Chip maker Intel announced plans on Thursday to acquire Wind River Systems Inc., which makes software for embedded devices, for $11.50 a share, or $884 million in cash.

Alameda, Calif.-based Wind River helps companies develop and manage device software, notably in embedded systems and wireless products. The price offered is 44 percent over Wind River's Wednesday closing price of $8.

Intel said in a statement that the software vendor will be part of its strategy to grow its processor and software presence outside the traditional PC and server market segments into embedded systems and mobile handheld devices.

Wind River is scheduled to release its fiscal first-quarter results today after the closing bell.

Wind River has around 1,600 employees and annual sales of $359.7 million.

The company’s operating system, VxWorks, goes with middleware and design tools used for embedded devices. Wind River counts BMW, Boeing, NASA, Northrop Grumman, Sony and others as customers.

The deal is expected to close this summer.

Intel