Philips Semiconductor unveiled its new name Thursday, becoming NXP after 50 years as the semiconductor division of the Dutch electronics conglomerate.NXP stands for “Next Experience,” the company said in a statement. The name was changed after a group of private equity firms led by Kohlberg Kravis Roberts & Co. (KKR) bought an 80.1 percent stake in the company. Bain Capital, Silver Lake Partners, Apax and AlpInvest Partners worked with KKR on the deal, and Koninklijke Philips Electronics retained a 19.9 percent stake in the chip maker. Frans van Houten will continue as the company’s chief executive officer.The new shareholders will invest 1 billion euros (US$1.28 billion) in research and development, the company said, but did not specify over what period. SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe The company will maintain its headquarters in Europe, with a total of about 37,000 employees in 20 countries. -Steven Schwankert, IDG News Service (Beijing Bureau)Check out our CIO News Alerts and Tech Informer pages for more updated news coverage. Related content brandpost Four Leadership Motions make leading transformative work easier The Four Leadership Motions can be extremely beneficial —they don’t just drive results among software developers, they help people make extraordinary progress wherever they lead. By Jason Fraser, Director, Product Management & Design, VMware Tanzu Labs, Public Sector Sep 21, 2023 5 mins IT Leadership feature The year’s top 10 enterprise AI trends — so far In 2022, the big AI story was the technology emerging from research labs and proofs-of-concept, to it being deployed throughout enterprises to get business value. This year started out about the same, with slightly better ML algorithms and improved d By Maria Korolov Sep 21, 2023 16 mins Machine Learning Artificial Intelligence opinion 6 deadly sins of enterprise architecture EA is a complex endeavor made all the more challenging by the mistakes we enterprise architects can’t help but keep making — all in an honest effort to keep the enterprise humming. By Peter Wayner Sep 21, 2023 9 mins Enterprise Architecture IT Strategy Software Development opinion CIOs worry about Gen AI – for all the right reasons Generative AI is poised to be the most consequential information technology of the decade. Plenty of promise. But expect novel new challenges to your enterprise data platform. By Mike Feibus Sep 20, 2023 7 mins CIO Generative AI Artificial Intelligence Podcasts Videos Resources Events SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe