Altera is a fabless semiconductor company that specializes in high-density programmable logic devices (PLDs) -- integrated circuits (ICs) that OEMs can program to perform logic functions in electronic systems. PLDs are an alternative to custom-designed ICs, and offer a quick, reduced-cost chip. The company's products are used by its more than 12,500 customers worldwide in communications network gear, consumer electronics, medical systems, and industrial equipment. Altera outsources fabrication of the devices to top silicon foundry Taiwan Semiconductor Manufacturing Company. Customers outside the US represent most of the company's sales. Altera became a part of Intel in a $16.7 billion deal in late 2015.