ON Semiconductor Acquires SensL Technologies Ltd., Leading Provider of SiPM, SPAD and LiDAR Sensing Products

Positions the company to deliver advanced solutions products for automotive, medical, industrial and consumer markets

PHOENIX, Ariz. – May 8, 2018 – ON Semiconductor Corporation (Nasdaq: ON), driving energy efficient innovations, today announced its acquisition of SensL Technologies Ltd. ("SensL"). The acquisition is expected to be immediately accretive to ON Semiconductor's non-GAAP earnings per share. SensL, based in Ireland, is a technology leader specializing in Silicon Photomultipliers (SiPM), Single Photon Avalanche Diode (SPAD) and LiDAR sensing products for automotive, medical, industrial and consumer markets. This acquisition positions ON Semiconductor to extend its market leadership in automotive sensing applications for ADAS and autonomous driving with expanded capabilities in imaging, radar and LiDAR. By combining this acquisition in Ireland with previously acquired radar technology and design centers in Israel and United Kingdom, ON Semiconductor is uniquely positioned to provide a comprehensive set of sensor solutions for next generation highly autonomous vehicles and to solidify its position as a leader in image sensing and ultrasonic park assistance. In the second half of 2018, ON Semiconductor is planning to introduce samples to the market which incorporate technology from the radar assets acquired in 2017.

"The entire SensL team, founded by Carl Jackson and led by Bryan Campbell, have done a great job in bringing SiPMs to market and we look forward to expanding their market success and continuing their product portfolio in LiDAR, medical imaging and radiation detection," said Taner Ozcelik, senior vice president and general manager Image Sensor Group. "The automotive sensor fusion demand is growing at an accelerated pace with a need for additional sensor technologies that are provided by the SensL team. Expanding our sensor technology assets and design capacity in Ireland will allow us to extend our leadership in established segments and to deliver new, world-class solutions for emerging segments."

The SensL team will report directly into the Image Sensor Group. The team is located in Cork, Ireland and expands a global sensor design footprint that now includes major locations in the United States, UK, Japan, India, Israel, and Ireland.

SensL is a leader today in the new frontier of medical imaging with broad product lines around SiPM and SPAD technologies which pave the way towards affordable solid state LiDAR. The company has been a leader in the emerging field of automotive LiDAR with multiple customers and strong roadmap based on their leading SPAD and SiPM based depth sensing technologies. SensL has been a leader in these depth sensing technologies with deep investments in research and development for the past 15 years. The technology is based on CMOS, which provides the economies of scale for cost effective solid state LiDAR solutions and enables leading depth accuracy, distance and power consumption for challenging imaging situations. These depth sensing technologies also enables advances in industrial robotics, machine vision, drones as well as mobile and other consumer applications. Additionally, complementing SensL's sensors with the expanded ON Semiconductor portfolio and strength in ASICs, ON Semiconductor will be able to provide more complete and optimized solutions to its broad customer base in automotive, medical, industrial and consumer markets.

This acquisition solidifies ON Semiconductor as a leader in sensing solutions for autonomous driving and ADAS applications, with a comprehensive portfolio of imaging, radar, ultrasound and LiDAR technologies.

Cautions regarding Forward-Looking Statements This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements related to the consummation and benefits of the acquisition by ON Semiconductor Corporation ("ON Semiconductor") of SensL and the future financial performance of ON Semiconductor. Forward-looking statements are often characterized by the use of words such as "believes," "estimates," "expects," "projects," "may," "will," "intends," "plans," or "anticipates," or by discussions of strategy, plans or intentions. These forward-looking statements are based on information available to us as of the date of this release and current expectations, forecasts, and assumptions and involve a number of risks and uncertainties that could cause actual results to differ materially from those anticipated by these forward-looking statements. Such risks and uncertainties include a variety of factors, some of which are beyond our control. In particular, such risks and uncertainties include, but are not limited to: difficulties encountered in integrating SensL; difficulties leveraging desired growth opportunities and markets; the prospect that automotive, medical, industrial and consumer sensor markets will not grow as rapidly as currently anticipated; the variable demand and the aggressive pricing environment for semiconductor products; the cyclical nature of the semiconductor industry; the adverse impact of competitive product announcements; revenues and operating performance; changes in demand for our products; technological and product development risks; litigation, including with respect to intellectual property matters; and availability of raw materials. Information concerning additional factors that could cause results to differ materially from those projected in the forward-looking statements is contained in ON Semiconductor's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other of ON Semiconductor's filings with the Securities and Exchange Commission. These forward-looking statements are as of the date hereof and should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as may be required by law. For additional information, visit ON Semiconductor's corporate website, www.onsemi.com, or for official filings visit the SEC website, www.sec.gov.

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