Qualcomm (NASDAQ:QCOM) has agreed to buy chip maker CSR (LON:CSR) for $2.5 billion, beating other semiconductor rivals to takeover the company which specializes in Bluetooth and digital signal processing (DSP) chips.

CSR, also known by its full name Cambridge Silicon Radio, has had a number of high-profile wins for its silicon including the Beats headset.

Qualcomm said that the acquisition would help strengthen its offerings in the burgeoning Internet of Things space as well as automotive infotainment.

“The addition of CSR’s technology leadership in Bluetooth, Bluetooth Smart and audio processing will strengthen Qualcomm’s position in providing critical solutions that drive the rapid growth of the Internet of Everything, including business areas such as portable audio, automotive and wearable devices,” said Steve Mollenkopf, chief executive officer of Qualcomm in a statement.

CSR was also being courted by Qualcomm rival Microchip Technology (NASDAQ: MCHP), but eventually rejected the offer as the price was not enough.

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