Meet Lingareddy, the Andhra man who just sold his company to Intel for $300 million

The global chip giant, Intel, may be buying Soft Machines, which is a chip design company founded by an Indian origin entrepreneur Mahesh Lingareddy. Based out of Silicon Valley, this company has been bought reportedly for $300 million ( Rs 2,000 crore). While both the companies haven’t declared anything officially, the sources have confirmed that it is a cash-cum-stock deal with cash component over $250 million.

As per the deal, all professionals of Soft Machines will now become a part of Intel. Soft Machines develops technology that helps computation process faster and efficient. It was co founded by Lingareddy along with Mohammad A Abdallah from Jordan.

The company’s website says that Lingareddy is a pass out of Andhra University in Kakinada and University of Toledo. Founded in 2006, Soft Machines is based in Santa Clara of the US. It has raised $175 million from Samsung Ventures, AMD and Global Foundries.

The source has informed the Economic Times that all existing investors will exit the venture and Intel will take full control. Teams from Intel have already initiated the process of expanding the four-year-old operations of Soft Machines in Hyderabad by acquiring office space in the Financial District.

(Image: Wall Street Journal)