Almost every electronic device needs a clock, and for decades that clock was a sliver of quartz crystal. SiTime bet it could do the job with a tiny vibrating structure carved from silicon. Its MEMS timing chips were smaller, tougher, and easier to make in volume. By the time it went public in November 2019, SiTime belonged to a Japanese chip company, MegaChips, which still kept about two-thirds of the shares after the offering.

Replacing a Quartz Crystal

Markus Lutz and Aaron Partridge founded SiTime in Santa Clara in 2005. Quartz had ruled timing for a century, and suppliers had little reason to change. SiTime's devices used microelectromechanical systems, called MEMS, built on ordinary silicon. They resisted shock and heat, and they could be programmed to many frequencies. The bet was slow and patient. SiTime had to win designers one product at a time. In 2014 MegaChips bought the company for $200 million in cash.

Bottom of the Range

SiTime priced its IPO at $13 a share in November 2019, the low end of its range. The stock closed its first day at $18.65. Demand for its chips grew with 5G networks, data centers, and cars, and the stock climbed far above its offer price in the years after. MegaChips sold down its stake over time. SiTime still trades on Nasdaq under the ticker SITM.

Cover: Pocket watch, Utagawa Hiroshige. Art Institute of Chicago, public domain. Chosen for a pocket watch (timing).