NOD: Nordic Semiconductor acquires Memfault - launches first complete chip-to-cloud platform for lifecycle management of connected products

24 Jun 2025 17:00 CEST

(Oslo, Norway – June 24, 2025) Nordic Semiconductor today announces the
acquisition of its long-term partner Memfault Inc., the market-leading cloud
platform provider for large-scale deployments of connected products, for a
consideration of USD 120 million on a cash and debt-free basis. Memfault has a
strong and fast-growing customer base with annual recurring revenue (ARR) of USD
7.2 million at the end of 2024, expected to increase by more than 50% in 2025.

The acquisition aligns with Nordic’s growth strategy and accelerates its
transition from a hardware company to a complete solution partner.

Nordic now provides a comprehensive platform that simplifies development and
accelerates time-to-market for its customers. Throughout the product lifecycle,
continuous software upgrades strengthen the security, performance, power
consumption, and functionality of products in the field. This allows customers
to focus on innovation – free from the burden of navigating fragmented and
complex IoT ecosystems.

“This acquisition is a declaration of intent,” said Vegard Wollan, CEO of Nordic
Semiconductor. “Together, we enable thousands of customers to continuously
interact with millions of devices in the field.”

“We are setting a new standard in the global semiconductor landscape for
integrating hardware, software, tools, and services. By combining Nordic’s
ultra-low power wireless connectivity solutions with Memfault’s cloud services,
we are making it faster, simpler, and more secure to develop, maintain, and
improve connected products through their entire lifecycle,” adds Wollan.  

“Nordic’s world-class Systems-on-Chip, paired with Memfault’s cloud platform,
creates an unmatched full-stack solution for connected products,” said François
Baldassari, CEO of Memfault. “Our shared goal is simple: Free our customers and
engineers to innovate while the platform guarantees reliability and insights for
millions of products in the field.” 

The acquisition of Memfault will be financed with a combination of cash at hand
and a new USD 110 million bridge loan facility with Danske Bank.

The three founders of Memfault - CEO Francois Baldassari, CTO Chris Coleman and
VP Developer Experience Tyler Hoffman – will reinvest 30% of their share sale
proceeds in Nordic Semiconductor shares, totalling approximately USD 13 million.
The transaction is expected to close in July. Nordic targets profitability for
its new cloud software services business within 24 months.

Please see the enclosed press release and presentation for a more detailed
description of the strategic, technological and operational rationale for the
acquisition.

Practical information:

The company will give an investor update presentation on Tuesday 24th June 2025
at 18:00 CEST. The presentation will be held by CEO Vegard Wollan, CFO Pål
Elstad and EVP Corporate Strategy Kjetil Holstad. The investor update will be
held in English and can be followed live via Audiocast, with a recorded version
being made available on Nordic WEB site after conclusion of the presentation.

The virtual audience will be given the opportunity to ask questions after the
presentation.

Follow the link to attend the presentation:
https://channel.royalcast.com/landingpage/hegnarmedia/20250624_4/

This is also available live at www.nordicsemi.com/IR

For further information, please contact:
Pål Elstad, CFO – Nordic Semiconductor ASA
Phone: +47 991 66 293

Ståle “Steel” Ytterdal, SVP IR – Nordic Semiconductor ASA
Phone: +47 930 37 430

This information is subject to the disclosure requirements according to §5-12 in
the Norwegian Securities Trading Act. This stock exchange announcement was
published by Pål Elstad on June 24, 2025 at 17:00 CEST.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of
applicable securities laws, including, but not limited to, statements regarding
the anticipated benefits of the transaction, future product developments,
strategic objectives, business prospects, and other future events or conditions.
These statements are based on current expectations, estimates, and projections
and involve known and unknown risks, uncertainties, and other factors that may
cause actual results, performance, or achievements to differ materially from
those expressed or implied by the forward-looking statements.
Words such as “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,”
“may,” “will,” “could,” “would,” “should,” “anticipates,” and variations of such
words and similar expressions are intended to identify forward-looking
statements.

Readers are cautioned not to place undue reliance on such forward-looking
statements. Except as required by law, the company undertakes no obligation to
update any forward-looking statements to reflect events or circumstances after
the date of this release or to reflect the occurrence of unanticipated events.

More information:
Access the news on Oslo Bors NewsWeb site

649971_Nordic_Press_Release.pdf
649971_Nordic Semiconductor - Investor Presentation.pdf