(NASDAQ:MCHP) - Microchip Technology Incorporated, a leading provider of smart, connected, and secure embedded control solutions, today announced that it has signed a definitive agreement to acquire Hailo, a provider of accelerated edge AI processors, advanced vision processing solutions, robotics processors and comprehensive AI software flows. The transaction is expected to close towards the end of the current quarter ending September 30, subject to customary closing conditions and regulatory approvals. The terms of the transaction are not being disclosed and the transaction is not expected to have a material impact on Microchip's financial results.

The proposed acquisition is expected to expand Microchip’s processing portfolio for intelligent edge systems and strengthen its ability to deliver accelerated, power-efficient edge AI solutions for robotics, advanced vision processing and intelligent edge applications, including drones, robots, smart cameras, industrial automation and embedded AI systems.