Semiconductor company Analog Devices, Inc. (ADI) has acquired Empower Semiconductor in a $1.5 billion all-cash transaction.

In a statement, ADI said the acquisition will advance its position as a “strategic, system-level grid-to-core power partner for hyperscalers and silicon developers.”

The transaction is expected to close in the second half of 2026, subject to customary closing agreements. Following the completion of the deal, Empower CEO Tim Phillips will continue to lead Integrated Voltage Regulator (IVR) development efforts as part of ADI.

Founded in 2014 by Gene Sheridan, David Lidsky, and Phillips, Empower uses its self-designed IVR technology to develop system-on-chips (SoCs) that it says enable high-density and high-efficiency power delivery for AI and data center applications.

Lidsky left Empower in 2020 to pursue consultancy work, while Sheridan and Phillips remained with Empower as board members and CEO, respectively. Sheridan also took on the role of CEO of Navitas Semiconductor in 2014, but left that position this month in order to have “more time to dedicate to my other incredible creation, Empower Semiconductor,” according to a post on LinkedIn.

In September 2025, the company raised $140 million in a Series D funding round, which saw participation from investors including Maverick Silicon, CapitalG, and Walden Catalyst Ventures.

"AI infrastructure is fundamentally reshaping how power must be delivered, with energy now the most persistent constraint to scaling next-generation systems,” said Vincent Roche, CEO and chair at ADI. “ADI already delivers some of the highest-performance power management solutions in the industry, and with Empower, we are further expanding our portfolio to help customers rearchitect their power systems and achieve the compute densities next-generation AI demands. The impact of this technology extends well beyond AI data centers to any domain where energy constrains what is possible.”

In a post on LinkedIn, Walden chairman and Intel CEO, Lip-Bu Tan, wrote: “Congrats Tim Philips and whole Empower Semiconductor team on your hard work and persistence to develop Empower’s IVR solution to address power density, speed, and efficiency requirements for AI data centers. Walden Catalyst Ventures and I, via A&E Investment LLC, are fortunate to be investors of Empower for this exciting journey together.”