user
experience, Synaptics provides the broadest solutions portfolio in the
industry. The ClearPad® family supports touchscreen solutions for devices
ranging from entry-level mobile phones to flagship premium smartphones,
tablets and notebook PCs. The TouchPad™ family, including ClickPad™ and
ForcePad®, is integrated into the majority of today's notebook PCs. Natural
ID™ fingerprint sensor technology enables authentication, mobile payments, and
touch-based navigation for smartphones, tablets, and notebook computers.
Synaptics' wide portfolio also includes ThinTouch® supporting thin and light
keyboard solutions, as well as key technologies for next generation
touch-enabled video and display applications. (NASDAQ: SYNA)

About Renesas SP Drivers

Renesas SP Drivers, based in Tokyo, Japan, is the market leader in small and
medium-sized LCD driver ICs and provides high performance display drivers to
the world's leading consumer device OEMs. Renesas SP Drivers' best-in-class
offerings are ranked number one in several markets, including smartphones, and
are focused on differentiated development and design capabilities. The
company has approximately 350 employees.

Forward-Looking Statements

This press release contains "forward-looking" statements about Synaptics, as
that term is defined under the federal securities laws. Synaptics intends such
forward-looking statements to be subject to the safe harbor created by those
laws. Such forward-looking statements include, but are not limited to,
statements regarding the anticipated financial results of the combined
Synaptics and Renesas SP Drivers business. Synaptics cautions that these
statements are qualified by important factors that could cause actual results
to differ materially from those reflected by the forward-looking statements
contained herein. Such factors include, but are not limited to, (a) demand for
Synaptics' and Renesas SP Drivers' products, (b) market demand for OEMs'
products using Synaptics' or Renesas SP Drivers' solutions, (c) changing
market demand trends in the markets Synaptics or Renesas SP Drivers serves,
(d) the success of Synaptics' and Renesas SP Drivers' customers' products that
utilize Synaptics' or Renesas SP Drivers' product solutions, (e) the
development and launch cycles of Synaptics' and Renesas SP Drivers' customers'
products, (f) market pressures on selling prices, (g) the market acceptance of
Synaptics' and Renesas SP Drivers' product solutions compared with
competitors' solutions, (h) general economic conditions, including consumer
confidence and demand, and (i) other risks as identified from time to time in
Synaptics' SEC reports, including Quarterly Reports on Form 10-Q and the
Annual Report on Form 10-K for the fiscal year ended June 29, 2013. All
forward-looking statements are based on information available to Synaptics on
the date hereof, and Synaptics assumes no obligation to update such

Synaptics, TouchPad, ClearPad, ClickPad, ForcePad, ThinTouch, Natural ID,
TypeGuard and the Synaptics logo are trademarks of Synaptics in the United
States and/or other countries. All other marks are the property of their
respective owners.

For further information, please contact:
Ann Minooka, Synaptics, Inc.

Public Relations:
Starlayne Meza, Text 100 Global Communications

Investor Relations:
Jennifer Jarman, The Blueshirt Group

SOURCE Synaptics Inc.

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