Chip giant Intel is set to acquire Wind River Systems, a maker of software for embedded devices.
Intel has entered a definitive agreement to buy Wind River for $11.50 per share in cash, which works out to a total value of approximately $884 million, Wind River said Thursday. Wind River would become a wholly owned subsidiary of Intel, reporting to the chipmaker's Software and Services Group, headed by Renee James.
The pending acquisition, Wind River said, would fit into "Intel's strategy to grow its processor and software presence outside the traditional PC and server market segments, into embedded systems and mobile handheld devices."
Embedded systems can include consumer electronics devices,dashboard gear, and networking equipment.
During its fiscal year that ended in January, Wind River had revenue of $359.7 million. The Alameda, Calif.-based company has more than 1,600 employees.
The acquisition is expected to close this summer, pending regulatory approvals and other conditions.
For a more in-depth look at the acquisition, see "Wind River buy makes Intel a software company."