Dallas, Texas 10/02/2013 (Financialstrend) – San Jose, California based InvenSense Inc (NYSE:INVN) on October 1 announced inauguration of new design and development centre in Seoul. The company is into the development and sale of niche” motion tracking” system which goes into the operations of chip set devices like smart phones and tablets. The firm believes that having a satellite development centre in Korea will help it leverage additional trained engineers who are in close proximity to its major customers like Samsung, LG and other design manufacturers.
Company plans to derive mileage from the fact that Korea has recorded the highest growth in the mobile and semiconductor industries over the past couple of years. InvenSense CEO and President Behrooz Abdi is quoted to have commented thus, with regards the opening up of new facility. “The expansion of our presence in Korea demonstrates InvenSense’s deepened commitment to the Asia Pacific region and being strategically located near some of Asia’s largest ODMs will enable us to jointly innovate next-generation solutions.”
InvenSense MotionTracking™ solutions are used by most of the top consumer electronic device manufacturers in the world. The propriety “InvenSense Platform” and yet to be patented “MotionFusion” technology is slated to further increase the market share and footprint of this company. These emerging technologies help address the growing need for intuitive motion- and gesture-sensing solutions in the burgeoning smart phones, tablets, notebooks, video gaming devices and in the nascent smart TV markets .
The company has a market cap of $1.56 billion with annual sales of $225 million. It quarter on quarter sales has gone up by close to 42% compared to its previous quarter. It has logged $54 million income over the past 12 months trailing period. On the back of growing sales the stock has appreciated by close to 82% in the past 6 months.