ON Semi buying image sensor developer for $92M

ON Semi (ONNN) is acquiring Truesense Imaging, a developer of image sensor chips for a variety of specialized applications, for $92M in cash.

Truesense's image sensors are used by 200+ customers in industrial machine vision, medical imaging, photography, traffic monitoring, and surveillance products, among others. In 2013, the company had revenue of $79M (implies a low acquisition price of 1.2x sales), a gross margin of 44%, and an op. margin of 23%.

ON, which lost analog chip share in 2013, says the deal will be immediately accretive to EPS and margins. It's expected to close in Q2.

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