On March 14, 2022, Alphawave IP Group plc acquired OpenFive, a business unit of SiFive Inc., for $210 million in cash, enhancing its position in the high-speed connectivity sector. This acquisition, expected to close in the second half of 2022 pending regulatory approvals, marked a significant expansion for Alphawave.

The deal nearly doubled Alphawave's connectivity-focused IP portfolio, increasing it from 80 to over 155, and broadened its customer base from 20 to over 75, especially in North America. This strategic move positioned Alphawave as a one-stop-shop for advanced connectivity solutions in cutting-edge technologies like 5nm, 4nm, and 3nm processes. Additionally, the acquisition included licensing RISC-V processor IPs from SiFive, enhancing Alphawave's offerings in data center and networking custom silicon solutions, and chiplet design capabilities.

Financially, the transaction was immediately accretive to Alphawave's earnings per share (EPS). The forecast for FY 2023 revenue was between $325 million to $360 million, with an anticipated yearly revenue run rate exceeding $500 million in 2024. Adjusted EBITDA margins were expected to be between 32-36% in 2023, increasing to 40-45% by 2025 as revenues surpassed $500 million.

This acquisition represented a significant advancement for Alphawave in the semiconductor industry, particularly at a time when the importance and adoption of RISC-V technology were growing. It was aimed at accelerating Alphawave's growth, enhancing its technology portfolio, and expanding its market presence, especially in North America.