PALO ALTO, Calif.--(BUSINESS WIRE)--GigOptix, Inc. (OTCBB: GGOX), a leading high speed analog semiconductor manufacturer specializing in electronic engines for the optically connected digital world, today announced that the company has signed a definitive agreement, and completed the acquisition of ChipX, Incorporated, a privately-held fabless supplier of analog and mixed signal custom Application Specific Integrated Circuits (ASICs) on November 9, 2009.
It is anticipated that on a consolidated pro-forma, non-GAAP basis, the company, with locations in the U.S., Switzerland and Israel, will have had combined revenues for the first nine months of 2009 of more than $25M. GigOptix and its subsidiaries will also have a work force of approximately 95 employees, down from 115 pre-merger, of which around 40% are in research and development, and approximately 15% are in sales and marketing. As demonstrated in its previous three acquisitions, the company believes it will achieve significant financial efficiencies after consolidation. Prior to the acquisition, GigOptix employees delivered approximately $230K annual revenue per employee, which the company plans to improve to over $300K annual revenue per employee in 2010.
With the acquisition, GigOptix brings high volume silicon design expertise into the company to complement its design excellence in the more specialist semiconductor technologies of III-V, Silicon germanium and of course its unique expertise in Electro-Optic (EO) polymer technology. This will support its strategic move into higher levels of integration of analog and mixed signal system-on-chip products, such as Clock Data Recovery (CDR) and Serializer/De-Serializers (SERDES). Similar to the acquisition of Helix Semiconductors in January 2008, the acquisition supports GigOptix’s plan to efficiently expand its product portfolio into high volume optically connected markets such as consumer electronics, data centers, high performance computing as well as significantly reducing the time and cost of developing new products, customer relationships and vertical markets. The transaction also delivers increased scale with an existing revenue stream from complementary product sales.
The terms of the deal provide for the ChipX investors to receive approximately 3.5 million common shares, representing approximately 26% of the fully diluted share count of GigOptix. As well as the operational benefits, the acquisition is anticipated to have the significant effect of broadening the ownership of the GigOptix common stock with the addition of new strategic and institutional investors. In parallel with closing the acquisition, the company has entered into a new commercial banking relationship with Bridge Bank, N.A. (NASDAQ: BBNK), a full-service professional business bank based in San Jose, California, which will include a $4 million asset-based line of credit.
Tuesday, November 10, 2009
Thursday, November 5, 2009
ON Semiconductor Acquires PulseCore Semiconductor
ON Semiconductor (Nasdaq: ONNN) today announced the acquisition of PulseCore Semiconductor in an all cash transaction for initial consideration of approximately $17 million. PulseCore is now a wholly owned subsidiary of ON Semiconductor.
“The acquisition of PulseCore expands ON Semiconductor’s high gross margin clock and circuit protection offerings for the consumer, wireless and computing end-market customers,” said Keith Jackson, ON Semiconductor president and CEO. “PulseCore’s capabilities in standard and custom high-speed and low power analog and mixed signal solutions for electromagnetic interference (EMI) reduction also enhance ON Semiconductor’s overall EMI filtering and circuit protection portfolios. In addition, PulseCore’s strong design capabilities and history in India represents ON Semiconductor’s first foray into design activity in that country.”
This acquisition provides current and prospective customers of PulseCore products access to ON Semiconductor’s world-class global manufacturing, sales, and support operations.
PulseCore’s multiple generations of EMI reduction technology — including its standard and custom high-speed and low-power analog and mixed-signal silicon solutions — address the growing problem of EMI compliance issues within high-volume consumer applications. PulseCore’s proprietary spread-spectrum technology has been proven in a range of applications from top-tier consumer electronics OEM’s.
The majority of customers’ daily business interactions with PulseCore Semiconductor, including sales operations, will remain unchanged at this time. In addition, substantially all PulseCore employees will join the ON Semiconductor team.
“The acquisition of PulseCore expands ON Semiconductor’s high gross margin clock and circuit protection offerings for the consumer, wireless and computing end-market customers,” said Keith Jackson, ON Semiconductor president and CEO. “PulseCore’s capabilities in standard and custom high-speed and low power analog and mixed signal solutions for electromagnetic interference (EMI) reduction also enhance ON Semiconductor’s overall EMI filtering and circuit protection portfolios. In addition, PulseCore’s strong design capabilities and history in India represents ON Semiconductor’s first foray into design activity in that country.”
This acquisition provides current and prospective customers of PulseCore products access to ON Semiconductor’s world-class global manufacturing, sales, and support operations.
PulseCore’s multiple generations of EMI reduction technology — including its standard and custom high-speed and low-power analog and mixed-signal silicon solutions — address the growing problem of EMI compliance issues within high-volume consumer applications. PulseCore’s proprietary spread-spectrum technology has been proven in a range of applications from top-tier consumer electronics OEM’s.
The majority of customers’ daily business interactions with PulseCore Semiconductor, including sales operations, will remain unchanged at this time. In addition, substantially all PulseCore employees will join the ON Semiconductor team.
Monday, November 2, 2009
Intelleflex Adds Development Team and IP, Spun Out from Maxim Integrated Products
Santa Clara, CA, October 28, 2009 -- Intelleflex, the leader in Extended Capability RFID, today announced that they have reached a definitive agreement with Maxim Integrated Products (NASDAQ: MXIM) that will result in the transfer of a Maxim engineering team, a body of design works and related IP to Intelleflex in return for Maxim receiving an equity position in Intelleflex. In addition, Intelleflex and Maxim will partner on certain go-to-market activities in the future.
Intelleflex President and CEO Peter Mehring commented, "This transaction combines the leaders in Class 3 RFID. The added development capacity and complementary design ideas will allow us to accelerate the product road map and build a leading position in the applications and markets for Class 3 RFID technology."
Maxim Division Vice President Chris Neil commented, “The combination of these complementary teams creates a clear leader in this emerging Class 3 RFID technology. The Maxim team is leading the Class 3 world-wide standards definition and development, and the Intelleflex team is the leader in Extended Capability RFID product development. ”
"We saw this spin-out combination as a natural fit that further strengthens Intelleflex's position," added Ketan Patel of New Venture Partners, who recently led a $8M investment round in Intelleflex. "The Maxim team was doing great work on a parallel path with Intelleflex. By joining forces, they'll be able to move further, faster toward an impressive set of new extended capability RFID products for major market impact in 2010 and beyond." New Venture Partners LLC, is a global venture capital firm dedicated to corporate technology spinouts, with over $700 million under management..
In total, seven engineers from Maxim will be joining the team at Intelleflex, and will be based in Dallas, TX and at Intelleflex's headquarters in Santa Clara, CA.
Intelleflex President and CEO Peter Mehring commented, "This transaction combines the leaders in Class 3 RFID. The added development capacity and complementary design ideas will allow us to accelerate the product road map and build a leading position in the applications and markets for Class 3 RFID technology."
Maxim Division Vice President Chris Neil commented, “The combination of these complementary teams creates a clear leader in this emerging Class 3 RFID technology. The Maxim team is leading the Class 3 world-wide standards definition and development, and the Intelleflex team is the leader in Extended Capability RFID product development. ”
"We saw this spin-out combination as a natural fit that further strengthens Intelleflex's position," added Ketan Patel of New Venture Partners, who recently led a $8M investment round in Intelleflex. "The Maxim team was doing great work on a parallel path with Intelleflex. By joining forces, they'll be able to move further, faster toward an impressive set of new extended capability RFID products for major market impact in 2010 and beyond." New Venture Partners LLC, is a global venture capital firm dedicated to corporate technology spinouts, with over $700 million under management..
In total, seven engineers from Maxim will be joining the team at Intelleflex, and will be based in Dallas, TX and at Intelleflex's headquarters in Santa Clara, CA.
Tuesday, October 13, 2009
Sigma Designs, Inc. to Acquire CopperGate Communications Ltd.
MILPITAS, Calif. & TEL AVIV, Israel--(BUSINESS WIRE)--Sigma Designs®, Inc. (NASDAQ:SIGM) (“Sigma”) and CopperGate Communications Ltd. (“CopperGate”) today announced that the companies have entered into a definitive agreement for Sigma to acquire CopperGate in a cash and stock transaction with an agreed value of $160 million, net of CopperGate’s cash at the closing of the transaction.
CopperGate is a leading provider of silicon-based modem solutions enabling distribution of broadband digital content over all three types of wires in the home: coax, phone and power. CopperGate solutions are deployed by service providers enabling the delivery of HDTV, VoIP and fast Internet services. CopperGate is headquartered in Tel Aviv, Israel with operations in the U.S. and Taiwan.
The combination of Sigma and CopperGate creates a leading provider of networked home entertainment semiconductor solutions. The companies have highly complementary technology platforms that form a portfolio of end to end solutions. The transaction further strengthens Sigma’s position and expands its footprint with key customers, in addition to enabling cross selling opportunities.
The combination of Sigma and CopperGate is also expected to yield several potential synergies including synergies from leveraging manufacturing know-how and combined wafer sourcing, further SoC integration and combined research and development.
The estimated amount of cash to be paid by Sigma on the closing date is approximately $92 million, plus the amount of cash and cash equivalents estimated to be held by CopperGate at the closing, net of CopperGate transaction expenses and debt outstanding at the closing. In addition, Sigma will issue shares of its common stock to CopperGate shareholders estimated at the time of signing to equal approximately 4.0 million shares.
Sigma has also agreed to pay up to an aggregate of $5.0 million in cash to specified CopperGate employees; provided that the eligible employee remains employed by Sigma and certain milestones are achieved. Sigma will also assume unvested stock options held by CopperGate employees that will become exercisable for approximately 0.5 million Sigma shares when vested in accordance with their existing vesting schedules.
The definitive agreement and the acquisition have been approved by the board of directors of each company. The closing of the transaction remains subject to closing conditions, including the approval of the shareholders of CopperGate and Israeli securities law matters. The holders of over 95% of the outstanding capital stock of CopperGate have executed the definitive agreement. Certain significant shareholders have also agreed to vote their shares in favor of the transaction. The transaction is expected to close in 45 to 60 days. UBS Securities LLC is acting as Sigma’s exclusive financial advisor.
CopperGate is a leading provider of silicon-based modem solutions enabling distribution of broadband digital content over all three types of wires in the home: coax, phone and power. CopperGate solutions are deployed by service providers enabling the delivery of HDTV, VoIP and fast Internet services. CopperGate is headquartered in Tel Aviv, Israel with operations in the U.S. and Taiwan.
The combination of Sigma and CopperGate creates a leading provider of networked home entertainment semiconductor solutions. The companies have highly complementary technology platforms that form a portfolio of end to end solutions. The transaction further strengthens Sigma’s position and expands its footprint with key customers, in addition to enabling cross selling opportunities.
The combination of Sigma and CopperGate is also expected to yield several potential synergies including synergies from leveraging manufacturing know-how and combined wafer sourcing, further SoC integration and combined research and development.
The estimated amount of cash to be paid by Sigma on the closing date is approximately $92 million, plus the amount of cash and cash equivalents estimated to be held by CopperGate at the closing, net of CopperGate transaction expenses and debt outstanding at the closing. In addition, Sigma will issue shares of its common stock to CopperGate shareholders estimated at the time of signing to equal approximately 4.0 million shares.
Sigma has also agreed to pay up to an aggregate of $5.0 million in cash to specified CopperGate employees; provided that the eligible employee remains employed by Sigma and certain milestones are achieved. Sigma will also assume unvested stock options held by CopperGate employees that will become exercisable for approximately 0.5 million Sigma shares when vested in accordance with their existing vesting schedules.
The definitive agreement and the acquisition have been approved by the board of directors of each company. The closing of the transaction remains subject to closing conditions, including the approval of the shareholders of CopperGate and Israeli securities law matters. The holders of over 95% of the outstanding capital stock of CopperGate have executed the definitive agreement. Certain significant shareholders have also agreed to vote their shares in favor of the transaction. The transaction is expected to close in 45 to 60 days. UBS Securities LLC is acting as Sigma’s exclusive financial advisor.
Monday, October 12, 2009
Mentor Graphics and Valor Sign Definitive Merger Agreement
WILSONVILLE, Ore. & YAVNE, Israel--(BUSINESS WIRE)--Mentor Graphics Corporation (NASDAQ:MENT) and Valor Computerized Systems, Ltd. (Prime Standard:VCR) announced today that the two companies have signed a definitive merger agreement for Mentor Graphics to acquire Valor.
About the transaction
Under the terms of the agreement, which was approved by the boards of directors of both companies, Valor shareholders will receive a combination of Mentor Graphics common shares and cash for aggregate consideration of approximately $82 million, equating to approximately $4.60 per Valor share. Subject to satisfaction of regulatory requirements and approval of Valor shareholders, as well as certain closing conditions, the transaction is expected to close during the first calendar quarter of 2010, after which Valor will become a wholly-owned subsidiary of Mentor Graphics. Shareholders owning approximately 50 percent of outstanding shares of Valor have committed to vote in favor of the transaction.
About the transaction
Under the terms of the agreement, which was approved by the boards of directors of both companies, Valor shareholders will receive a combination of Mentor Graphics common shares and cash for aggregate consideration of approximately $82 million, equating to approximately $4.60 per Valor share. Subject to satisfaction of regulatory requirements and approval of Valor shareholders, as well as certain closing conditions, the transaction is expected to close during the first calendar quarter of 2010, after which Valor will become a wholly-owned subsidiary of Mentor Graphics. Shareholders owning approximately 50 percent of outstanding shares of Valor have committed to vote in favor of the transaction.
NXP Transfers IP and Development Team to Virage Logic
EINDHOVEN, Netherlands & FREMONT, Calif., Oct 12, 2009 (BUSINESS WIRE) -- NXP Semiconductors and Virage Logic Corporation (NASDAQ:VIRL) today announced a strategic agreement that accelerates NXP's move to high performance mixed signal leadership and further broadens Virage Logic's extensive semiconductor IP portfolio. The agreement calls for the transfer of a part of NXP's advanced CMOS intellectual property rights and certain engineering talent and equipment to Virage Logic. This arrangement includes a long-term licensing and IP development relationship between the two companies, enabling NXP to significantly reduce costs without compromising its design capability. Virage Logic will establish an R&D center in Eindhoven providing on-going support to NXP and developing new products based on the acquired advanced CMOS I/O, analog mixed signal and System-on-Chip (SoC) infrastructure IP. These new products, expected to be commercially available in early 2011, further the company's leadership position as the largest independent IP provider to the semiconductor industry.
This strategic alliance underscores the semiconductor industry's continuing trend for companies to focus on their core competencies while outsourcing non-differentiating elements of their business. This trend has enabled semiconductor companies to increase design concentration on development of their unique technical advantages, thus improving both product development cycle time as well as increasing the breadth of new product features. NXP's decision to select Virage Logic as its trusted IP provider is another step in the company's strategic vision to achieve leadership in high performance mixed signal.
Under the terms of the multi-year agreement, NXP will transfer over 160 employees and the assets associated with selected advanced CMOS libraries, IP blocks and SoC architecture along with other classes of semiconductor IP, including approximately 25 associated patent families. In consideration for the assets, NXP will receive 2.5 million shares of Virage Logic common stock, which will be subject to transfer restrictions, and a share of the future revenue generated by Virage Logic from licensing the transferred IP portfolio. In addition, Virage Logic will provide to NXP services surrounding the transferred IP for a 3.5-year period, and NXP will receive a 3.5 year license to Virage Logic's extensive standard-products semiconductor IP portfolio for all future SoC designs. In consideration for the services and the license of the Virage Logic IP portfolio, NXP will pay Virage Logic $60 million over four years from the closing of the transaction. The companies are targeting a closing in Q4 of this year, pending consultations with employee representatives. The transaction is expected to be accretive in Virage Logic's fourth fiscal quarter of 2010.
This strategic alliance underscores the semiconductor industry's continuing trend for companies to focus on their core competencies while outsourcing non-differentiating elements of their business. This trend has enabled semiconductor companies to increase design concentration on development of their unique technical advantages, thus improving both product development cycle time as well as increasing the breadth of new product features. NXP's decision to select Virage Logic as its trusted IP provider is another step in the company's strategic vision to achieve leadership in high performance mixed signal.
Under the terms of the multi-year agreement, NXP will transfer over 160 employees and the assets associated with selected advanced CMOS libraries, IP blocks and SoC architecture along with other classes of semiconductor IP, including approximately 25 associated patent families. In consideration for the assets, NXP will receive 2.5 million shares of Virage Logic common stock, which will be subject to transfer restrictions, and a share of the future revenue generated by Virage Logic from licensing the transferred IP portfolio. In addition, Virage Logic will provide to NXP services surrounding the transferred IP for a 3.5-year period, and NXP will receive a 3.5 year license to Virage Logic's extensive standard-products semiconductor IP portfolio for all future SoC designs. In consideration for the services and the license of the Virage Logic IP portfolio, NXP will pay Virage Logic $60 million over four years from the closing of the transaction. The companies are targeting a closing in Q4 of this year, pending consultations with employee representatives. The transaction is expected to be accretive in Virage Logic's fourth fiscal quarter of 2010.
Tuesday, October 6, 2009
OPTi 8K - OPTi and VIA Technologies, Inc. Reach Settlement Agreement in Patent Infringement Action
OPTi Inc (OTCBB:OPTI) today announced that it has entered into a Settlement and License Agreement with VIA Technologies, Inc. (“ VIA ”). The agreement dismisses the lawsuit that the Company filed against VIA in the Eastern District of Texas.
On July 3, 2007, the Company announced that it filed a complaint against VIA in the United Stated District Court for the Eastern District of Texas, for infringement of two U.S. patents. The patents at issue in the lawsuit are U.S. patent No. 5,944,807 and U.S. patent No. 6,098,141, both entitled “Compact ISA-Bus Interface.” The complaint alleged that VIA infringes the patents by making, selling, and offering for sale products based on and incorporating the Low Pin Count Interface Specification and inducing and contributing to the infringement of the patents by others.
In exchange for the Company agreeing to dismiss its lawsuit against VIA with prejudice, VIA has agreed to make two payments, totaling $650,000, to OPTi. Winston & Strawn lawyers Michael L. Brody, Taras A. Gracey and Ethan McComb and McKool Smith lawyers Sam Baxter, Kristi Thomas and Jason Cassady represent OPTi. OPTi has settled with seven of the eight defendants in the lawsuit. Its case against Advanced Micro Devices on the Compact ISA-Bus Interface patents remains, with jury selection to occur in August 2010.
On July 3, 2007, the Company announced that it filed a complaint against VIA in the United Stated District Court for the Eastern District of Texas, for infringement of two U.S. patents. The patents at issue in the lawsuit are U.S. patent No. 5,944,807 and U.S. patent No. 6,098,141, both entitled “Compact ISA-Bus Interface.” The complaint alleged that VIA infringes the patents by making, selling, and offering for sale products based on and incorporating the Low Pin Count Interface Specification and inducing and contributing to the infringement of the patents by others.
In exchange for the Company agreeing to dismiss its lawsuit against VIA with prejudice, VIA has agreed to make two payments, totaling $650,000, to OPTi. Winston & Strawn lawyers Michael L. Brody, Taras A. Gracey and Ethan McComb and McKool Smith lawyers Sam Baxter, Kristi Thomas and Jason Cassady represent OPTi. OPTi has settled with seven of the eight defendants in the lawsuit. Its case against Advanced Micro Devices on the Compact ISA-Bus Interface patents remains, with jury selection to occur in August 2010.
Monday, October 5, 2009
Trident Microsystems 8K - Trident Microsystems and NXP to Combine Digital TV and Set-Top Box Businesses
Trident Microsystems, Inc. (NASDAQ: TRID) and NXP Semiconductors today announced that they have signed a definitive agreement whereby Trident will acquire NXP’s television systems and set-top box business lines. Trident would remain fabless with a significant presence in Asia and as a result of the transaction would have a global leadership position in the digital home entertainment market. Under the terms of the transaction, NXP will receive newly issued shares of Trident common stock equal to 60% of the total shares outstanding post-closing, including approximately 6.7 million shares that NXP will purchase at a price of $4.50 per share, resulting in cash proceeds to Trident of $30 million.
“As the fragmented consumer IC market continues to consolidate, the ability to leverage IP across multiple segments is becoming increasingly important due to the R&D investments necessary to deliver leading-edge innovation,” said Sylvia Summers, President and CEO of Trident. “Through this transaction, Trident will become one of the leading global suppliers with the product portfolio, IP and operational infrastructure required to effectively serve the large, high-growth digital home entertainment market.”
Including revenue from the acquired product lines, Trident would have estimated revenue of approximately $500 million in calendar 2009, with approximately 60% attributable to television and 40% to set-top box. Upon closing, Trident will have an extensive portfolio of consumer IP applicable to a range of markets, with over 2,000 granted and in-process patents including motion estimation/motion compensation and conditional access, as well as advanced 45nm SoC technology. The combined product portfolio will enable Trident to offer a broad range of semiconductor solutions to the digital home market, which Trident estimates will reach $5 billion by 2010.
“Success in the consumer business requires a company culture based on rapid decision making, a fast pace of innovation, and a highly competitive cost structure,” stated Summers. “This proposed transaction enables Trident to achieve the economies of scale required to compete in the digital home market, while also taking advantage of our start-up culture and cost-efficient Asia-based engineering and operations. As a result, Trident will be well positioned to address a larger market, accelerate our time to breakeven and achieve our long-term financial objectives.”
In order to drive cost-efficient innovation that is competitive with the industry’s most aggressive consumer IC suppliers, Trident expects to retain a core set of technology centers of excellence in Europe and North America, while growing and leveraging the substantial engineering presence that each of NXP’s Home business unit and Trident already has in Asia. Following the close of the transaction, Trident intends to continue supporting the existing customers and design wins of each company. In addition, Trident plans to develop a converged product roadmap, leveraging the substantial IP of both companies and cost structure of Trident to provide the competitive products required for the next generation of customer designs.
“We believe the consumer IC business is a large, high-growth opportunity, best served by a company dedicated to this market with a highly efficient operating infrastructure,” said Rick Clemmer, President and CEO of NXP. “This proposed combination is the ideal structure to position the considerable technology and market assets of our digital TV and set-top box lines for growth and financial success. As the single largest shareholder in the expanded Trident, NXP can continue to take part in the significant upside opportunity for this business while achieving another major milestone in NXP’s plans to focus and lead in high-performance mixed signal.”
Reaffirming its long-term commitment to the digital home technology market, under the terms of the transaction, the primary shares being issued to NXP would be subject to a lock-up for two years.
Upon closing, Sylvia Summers will remain the CEO of Trident and Christos Lagomichos, EVP of NXP’s Home business unit, will become President. Pete Mangan will remain senior vice president and chief financial officer of Trident. In addition, after closing, NXP and Trident intend to cooperate in the development of complementary end-to-end solutions in other selected high-growth technology areas, including NXP’s car entertainment and silicon tuner product lines. Trident will be fabless and will have the ability to access state-of-the-art technology and manufacturing capacity from NXP’s manufacturing facilities, as well as the partner foundries and subcontractors of both companies. As a result of the terms and conditions agreed between the parties, NXP will account for its investment in Trident under the equity method.
The Boards of Trident and NXP have unanimously approved the agreement and the transactions contemplated by the agreement. The transaction is subject to the approval of the stockholders of Trident, consultations with employee representatives in certain jurisdictions and other customary closing conditions, including regulatory approvals. The transaction is expected to close in the first calendar quarter of 2010.
Trident expects to generate $140 million to $160 million in revenue in the calendar quarter ending June 30, 2010, its first full quarter post-closing, and expects to break even on a non-GAAP operating basis as early as the end of calendar year 2010.
“As the fragmented consumer IC market continues to consolidate, the ability to leverage IP across multiple segments is becoming increasingly important due to the R&D investments necessary to deliver leading-edge innovation,” said Sylvia Summers, President and CEO of Trident. “Through this transaction, Trident will become one of the leading global suppliers with the product portfolio, IP and operational infrastructure required to effectively serve the large, high-growth digital home entertainment market.”
Including revenue from the acquired product lines, Trident would have estimated revenue of approximately $500 million in calendar 2009, with approximately 60% attributable to television and 40% to set-top box. Upon closing, Trident will have an extensive portfolio of consumer IP applicable to a range of markets, with over 2,000 granted and in-process patents including motion estimation/motion compensation and conditional access, as well as advanced 45nm SoC technology. The combined product portfolio will enable Trident to offer a broad range of semiconductor solutions to the digital home market, which Trident estimates will reach $5 billion by 2010.
“Success in the consumer business requires a company culture based on rapid decision making, a fast pace of innovation, and a highly competitive cost structure,” stated Summers. “This proposed transaction enables Trident to achieve the economies of scale required to compete in the digital home market, while also taking advantage of our start-up culture and cost-efficient Asia-based engineering and operations. As a result, Trident will be well positioned to address a larger market, accelerate our time to breakeven and achieve our long-term financial objectives.”
In order to drive cost-efficient innovation that is competitive with the industry’s most aggressive consumer IC suppliers, Trident expects to retain a core set of technology centers of excellence in Europe and North America, while growing and leveraging the substantial engineering presence that each of NXP’s Home business unit and Trident already has in Asia. Following the close of the transaction, Trident intends to continue supporting the existing customers and design wins of each company. In addition, Trident plans to develop a converged product roadmap, leveraging the substantial IP of both companies and cost structure of Trident to provide the competitive products required for the next generation of customer designs.
“We believe the consumer IC business is a large, high-growth opportunity, best served by a company dedicated to this market with a highly efficient operating infrastructure,” said Rick Clemmer, President and CEO of NXP. “This proposed combination is the ideal structure to position the considerable technology and market assets of our digital TV and set-top box lines for growth and financial success. As the single largest shareholder in the expanded Trident, NXP can continue to take part in the significant upside opportunity for this business while achieving another major milestone in NXP’s plans to focus and lead in high-performance mixed signal.”
Reaffirming its long-term commitment to the digital home technology market, under the terms of the transaction, the primary shares being issued to NXP would be subject to a lock-up for two years.
Upon closing, Sylvia Summers will remain the CEO of Trident and Christos Lagomichos, EVP of NXP’s Home business unit, will become President. Pete Mangan will remain senior vice president and chief financial officer of Trident. In addition, after closing, NXP and Trident intend to cooperate in the development of complementary end-to-end solutions in other selected high-growth technology areas, including NXP’s car entertainment and silicon tuner product lines. Trident will be fabless and will have the ability to access state-of-the-art technology and manufacturing capacity from NXP’s manufacturing facilities, as well as the partner foundries and subcontractors of both companies. As a result of the terms and conditions agreed between the parties, NXP will account for its investment in Trident under the equity method.
The Boards of Trident and NXP have unanimously approved the agreement and the transactions contemplated by the agreement. The transaction is subject to the approval of the stockholders of Trident, consultations with employee representatives in certain jurisdictions and other customary closing conditions, including regulatory approvals. The transaction is expected to close in the first calendar quarter of 2010.
Trident expects to generate $140 million to $160 million in revenue in the calendar quarter ending June 30, 2010, its first full quarter post-closing, and expects to break even on a non-GAAP operating basis as early as the end of calendar year 2010.
Friday, October 2, 2009
Linear wins ITC Consent Order against Advanced Analogic
MILPITAS, Calif.--(BUSINESS WIRE)--Linear Technology Corporation (Nasdaq:LLTC), a leading supplier of high-performance analog integrated circuits, today announced that the judge issued a consent order against Advanced Analogic Technologies, Inc. (AATI) in Linear’s enforcement proceeding at the U.S. International Trade Commission (ITC). The ITC previously found that AATI violated Section 337 of the Tariff Act by importing voltage regulator chips that infringe claims 2, 3, and 34 of Linear’s U.S. Patent No. 6,580, 258 (‘258 patent). These patent claims protect Linear’s “sleep mode” invention, comprising circuitry that significantly extends battery life for a wide range of portable electronic devices by allowing the device to “sleep” when little power is needed. Specifically, the ITC determined that AATI’s infringing products include AAT1143, AAT1123, AAT1125, AAT1126, AAT2500, AAT2506, AAT2510, AAT2511, and AAT2512. The Commission then issued an exclusion order barring importation of the named semiconductor products and any other AATI chips that infringe Linear’s patent claims.
Thereafter, Linear and AATI cross-appealed the ITC’s decision and the Court of Appeals for the Federal Circuit issued its opinion on May 21, 2009. The Federal Circuit affirmed the ITC’s decision that the AATI 1143 family of products infringe the Linear patent and that claims 2, 3, and 34 are valid and enforceable. Further, the Federal Circuit determined that the AATI 1146 family (an additional 15 AATI products) also infringe the Linear patent and are subject to the exclusion order. The Federal Circuit also vacated the Commission’s non-infringement finding regarding the three remaining products at issue—the AAT1151, AAT1156, and AAT1265 (now subject to the consent order).
The ITC also instituted, at Linear’s request, an enforcement proceeding (currently scheduled for early 2010) to determine whether AATI has violated the exclusion order. AATI has since agreed to a limited exclusion order which the judge presiding over the enforcement proceeding has entered by a consent order on September 9, 2009.
Thereafter, Linear and AATI cross-appealed the ITC’s decision and the Court of Appeals for the Federal Circuit issued its opinion on May 21, 2009. The Federal Circuit affirmed the ITC’s decision that the AATI 1143 family of products infringe the Linear patent and that claims 2, 3, and 34 are valid and enforceable. Further, the Federal Circuit determined that the AATI 1146 family (an additional 15 AATI products) also infringe the Linear patent and are subject to the exclusion order. The Federal Circuit also vacated the Commission’s non-infringement finding regarding the three remaining products at issue—the AAT1151, AAT1156, and AAT1265 (now subject to the consent order).
The ITC also instituted, at Linear’s request, an enforcement proceeding (currently scheduled for early 2010) to determine whether AATI has violated the exclusion order. AATI has since agreed to a limited exclusion order which the judge presiding over the enforcement proceeding has entered by a consent order on September 9, 2009.
Volterra 8K - Wins injunction against Infineon
FREMONT, Calif., October 1, 2009 — Volterra Semiconductor Corporation (Nasdaq: VLTR), a leading provider of high-performance analog and mixed-signal power management semiconductors, today announced that at a September 30, 2009 hearing, the U.S. District Court granted Volterra’s motion for a preliminary injunction against Infineon Technologies AG, Infineon Technologies North America Corporation and Primarion Inc. (Infineon/Primarion) in a patent infringement lawsuit.
“We are very pleased that the Court granted our motion for a preliminary injunction against Infineon/Primarion,” said Jeff Staszak, Volterra’s President and Chief Executive Officer. “We believe this ruling signals the likelihood of success on the merits of our case against Infineon/Primarion, and validates the strength of our intellectual property position. We will continue to aggressively protect our patent and other intellectual property rights.”
About the Case
Volterra filed a lawsuit against Infineon/Primarion in November 2008 claiming, among other things, that Infineon/Primarion’s PX4640 and PX4650 integrated power products infringe certain Volterra patents. In December 2008, Infineon/Primarion filed certain counterclaims in response to the lawsuit. In July 2009, Volterra filed a motion for preliminary injunction, seeking to stop Infineon/Primarion from marketing or selling these products, on the grounds that they infringe Volterra patents.
The specific terms of the injunction and the Court’s reasoning for its ruling will be provided in a more detailed Court order which is expected to soon be issued.
In addition to the motion for preliminary injunction, Volterra had also filed a motion for partial summary judgment for infringement. Although the Court did not grant this motion at this time, Volterra will have the ability to pursue this motion again at a future date.
“We are very pleased that the Court granted our motion for a preliminary injunction against Infineon/Primarion,” said Jeff Staszak, Volterra’s President and Chief Executive Officer. “We believe this ruling signals the likelihood of success on the merits of our case against Infineon/Primarion, and validates the strength of our intellectual property position. We will continue to aggressively protect our patent and other intellectual property rights.”
About the Case
Volterra filed a lawsuit against Infineon/Primarion in November 2008 claiming, among other things, that Infineon/Primarion’s PX4640 and PX4650 integrated power products infringe certain Volterra patents. In December 2008, Infineon/Primarion filed certain counterclaims in response to the lawsuit. In July 2009, Volterra filed a motion for preliminary injunction, seeking to stop Infineon/Primarion from marketing or selling these products, on the grounds that they infringe Volterra patents.
The specific terms of the injunction and the Court’s reasoning for its ruling will be provided in a more detailed Court order which is expected to soon be issued.
In addition to the motion for preliminary injunction, Volterra had also filed a motion for partial summary judgment for infringement. Although the Court did not grant this motion at this time, Volterra will have the ability to pursue this motion again at a future date.
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