Wintegra Acquired By PMC-Sierra For $213M

Austin-based Wintegra, a developer of network processors optimized for the mobile backhaul market, has been acquired by semiconductor firm PMC-Sierra. PMC-Sierra announced the deal late Thursday, saying it would pay $240M in cash, less an estimated net cash amount of $27M based on Wintegra's balance sheet at closing. PMC-Sierra said that Wintegra founders Kobi Ben-Zvi and Robert O'Dell will join the company. The buy comes six months after Wintegra had filed for an IPO. Wintegra was backed by Magma Venture Capital, Concord Ventures, Genesis Partners, Marvell Semiconductor, Texas Instruments, and Tenaya Capital.