SAN JOSE, Calif. -- InvenSense Inc. (Sunnyvale, Calif.), a provider of motion
processing solutions or gyroscopes, has filed a registration statement on Form
S-1 with the U.S. Securities and Exchange Commission for the proposed initial
public offering of its Class A common stock.
The number of shares to be offered and the price range for the offering have
not yet been determined.
Goldman, Sachs & Co. and Morgan Stanley & Co. Inc. are acting as
joint book-running managers for the offering. Oppenheimer & Co. Inc., Piper
Jaffray & Co., Robert W. Baird & Co. Inc. and ThinkEquity LLC are acting
as co-managers for the offering.
Steven Nasiri is the founder of InvenSense and has served as its president,
CEO and chairman since its inception in 2003. Prior to founding InvenSense,
Nasiri held various positions as a co-founder and executive of several MEMS
As of March 28, 2010, InvenSense's total headcount was 165. ''The foundation
of our MotionProcessing solution is our patented Nasiri-Fabrication process,
which combines MEMS on CMOS (also known as CMOS-MEMS) in a small, cost-effective
standard package,'' according to the filing. In 2009, it began shipping its ISZ
family of Z single-axis analog gyroscopes, IXZ family of X-Z dual-axis analog
gyroscopes and ITG family of X-Y-Z three-axis digital output gyroscopes.
''We consider our competitors to include Analog Devices, Inc., Robert Bosch
GmbH, Epson Toyocom Corp., Freescale Semiconductor, Inc., Kionix, Inc. (a wholly
owned subsidiary of Rohm Co., Ltd.), Murata Manufacturing Co., Ltd., Panasonic
Corporation, Sony Corporation, and STMicroelectronics N.V. (STMicro). Currently,
we believe STMicro is our primary competitor in the consumer motion sensing
market,'' according to the filing.
InvenSense's revenue was $7.8 million, $29.0 million and $79.6 million for
fiscal years 2008, 2009 and 2010, respectively, according to the filing.
InvenSense lost $6.9 million in 2008, but it had a profit of $196,000 in 2009
and a profit of $15.1 million in 2010, respectively, according to the filing.
Nintendo was its largest customer in fiscal years 2009 and 2010,
incorporating our motion sensing dual-axis gyroscope into its Wii MotionPlus
accessory, according ot the filing. Nintendo represented 85 percent of its sales
The fabless company uses various foundries, including Dalsa, Seiko Epson,
TSMC and Touch Micro-Systems Technology. ''The MEMS foundry typically performs
the critical wafer level bonding step of the Nasiri-Fabrication process and will
deliver the final combined CMOS-MEMS wafer product to us,'' according to the
''We currently outsource our packaging operations to Hana Microelectronics
Group, and Lingsen Precision Industries, Limited. The assembled products are
then forwarded for final calibration and outgoing functionality test, primarily
at our wholly owned subsidiary in Hsinchu, Taiwan, prior to shipping to our
customers,'' according to the firm.