Intel has announced plans to spin off Programmable Solutions Group (PSG), with standalone operations expected to begin January 1, 2024.
Intel acquired PSG in 2015 but the company will spin it off as part of its broader strategy to focus on its core business. PSG will begin standalone operations with the new year. Sandra Rivera will be the company’s CEO, while Shannon Poulin has been named COO.
“Our intention to establish PSG as a standalone business and pursue an IPO is another example of how we are consistently unlocking more value for our stakeholders. This will give PSG the independence it needs to keep growing share in the FPGA market, differentiating itself with capacity and supply resilience from IFS, and allowing Intel product teams to focus on our core business and long-term strategy,” said Intel CEO Pat Gelsinger. “Sandra has proven herself by reinvigorating DCAI, placing it on a path for success. I am confident she will bring PSG that same dedication, energy and customer commitment.”
“This is an incredibly exciting day for me and the PSG team. Reestablishing PSG as a standalone business will enable us to unleash our full potential as we drive for leadership in this demanding and essential part of the semiconductor industry,” said Rivera. “Our strategic relationship with Intel will continue to be an advantage as it gives us maximum flexibility in how we address fast-growing markets like automotive and data center and communications.”
Poulin added, “This is a significant inflection point for the PSG business – one that will enable us to build out a leadership end-to-end portfolio of FPGA products, while also making enhancements to our go-to-market strategy that will enable us to achieve market share growth. The investments we are making in the new company and the autonomy of execution is good news for our customers, partners and the entirety of the FPGA industry.”