NEWPORT BEACH, California, December 18, 2012 /PRNewswire/ -- TowerJazz, the global specialty foundry leader today announced its congratulations to its customer, SiTime Corporation, an analog semiconductor company that is revolutionizing the timing market, for being named the fastest growing semiconductor company in North America, based on Deloitte's 2012 Technology Fast 500. This ranking includes the 500 fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America. Technology Fast 500 winners are selected based on the percentage of fiscal year revenue growth from 2007 to 2011. SiTime ranked 38 th overall with revenues up 3853 percent during this period. (Logo: http://photos.prnewswire.com/prnh/20120509/531192 ) For a number of years, SiTime has been utilizing TowerJazz's 200mm wafer foundry in Newport Beach, CA to volume produce its silicon MEMS oscillator products, designed to replace traditional quartz oscillators. SiTime's products offer unsurpassed performance, reliability and flexibility, with the lowest cost of ownership, and are being rapidly adopted by major electronics companies worldwide. SiTime first announced a partnership with Jazz Semiconductor to bring its silicon MEMS oscillators to market in 2006, prior to Jazz's merger with Tower Semiconductor. Jazz was one of the first pure-play CMOS foundries with MEMS manufacturing capability allowing for the industrial scaling of MEMS products in the commercial CMOS foundry environment. Today, as a combined global company, TowerJazz is also pursuing other MEMS technologies, including RF MEMS, for both discrete product manufacturing and for integration with existing TowerJazz RF CMOS, HV CMOS and SiGe BiCMOS technologies. "SiTime's innovative silicon MEMS timing solutions are transforming the decades-old timing industry. By replacing quartz-based timing products, SiTime's MEMS solutions bring a multi-billion dollar frequency control market to the semiconductor industry. Unlike quartz, SiTime's MEMS timing solutions are manufactured in standard semiconductor fabs, ensuring easy availability and extremely large capacity," said Pavan Gupta, Vice President of Operations at SiTime. "We are extremely pleased with this amazing achievement and we would like to thank TowerJazz for all of their support. Our relationship with TowerJazz has successfully allowed SiTime to revolutionize the timing market. We look forward to continuing our close relationship with TowerJazz."