SiTime Corporation, a fabless maker of MEMS based timing chips, announced this week that it has signed a definitive agreement under which it will be acquired by MegaChips Corporation for $200 million in cash. MegaChips is based in Japan, with its stock publicly trading on the Tokyo Stock Exchange, and claims to be one of the country's top 25 fabless semiconductor companies. MegaChips stated that its current annual revenue is $600 million. According to SiTime, this transaction combines "two complementary fabless semiconductor leaders" that provide solutions for wearable, mobile and Internet of Things markets. "SiTime's founders, Markus Lutz and Dr. Aaron Partridge, started the company with a vision of developing game-changing MEMS and analog technology to revolutionize the $5 billion timing industry," said Rajesh Vashist, CEO of SiTime. "Through innovation, passion and focus, we've successfully delivered on this vision. Today, SiTime is the overwhelming leader -- we have 1000 customers, 250 million units shipped, major design wins in all electronics segments, and a roadmap that extends SiTime's MEMS technology to all timing markets."