Adesto Technologies

Adesto Technologies Corporation was an American semiconductor company founded in 2006 and based in Santa Clara, California, that supplied non-volatile memory, application-specific integrated circuits and embedded systems for the industrial Internet of Things.Adesto Technologies Corporation 是一家 2006 年创立、总部位于加利福尼亚州圣克拉拉的美国半导体公司，为工业物联网提供非易失性存储器、专用集成电路与嵌入式系统。

Adesto developed conductive bridging RAM, known as CBRAM, under a licence from Axon Technologies, and later added serial flash, analog and mixed-signal ASICs and building-automation systems through acquisitions.Adesto 在 Axon Technologies 的许可下开发了导电桥接随机存取存储器 CBRAM，后来通过收购增加了串行闪存、模拟与混合信号专用集成电路以及楼宇自动化系统。

Dialog Semiconductor bought Adesto in 2020 for about US$500 million, and the business moved into Renesas Electronics when Renesas acquired Dialog in 2021.Dialog Semiconductor 于 2020 年以约 5 亿美元收购 Adesto，2021 年瑞萨电子收购 Dialog 后，该业务随之并入瑞萨。

History

• Adesto was founded in 2006 by Narbeh Derhacobian, Shane Hollmer and Ishai Naveh, with Derhacobian taking the role of president and chief executive after earlier technical and management posts at AMD, Virage Logic and Cswitch.Adesto 由 Narbeh Derhacobian、Shane Hollmer 与 Ishai Naveh 于 2006 年创立，Derhacobian 在 AMD、Virage Logic 与 Cswitch 担任技术与管理工作之后出任总裁兼首席执行官。
• The founding technology was a non-volatile memory that moved copper ions inside a programmable metallization cell, a design licensed from Axon Technologies, a spin-off of Arizona State University.创始技术是一种通过可编程金属化单元中铜离子迁移实现存储的非易失性存储器，该设计授权自亚利桑那州立大学衍生公司 Axon Technologies。
• In October 2010 Adesto acquired intellectual property and patents related to CBRAM from Qimonda, and its first CBRAM product entered production in 2011.2010 年 10 月，Adesto 从奇梦达收购与 CBRAM 相关的知识产权与专利，其首款 CBRAM 产品于 2011 年投产。
• The company held an initial public offering in 2015 under the ticker IOTS, selling shares at US5 each in an offering valued at US28.75 million, with Needham, Oppenheimer and Roth Capital as underwriters.公司于 2015 年以 IOTS 为代码首次公开募股，每股定价 5 美元，发行总额 2875 万美元，承销商包括 Needham、Oppenheimer 与 Roth Capital。
• In May 2018 Adesto acquired S3 Semiconductors, a provider of analog and mixed-signal ASICs and intellectual property cores, extending its business beyond memory.2018 年 5 月，Adesto 收购 S3 Semiconductors，后者提供模拟与混合信号专用集成电路及知识产权核，使公司业务扩展到存储器之外。
• In June 2018 it announced an agreement to buy Echelon Corporation, a home and industrial automation company, for US$45 million, and the acquisition closed three months later.2018 年 6 月，公司宣布以 4500 万美元收购家庭与工业自动化企业 Echelon Corporation，交易在三个月后完成。
• Echelon brought embedded systems, LonWorks networking and SmartServer products into Adesto, turning it into a supplier of both chips and edge systems for industrial IoT customers.Echelon 为 Adesto 带来了嵌入式系统、LonWorks 网络与 SmartServer 产品，使其成为同时供应芯片与边缘系统的工业物联网厂商。
• In 2018 Adesto began a research cooperation with the University of California San Diego to explore computing performed directly inside memory, an early look at what became known as in-memory computing.2018 年，Adesto 与加利福尼亚大学圣迭戈分校展开研究合作，探索直接在存储器内部完成计算，这是后来被称为存内计算的早期尝试。
• Dialog Semiconductor announced on February 20, 2020 that it would acquire Adesto for US12.55 per share in cash, valuing the enterprise at about US500 million.Dialog Semiconductor 于 2020 年 2 月 20 日宣布以每股 12.55 美元现金收购 Adesto，企业价值约 5 亿美元。
• The transaction closed in July 2020, and Adesto became part of Dialog's industrial IoT business rather than a separately listed company.交易于 2020 年 7 月完成，Adesto 成为 Dialog 工业物联网业务的一部分，不再是一家独立上市公司。
• Renesas Electronics completed its EUR 4.8 billion acquisition of Dialog in 2021, so Adesto's memory and industrial IoT products became part of the larger Japanese semiconductor group.瑞萨电子于 2021 年完成对 Dialog 的 48 亿欧元收购，Adesto 的存储器与工业物联网产品由此归入这家规模更大的日本半导体集团。
• In its last full year as a public company Adesto reported revenue of US$118.2 million for 2019, a figure Dialog cited when it announced the takeover.作为上市公司的最后一个完整财年，Adesto 2019 年营收为 1.182 亿美元，Dialog 在宣布收购时引用了这一数字。
• Adesto's product lines continued under Dialog and then Renesas, while the Adesto brand and its Nasdaq listing disappeared after the 2020 acquisition.Adesto 的产品线在 Dialog 与随后的瑞萨旗下延续，但 Adesto 品牌及其纳斯达克上市地位在 2020 年收购后消失。

Business and products

• CBRAM was Adesto's signature memory technology, a low-power resistive memory that could be embedded in chips and used for code storage in battery-powered devices.CBRAM 是 Adesto 的标志性存储技术，是一种可嵌入芯片、用于电池供电设备代码存储的低功耗电阻式存储器。
• The company also sold serial flash memory under the DataFlash name and EcoXiP octal interface products designed for execute-in-place code storage in microcontrollers and embedded processors.公司还以 DataFlash 之名销售串行闪存，并提供面向微控制器与嵌入式处理器就地执行代码存储的 EcoXiP 八线接口产品。
• S3 Semiconductors added analog and mixed-signal ASIC design and IP cores, allowing Adesto to sell custom silicon alongside its standard memory parts.S3 Semiconductors 带来了模拟与混合信号专用集成电路设计与知识产权核，使 Adesto 能在标准存储器件之外销售定制芯片。
• Echelon's LonWorks networking platform and SmartServer edge controllers served building automation, smart metering and industrial control customers, complementing Adesto's chip portfolio.Echelon 的 LonWorks 网络平台与 SmartServer 边缘控制器服务楼宇自动化、智能计量与工业控制客户，与 Adesto 的芯片组合形成互补。
• Adesto sold directly to original equipment manufacturers and original design manufacturers, which built its memory and systems into devices sold under their own brands.Adesto 直接向原始设备制造商与原始设计制造商销售，后者把其存储器与系统集成到自有品牌设备中。
• Its customers operated in industrial, consumer, communications and medical markets, applications where low power consumption and long battery life often mattered more than raw speed.其客户分布在工业、消费、通信与医疗市场，这些应用往往更看重低功耗与长续航，而非单纯的运行速度。
• Before the Dialog deal the company served more than 2,000 customers, and Dialog said the combined businesses would reach over 5,000 customers, most of them new to Dialog.在 Dialog 交易之前，公司服务客户超过 2000 家，Dialog 称合并后的业务将覆盖 5000 多家客户，其中多数对 Dialog 而言是新客户。
• Memory products generated most of the revenue, while the systems business from Echelon and the ASIC business from S3 provided higher-value, lower-volume sales.存储器产品贡献了大部分营收，而来自 Echelon 的系统业务与来自 S3 的专用集成电路业务则提供价值更高、销量较低的销售。
• The company competed with larger serial-flash manufacturers and with customers that designed their own embedded memory, so it emphasized low power, small packages and long product lifetimes.公司与规模更大的串行闪存制造商以及自行设计嵌入式存储器的客户竞争，因此强调低功耗、小封装与长产品生命周期。
• After the Renesas acquisition the memory, ASIC and edge-system lines were folded into Renesas's broader microcontroller and industrial portfolio rather than marketed under the Adesto name.被瑞萨收购后，存储器、专用集成电路与边缘系统产品线并入瑞萨更广泛的微控制器与工业产品组合，而不再以 Adesto 之名推广。

Organization and governance

• Adesto Technologies Corporation was an American corporation headquartered in Santa Clara, California, and it was listed on Nasdaq from its 2015 IPO until the 2020 acquisition.Adesto Technologies Corporation 是一家总部位于加利福尼亚州圣克拉拉的美国公司，自 2015 年上市至 2020 年被收购期间在纳斯达克交易。
• Narbeh Derhacobian was president, chief executive and a director from January 2006 until the Dialog acquisition, leading the company from founding through IPO and sale.Narbeh Derhacobian 自 2006 年 1 月起担任总裁、首席执行官与董事，直至被 Dialog 收购，带领公司走过创立、上市与出售的全程。
• Shane Hollmer and Ishai Naveh were co-founders and remained part of the technology leadership that built the CBRAM and memory product lines.Shane Hollmer 与 Ishai Naveh 是联合创始人，长期留在负责构建 CBRAM 与存储产品线的技术领导团队中。
• As a public company Adesto had a board elected by shareholders and reported quarterly results, a governance structure that ended when Dialog took it private.作为上市公司，Adesto 设有由股东选举的董事会并按季度报告业绩，这一治理结构在 Dialog 将其私有化后终止。
• Echelon Corporation became a wholly owned subsidiary after the 2018 acquisition, and S3 Semiconductors was folded into Adesto's ASIC business.Echelon Corporation 在 2018 年收购后成为全资子公司，S3 Semiconductors 则并入 Adesto 的专用集成电路业务。
• At the time of the Dialog agreement Adesto employed about 270 people, spread across the United States, Europe and Asia.达成 Dialog 协议时，Adesto 约有 270 名员工，分布于美国、欧洲与亚洲。
• Dialog, a company headquartered in Reading, United Kingdom, integrated Adesto into its industrial IoT segment and later became a Renesas subsidiary itself.总部位于英国雷丁的 Dialog 把 Adesto 并入其工业物联网板块，而 Dialog 自身后来也成为瑞萨的子公司。
• Ownership passed from public shareholders to Dialog in 2020 and then to Renesas in 2021, so Adesto never operated as an independent company again.所有权于 2020 年从公众股东转至 Dialog，2021 年又转至瑞萨，Adesto 此后再未作为独立公司运营。

Financials

• Adesto's revenue grew from US44.0 million in 2016 to US56.1 million in 2017, US83.5 million in 2018 and US118.2 million in 2019, a period in which acquisitions broadened the business.Adesto 营收从 2016 年的 4400 万美元增至 2017 年的 5610 万美元、2018 年的 8350 万美元与 2019 年的 1.182 亿美元，这一时期收购扩大了业务范围。
• Gross profit rose from US21.4 million in 2016 to US56.7 million in 2019, but operating expenses from acquisitions kept the company unprofitable.毛利润从 2016 年的 2140 万美元增至 2019 年的 5670 万美元，但收购带来的运营开支使公司始终未能盈利。
• The company reported operating losses of US10.3 million in 2016, US4.8 million in 2017, US20.4 million in 2018 and US15.6 million in 2019.公司报告的营业亏损分别为 2016 年 1030 万美元、2017 年 480 万美元、2018 年 2040 万美元与 2019 年 1560 万美元。
• Net losses were US11.6 million in 2016, US5.7 million in 2017, US21.4 million in 2018 and US26.9 million in 2019.净亏损分别为 2016 年 1160 万美元、2017 年 570 万美元、2018 年 2140 万美元与 2019 年 2690 万美元。
• Cash and equivalents fell from US30.1 million at the end of 2017 to US8.6 million at the end of 2018 before recovering to US$21.3 million at the end of 2019.现金及等价物从 2017 年底的 3010 万美元降至 2018 年底的 860 万美元，随后在 2019 年底回升至 2130 万美元。
• Total assets rose from US46.2 million in 2016 to US167.2 million at the end of 2019, while stockholders' equity stood at US$58.8 million at the end of 2019.总资产从 2016 年的 4620 万美元增至 2019 年底的 1.672 亿美元，2019 年底股东权益为 5880 万美元。
• The 2015 IPO raised US28.75 million at US5 per share, and the 2018 Echelon acquisition cost US$45 million in cash.2015 年首次公开募股以每股 5 美元筹集 2875 万美元，2018 年收购 Echelon 花费 4500 万美元现金。
• Dialog agreed to pay US12.55 per share in cash, an enterprise value of about US500 million, and expected the deal to add to earnings in the first year.Dialog 同意以每股 12.55 美元现金收购，企业价值约 5 亿美元，并预计交易在第一个完整年度即增厚每股收益。
• Dialog said the combination would produce about US$20 million of annual cost synergies within the first year after closing, mainly from overlapping public-company and administrative costs.Dialog 表示合并将在交割后第一年实现约 2000 万美元的年度成本协同，主要来自重叠的上市公司与行政开支。
• After the acquisition Adesto's results were consolidated into Dialog and then into Renesas, and no separate financial statements were published again.收购完成后，Adesto 的业绩并入 Dialog 再到瑞萨的合并报表，未再单独公布财务报表。

Reception

• The 2015 IPO raised US$28.75 million, a modest debut that reflected investor caution about a small memory maker with losses.2015 年首次公开募股筹集 2875 万美元，这一温和的首秀反映出投资者对一家亏损的小型存储器厂商的谨慎。
• Revenue growth of about 42 percent in 2019, from US83.5 million to US118.2 million, was the strongest evidence that the Echelon and S3 acquisitions were adding scale.2019 年营收从 8350 万美元增至 1.182 亿美元、增幅约 42%，是 Echelon 与 S3 收购带来规模效应的最有力证据。
• Dialog chief executive Jalal Bagherli said the acquisition would strengthen Dialog's position in industrial IoT and complement its earlier purchase of Creative Chips.Dialog 首席执行官 Jalal Bagherli 表示，此次收购将增强 Dialog 在工业物联网的地位，并与其此前收购 Creative Chips 形成互补。
• Narbeh Derhacobian said combining Dialog and Adesto would create distinctive industrial IoT solutions for an increasingly connected world.Narbeh Derhacobian 表示，Dialog 与 Adesto 的结合将为日益互联的世界创造独特的工业物联网解决方案。
• Dialog expected the deal to add to earnings per share in the first calendar year and to yield about US$20 million in annual cost savings, claims that framed the transaction as financially disciplined.Dialog 预计交易在第一个日历年即增厚每股收益，并带来约 2000 万美元年度成本节约，这些说法把交易包装为财务上审慎的安排。
• The Echelon acquisition gave Adesto a building-automation franchise and a customer base beyond semiconductor buyers, but it also added complexity and losses.收购 Echelon 为 Adesto 带来楼宇自动化业务与半导体买家之外的客户群，但也增加了复杂性与亏损。
• The 2018 research agreement with the University of California San Diego on in-memory computing was cited in later Dialog materials as evidence of Adesto's longer-term technology ambition.2018 年与加利福尼亚大学圣迭戈分校达成的存内计算研究协议，后来被 Dialog 的资料引用为 Adesto 长期技术雄心的证据。
• Renesas's EUR 4.8 billion purchase of Dialog in 2021 was treated in the trade press as consolidation in automotive and industrial semiconductors, with Adesto a small part of the combined portfolio.瑞萨 2021 年以 48 亿欧元收购 Dialog，被行业媒体视为汽车与工业半导体领域的整合，Adesto 只是合并组合中的一小部分。
• The Adesto brand disappeared quickly after the sale, a common outcome for small public chip companies absorbed by larger acquirers with their own product families.Adesto 品牌在出售后迅速消失，这是小型上市芯片公司被拥有自有产品线的大型收购方吸收后的常见结局。

Notable people

• Narbeh Derhacobian co-founded Adesto in 2006 and served as president, chief executive and director until the 2020 sale, taking the company public and then selling it to Dialog.Narbeh Derhacobian 于 2006 年联合创办 Adesto，担任总裁、首席执行官与董事直至 2020 年出售，带领公司上市并最终卖给 Dialog。
• Shane Hollmer was a co-founder and technology leader whose work centered on the CBRAM memory design that defined the company's early products.Shane Hollmer 是联合创始人兼技术负责人，其工作围绕定义公司早期产品的 CBRAM 存储设计展开。
• Ishai Naveh was a co-founder and contributed to the memory technology and product development that Adesto commercialized after 2011.Ishai Naveh 是联合创始人，参与了 Adesto 在 2011 年后商业化的存储技术与产品开发。
• Jalal Bagherli, chief executive of Dialog, negotiated the US$500 million acquisition and placed Adesto inside Dialog's industrial IoT business.Dialog 首席执行官 Jalal Bagherli 主导了这笔约 5 亿美元的收购，并把 Adesto 纳入 Dialog 的工业物联网业务。
• The Echelon management team joined Adesto through the 2018 acquisition and ran the building-automation and embedded-systems business after the deal.Echelon 的管理团队通过 2018 年收购加入 Adesto，并在交易后负责楼宇自动化与嵌入式系统业务。