Intel Corp. said Thursday it will acquire embedded software specialist Wind River Systems Inc. for about $884 million.

It is a developer of of real-time operating system software and design tools for embedded computing applications.

Intel said in a statement that the deal is part of its strategy to boost its presence in the mobile handheld device and embedded systems markets.

The deal means "Wind River will more tightly align its software expertise to Intel's platforms to speed the pace of progress and software innovation," Wind River CEO Ken Klein added in the same statement.

Intel said it will acquire all outstanding Wind River common stock for $11.50 per share in cash. Wind River's board unanimously approved the deal with Intel, which is expected to close this summer. Wind River will become part of Intel's Software and Services Group, Intel said.

Wind River  was founded in 1981, and employs more than 1,600 workers. It reported annual revenues totaling $359.7 million in the fiscal year ending Jan. 31.

By: DocMemory
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