THE WOODLANDS, TX--(Marketwire - May 27, 2010) - Uni-Pixel, Inc. (OTCBB: UNXL), a production stage company delivering its Clearly Superior™ Performance Engineered Films to the lighting and display, solar, and flexible electronics market segments, today announced that Rambus Inc., one of the world's premier technology licensing companies, has acquired a portion of Uni-Pixel's award winning intellectual property (IP) portfolio relating to dynamic backlighting, field sequential color displays, and Time Multiplexed Optical Shutter (TMOS™) display technology. In addition, the Company has entered into an engineering services agreement with Rambus providing the ability for future collaboration and technology development. Rambus will pay Uni-Pixel $2.25 million for these display and backlighting patents.
TMOS display technology can provide LCD panel manufacturers with a better means of building displays by reducing material costs and delivering superior performance. The technology is targeted to leverage a subset of the current LCD manufacturing process, offering the potential of lowering the bill-of-materials and manufacturing costs by as much as 40-60%, while improving display performance characteristics including lower power consumption. Furthermore, backlight technology based on TMOS display technology can be applied to current LCD display panels to create a more efficient and cost-effective device.
Reed Killion, president and CEO of Uni-Pixel, noted, "Rambus has a long and rich history of creating and licensing industry-leading solutions, and we are pleased to enter into this agreement with a company of their caliber and significant expertise. The alignment with Rambus, specifically its Lighting and Display Technology group, leverages strong business and technical synergies around the licensing, development and manufacturing of advanced micro-optics (MicroLens™ technology), edge illumination systems (backlights) and display technologies. Rambus has demonstrated that its extensive system and integration expertise is core to its success in becoming one of the premier licensing companies in the world. We look forward to further leveraging our technological capabilities in support of this agreement."
Mr. Killion continued, "We see this agreement as a win-win for both companies, as it gives Uni-Pixel the ability to focus on our Clearly Superior Performance Engineered Films, while allowing Rambus to add innovative display and backlighting technology to its growing intellectual property portfolio."
"This acquisition recognizes the significant contributions Uni-Pixel's innovative technology can make to our solutions for LCD displays for HDTVs, mobile devices and PCs," said Jeff Parker, senior vice president of the Lighting and Display Technology group at Rambus. "In combination with our design expertise and patented innovations, such as MicroLens optical technology, our goal is to greatly advance the performance and cost-effectiveness of displays incorporating dynamic backlighting, field sequential color, and TMOS technology."
Uni-Pixel's business model is significantly optimized by focusing its efforts on the development and manufacturing of its Clearly Superior Performance Engineered Films for the display and backlighting, general lighting, solar and flexible electronics market sectors. To date, the Company's commercialization approach had centered on licensing the TMOS display and backlight technology to existing panel and backlight manufacturers, while supplying those licensees with its Clearly Superior Performance Engineered Film as one of the subcomponents in those technologies.
About Uni-Pixel, Inc.
Uni-Pixel is a production stage company delivering its Clearly Superior™ Performance Engineered Films to the Lighting & Display, Solar and Flexible Electronics market segments. Uni-Pixel's high-volume roll-to-roll or continuous flow manufacturing process offers high-fidelity replication of advanced micro-optic structures and surface characteristics over large area, combined with a thin film conductive element. The Company plans to sell its films as sub- components for use in LCD, FSC - LCD and its Time Multiplexed Optical Shutter (TMOS) display technology as a back light film and active film sub-component. The Company is currently shipping its Clearly Superior ™ Finger Print Resistant protective cover films for multiple touch enabled devices. In addition, Uni-Pixel sells its films under the Clearly Superior™ brand, as well as private label and OEM. Uni-Pixel was recently recognized by MDB Capital Group as one of the top 50 small-cap most innovative public companies. Uni-Pixel's corporate headquarters are located in The Woodlands, TX. For further information please see www.unipixel.com.
Thursday, May 27, 2010
Monday, May 24, 2010
MEMC Announces Agreement to Acquire Solaicx
ST. PETERS, Mo., May 24, 2010 /PRNewswire via COMTEX/ --MEMC Electronic Materials, Inc. (NYSE: WFR) today announced it has reached a definitive agreement to acquire privately held Solaicx, headquartered in Santa Clara, California.
Solaicx has developed proprietary continuous crystal growth manufacturing technology which yields low-cost, high-efficiency monocrystalline silicon wafers for the photovoltaic solar industry. The Solaicx technology allows for very high-volume crystal growth compared to the silicon ingots produced in the traditional precision semiconductor manufacturing process. The enhanced electrical performance of wafers from Solaicx ingots allows solar cell manufacturers to create higher efficiency cells with very competitive silicon costs. In addition to these customer benefits, the combined company will have low-cost polysilicon and crystal operations in North America and sales and support offices around the world, allowing the company to provide customers with industry leading customer service.
Solaicx has approximately 80 employees and a large-scale production facility in Portland, Oregon.
"Solaicx, along with its people and technical expertise, is a great addition to MEMC," said Ken Hannah, President of MEMC Solar Materials. "Solaicx's innovative and advanced manufacturing technology should enable us to reduce costs and improve efficiency, while enhancing our ability to drive the solar industry toward grid parity."
"Bringing MEMC and Solaicx together now is the right thing to do at the right time," continued Hannah. "The monocrystalline silicon market is forecast to grow at a compound annual growth rate of about 50 percent during the next three years. This transaction positions MEMC to significantly reduce the cost of monocrystalline silicon."
"We are pleased to be joining forces with MEMC," said David Ranhoff, President and CEO of Solaicx. "Our technology combined with MEMC's footprint and scale will enable our customers to further reduce the cost of solar electricity."
MEMC will pay to the existing securityholders of Solaicx at closing cash in the amount of $66 million, plus an additional amount in cash equal to amounts which have been recently invested in, or which may be invested prior to closing in Solaicx by its existing securityholders. The aggregate additional investment amount is estimated to be approximately $10 million. Solaicx's indebtedness for borrowed money will be extinguished at closing and is included in these amounts. The merger consideration is also subject to adjustment based on the net working capital of Solaicx at closing. The agreement also includes an earnout, should Solaicx meet certain performance targets in 2010 and 2011, of up to an additional $27.6 million payable to Solaicx securityholders, consisting of cash and MEMC common stock at the election of the securityholder. The stock portion of the earnout consideration, if any, will be issued to Solaicx securityholders as a private placement.
The acquisition is expected to close by the end of June 2010, subject to customary closing conditions, including Solaicx shareholder approval, and the receipt of regulatory approvals. MEMC expects the acquisition to be accretive to earnings in 2011, subject to purchase accounting adjustments.
GCA Savvian Advisors, LLC acted as exclusive financial advisor to MEMC in connection with this transaction.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of MEMC common stock in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About MEMC
MEMC is a global leader in the manufacture and sale of wafers and related intermediate products to the semiconductor and solar industries. MEMC is also a developer of solar power projects and North America's largest solar energy services provider. MEMC has been a pioneer in the design and development of silicon wafer technologies for 50 years. With R&D and manufacturing facilities in the U.S., Europe and Asia, MEMC enables the next generation of high performance semiconductor devices and solar cells. MEMC's common stock is listed on the New York Stock Exchange under the symbol "WFR" and is included in the S&P 500 Index. For more information about MEMC, visit www.memc.com.
About Solaicx, Inc.
Solaicx manufactures low-cost, high-quality silicon ingots using proprietary equipment optimized for the solar industry. Solaicx is "making solar electricity cost effective"(R) by reducing the manufacturing cost of crystalline photovoltaics, which comprise more than 80 percent of all solar cells on the market today. The Solaicx process provides significant competitive advantages in terms of cost, quality and silicon utilization. For more information about Solaicx, visit www.solaicx.com.
Solaicx has developed proprietary continuous crystal growth manufacturing technology which yields low-cost, high-efficiency monocrystalline silicon wafers for the photovoltaic solar industry. The Solaicx technology allows for very high-volume crystal growth compared to the silicon ingots produced in the traditional precision semiconductor manufacturing process. The enhanced electrical performance of wafers from Solaicx ingots allows solar cell manufacturers to create higher efficiency cells with very competitive silicon costs. In addition to these customer benefits, the combined company will have low-cost polysilicon and crystal operations in North America and sales and support offices around the world, allowing the company to provide customers with industry leading customer service.
Solaicx has approximately 80 employees and a large-scale production facility in Portland, Oregon.
"Solaicx, along with its people and technical expertise, is a great addition to MEMC," said Ken Hannah, President of MEMC Solar Materials. "Solaicx's innovative and advanced manufacturing technology should enable us to reduce costs and improve efficiency, while enhancing our ability to drive the solar industry toward grid parity."
"Bringing MEMC and Solaicx together now is the right thing to do at the right time," continued Hannah. "The monocrystalline silicon market is forecast to grow at a compound annual growth rate of about 50 percent during the next three years. This transaction positions MEMC to significantly reduce the cost of monocrystalline silicon."
"We are pleased to be joining forces with MEMC," said David Ranhoff, President and CEO of Solaicx. "Our technology combined with MEMC's footprint and scale will enable our customers to further reduce the cost of solar electricity."
MEMC will pay to the existing securityholders of Solaicx at closing cash in the amount of $66 million, plus an additional amount in cash equal to amounts which have been recently invested in, or which may be invested prior to closing in Solaicx by its existing securityholders. The aggregate additional investment amount is estimated to be approximately $10 million. Solaicx's indebtedness for borrowed money will be extinguished at closing and is included in these amounts. The merger consideration is also subject to adjustment based on the net working capital of Solaicx at closing. The agreement also includes an earnout, should Solaicx meet certain performance targets in 2010 and 2011, of up to an additional $27.6 million payable to Solaicx securityholders, consisting of cash and MEMC common stock at the election of the securityholder. The stock portion of the earnout consideration, if any, will be issued to Solaicx securityholders as a private placement.
The acquisition is expected to close by the end of June 2010, subject to customary closing conditions, including Solaicx shareholder approval, and the receipt of regulatory approvals. MEMC expects the acquisition to be accretive to earnings in 2011, subject to purchase accounting adjustments.
GCA Savvian Advisors, LLC acted as exclusive financial advisor to MEMC in connection with this transaction.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of MEMC common stock in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About MEMC
MEMC is a global leader in the manufacture and sale of wafers and related intermediate products to the semiconductor and solar industries. MEMC is also a developer of solar power projects and North America's largest solar energy services provider. MEMC has been a pioneer in the design and development of silicon wafer technologies for 50 years. With R&D and manufacturing facilities in the U.S., Europe and Asia, MEMC enables the next generation of high performance semiconductor devices and solar cells. MEMC's common stock is listed on the New York Stock Exchange under the symbol "WFR" and is included in the S&P 500 Index. For more information about MEMC, visit www.memc.com.
About Solaicx, Inc.
Solaicx manufactures low-cost, high-quality silicon ingots using proprietary equipment optimized for the solar industry. Solaicx is "making solar electricity cost effective"(R) by reducing the manufacturing cost of crystalline photovoltaics, which comprise more than 80 percent of all solar cells on the market today. The Solaicx process provides significant competitive advantages in terms of cost, quality and silicon utilization. For more information about Solaicx, visit www.solaicx.com.
Monday, May 17, 2010
Zarlink Sells Optical Products Group to Tyco Electronics
OTTAWA, ONTARIO--(Marketwire - May 17, 2010) - Zarlink Semiconductor (TSX:ZL) today announced that it has sold the assets of its Optical Products group to Tyco Electronics (NYSE: TEL) for approximately US$15 million in cash.
"The sale of our Optical Products group follows our strategy of narrowing our focus to markets where we can maintain a strong leadership position, while improving operational efficiencies to build a more profitable business," said Kirk Mandy, President and CEO, Zarlink Semiconductor. "This transaction enables us to target our sales and product development efforts on network timing, medical wireless and line circuit initiatives to expand our presence in these markets, build deeper customer relationships and address immediate and long-term revenue growth opportunities."
With the sale of its Optical Products group, Zarlink is now focused on its key growth initiatives in the network timing, medical wireless and line circuit markets. These include:
"The sale of our Optical Products group follows our strategy of narrowing our focus to markets where we can maintain a strong leadership position, while improving operational efficiencies to build a more profitable business," said Kirk Mandy, President and CEO, Zarlink Semiconductor. "This transaction enables us to target our sales and product development efforts on network timing, medical wireless and line circuit initiatives to expand our presence in these markets, build deeper customer relationships and address immediate and long-term revenue growth opportunities."
With the sale of its Optical Products group, Zarlink is now focused on its key growth initiatives in the network timing, medical wireless and line circuit markets. These include:
- Network timing products that help carriers deliver time-sensitive voice, video, data and multimedia traffic over packet networks, including Timing-over-Packet and Synchronous Ethernet solutions for wireless backhaul and new ClockCenter products for optical transport networks (OTN);
- Medical wireless radio chips and modules enabling high-speed, ultra reliable communication between implanted medical devices, including pacemakers and implantable cardioverter-defibrillators (ICDs), and monitoring and programming equipment;
- Line circuit technology enabling high-quality telephone service over cable and broadband networks.
Wednesday, April 28, 2010
Silicon Laboratories Acquires Silicon Clocks and CMEMS™ Technology
AUSTIN, Texas, April 28, 2010 - Silicon Laboratories Inc. (Nasdaq: SLAB) today announced the acquisition of Silicon Valley-based Silicon Clocks, an early stage company creating innovative microelectromechanical system (MEMS) technology. Silicon Clocks’ CMEMS™ (CMOS+MEMS) technology is aligned with Silicon Labs’ efforts to leverage its CMOS-based timing products into high-volume applications such as consumer electronics.
Silicon Clocks pioneered the development of a MEMS process technology that allows for the fabrication of MEMS resonators and other sensor structures directly on top of standard CMOS wafers. This approach will eliminate the need for boutique semiconductor processing and enables new levels of performance, integration, and size by eliminating the electrical parasitics and packaging issues associated with traditional solutions that co-package a standalone MEMS device and an IC.
“The Silicon Clocks team has created a very innovative MEMS technology that is designed to be compatible with standard CMOS mixed-signal ICs, enabling a new category of timing products that reduce system cost and optimize performance in a tiny footprint,” said Mark Downing, vice president of business development and corporate strategy for Silicon Laboratories. “In addition, we believe this is a strategic technology platform uniquely capable of integrating several different MEMS with their associated CMOS circuitry on the same monolithic die.”
Silicon Clocks will augment Silicon Labs’ R&D team and bring 20 key patents to the company.
About Silicon Clocks
Headquartered in Fremont, CA, Silicon Clocks was founded in 2006 to develop high performance semiconductor timing and sensor designs and its patented CMEMS™ technology. Silicon Clocks was backed by leading venture investors including Tallwood Venture Capital, Charles River Ventures, Formative Ventures, Lux Capital and Silicon Labs. For more information visit www.siliconclocks.com
About Silicon Laboratories Inc.
Silicon Laboratories is an industry leader in the innovation of high-performance, analog-intensive, mixed-signal ICs. Developed by a world-class engineering team with unsurpassed expertise in mixed-signal design, Silicon Labs’ diverse portfolio of highly-integrated, easy-to-use products offers customers significant advantages in performance, size and power consumption. These patented solutions serve a broad set of markets and applications including consumer, communications, computing, industrial and automotive.
Headquartered in Austin, TX, Silicon Labs is a global enterprise with operations, sales and design activities worldwide. The company is committed to contributing to our customers’ success by recruiting the highest quality talent to create industry-changing innovations. For more information about Silicon Labs, please visit www.silabs.com
Silicon Clocks pioneered the development of a MEMS process technology that allows for the fabrication of MEMS resonators and other sensor structures directly on top of standard CMOS wafers. This approach will eliminate the need for boutique semiconductor processing and enables new levels of performance, integration, and size by eliminating the electrical parasitics and packaging issues associated with traditional solutions that co-package a standalone MEMS device and an IC.
“The Silicon Clocks team has created a very innovative MEMS technology that is designed to be compatible with standard CMOS mixed-signal ICs, enabling a new category of timing products that reduce system cost and optimize performance in a tiny footprint,” said Mark Downing, vice president of business development and corporate strategy for Silicon Laboratories. “In addition, we believe this is a strategic technology platform uniquely capable of integrating several different MEMS with their associated CMOS circuitry on the same monolithic die.”
Silicon Clocks will augment Silicon Labs’ R&D team and bring 20 key patents to the company.
About Silicon Clocks
Headquartered in Fremont, CA, Silicon Clocks was founded in 2006 to develop high performance semiconductor timing and sensor designs and its patented CMEMS™ technology. Silicon Clocks was backed by leading venture investors including Tallwood Venture Capital, Charles River Ventures, Formative Ventures, Lux Capital and Silicon Labs. For more information visit www.siliconclocks.com
About Silicon Laboratories Inc.
Silicon Laboratories is an industry leader in the innovation of high-performance, analog-intensive, mixed-signal ICs. Developed by a world-class engineering team with unsurpassed expertise in mixed-signal design, Silicon Labs’ diverse portfolio of highly-integrated, easy-to-use products offers customers significant advantages in performance, size and power consumption. These patented solutions serve a broad set of markets and applications including consumer, communications, computing, industrial and automotive.
Headquartered in Austin, TX, Silicon Labs is a global enterprise with operations, sales and design activities worldwide. The company is committed to contributing to our customers’ success by recruiting the highest quality talent to create industry-changing innovations. For more information about Silicon Labs, please visit www.silabs.com
Thursday, April 22, 2010
IDT Acquires Power Module VRM Assets of IKOR, a Subsidiary of iWatt Corporation
SAN JOSE, Calif.--(BUSINESS WIRE)--Integrated Device Technology, Inc. (IDT®) (NASDAQ:IDTI), a leading provider of essential mixed signal semiconductor solutions that enrich the digital media experience, today announced it has acquired the assets of IKOR, a former subsidiary of iWatt Corporation that manufactures power module VRM solutions for high-performance computing. The all-cash transaction closed on April 16, 2010 and has already received appropriate board approvals.
“IKOR’s innovative power technology complements IDT’s growing power management initiative, allowing us to achieve higher levels of performance and integration,” said Dr. Ted Tewksbury, president and CEO of IDT. “The strength of IKOR’s patented coupled inductor technology uniquely positions IDT to serve the high-performance power management demands of the enterprise computing segment. We welcome IKOR’s expert team of power engineers to the growing analog team at IDT.”
About IDT
With the goal of continuously improving the digital media experience, IDT integrates its fundamental semiconductor heritage with essential innovation, developing and delivering low-power, mixed signal solutions that help customers overcome their system challenges. Headquartered in San Jose, Calif., IDT has design, manufacturing and sales facilities throughout the world. IDT stock is traded on the NASDAQ Global Select Stock Market® under the symbol “IDTI.” Additional information about IDT is accessible at www.IDT.com.
“IKOR’s innovative power technology complements IDT’s growing power management initiative, allowing us to achieve higher levels of performance and integration,” said Dr. Ted Tewksbury, president and CEO of IDT. “The strength of IKOR’s patented coupled inductor technology uniquely positions IDT to serve the high-performance power management demands of the enterprise computing segment. We welcome IKOR’s expert team of power engineers to the growing analog team at IDT.”
About IDT
With the goal of continuously improving the digital media experience, IDT integrates its fundamental semiconductor heritage with essential innovation, developing and delivering low-power, mixed signal solutions that help customers overcome their system challenges. Headquartered in San Jose, Calif., IDT has design, manufacturing and sales facilities throughout the world. IDT stock is traded on the NASDAQ Global Select Stock Market® under the symbol “IDTI.” Additional information about IDT is accessible at www.IDT.com.
Monday, April 12, 2010
Maxim to acquire Teridian for $315M
SUNNYVALE, CA– April 12, 2010 – Maxim Integrated Products, Inc. (NASDAQ:MXIM) announced today that it has entered into a definitive agreement to acquire privately held Teridian Semiconductor Corporation for approximately $315 million in cash.
Acquisition Highlights:
• The acquisition firmly positions Maxim as the technology leader for providing energy measurement and communications electronics to the attractive Smart Meter market.
• Teridian has 50% share in the fast growing system-on-chip (SoC) energy measurement market. Its SoCs, which integrate a highly-accurate analog front end, a microcontroller, and a display driver, are quickly replacing discrete solutions.
• Maxim will build on Teridian’s market position to accelerate sales of Maxim’s existing power management, real-time clock, and interface products, as well as security IP, which are all required in Smart Meters.
• Additionally, Maxim will leverage Teridian’s market position to accelerate the adoption of Maxim’s technology-leading G3 Powerline Communications (PLC) products for use in Smart Meters and high-reliability Smart Grid deployments worldwide.
• The acquisition is immediately accretive excluding acquisition-related charges and amortization.
Teridian is a fabless semiconductor company headquartered in Irvine, California. It is a major supplier to 3 of the top 4 major meter manufacturers in the U.S. and to over 50 meter manufacturers globally.
Teridian’s deep system knowledge and strong customer relationships enables Maxim to address the different specifications required of Smart Meters in all regions throughout the world.
Teridian’s key technical differentiator is its innovative architecture which delivers the most accurate power measurement over the widest dynamic range. To optimize time-to-market and reduce cost, meter manufacturers will continue to demand increasing levels of integration and complete system-level solutions. Maxim’s demonstrated ability to combine multiple mixed signal functions will be extremely synergistic in producing highly-integrated SoCs and complete system solutions that meet these requirements.
Smart Meter units using both SoC and multi-chip solutions are estimated to grow 10% annually through 2014. Since SoC based implementations are estimated to go from approximately one third of Smart Meters to a substantial majority over that same period, the demand for SoCs will increase at a much faster pace. Maxim projects its serviceable available market (SAM) for the energy measurement portion of Smart Meters to reach $380 million by 2014. In addition, the Company estimates an additional $375 million of SAM in fiscal year 2014 for other Maxim support and communications products used in Smart Meters and related Smart Grid
applications.
Maxim CEO Tunc Doluca remarked, “Global Smart Grid investment is essential to use power plants and transmission networks more efficiently. Energy measurement and grid communications are key components of the smart grid and necessitate the deployment of new electronic meters to replace older meters worldwide. The addition of the Teridian team and product line to Maxim will significantly accelerate our penetration in this fast-developing market and will help us maintain our balanced business model.”
Teridian CEO, Jerry Fitch commented “Teridian is working with manufacturers to enable the global trend toward improving energy efficiency and conservation via ubiquitous energy measurement. As part of Maxim, we will be able to provide more comprehensive solutions to these customers.”
Acquisition Highlights:
• The acquisition firmly positions Maxim as the technology leader for providing energy measurement and communications electronics to the attractive Smart Meter market.
• Teridian has 50% share in the fast growing system-on-chip (SoC) energy measurement market. Its SoCs, which integrate a highly-accurate analog front end, a microcontroller, and a display driver, are quickly replacing discrete solutions.
• Maxim will build on Teridian’s market position to accelerate sales of Maxim’s existing power management, real-time clock, and interface products, as well as security IP, which are all required in Smart Meters.
• Additionally, Maxim will leverage Teridian’s market position to accelerate the adoption of Maxim’s technology-leading G3 Powerline Communications (PLC) products for use in Smart Meters and high-reliability Smart Grid deployments worldwide.
• The acquisition is immediately accretive excluding acquisition-related charges and amortization.
Teridian is a fabless semiconductor company headquartered in Irvine, California. It is a major supplier to 3 of the top 4 major meter manufacturers in the U.S. and to over 50 meter manufacturers globally.
Teridian’s deep system knowledge and strong customer relationships enables Maxim to address the different specifications required of Smart Meters in all regions throughout the world.
Teridian’s key technical differentiator is its innovative architecture which delivers the most accurate power measurement over the widest dynamic range. To optimize time-to-market and reduce cost, meter manufacturers will continue to demand increasing levels of integration and complete system-level solutions. Maxim’s demonstrated ability to combine multiple mixed signal functions will be extremely synergistic in producing highly-integrated SoCs and complete system solutions that meet these requirements.
Smart Meter units using both SoC and multi-chip solutions are estimated to grow 10% annually through 2014. Since SoC based implementations are estimated to go from approximately one third of Smart Meters to a substantial majority over that same period, the demand for SoCs will increase at a much faster pace. Maxim projects its serviceable available market (SAM) for the energy measurement portion of Smart Meters to reach $380 million by 2014. In addition, the Company estimates an additional $375 million of SAM in fiscal year 2014 for other Maxim support and communications products used in Smart Meters and related Smart Grid
applications.
Maxim CEO Tunc Doluca remarked, “Global Smart Grid investment is essential to use power plants and transmission networks more efficiently. Energy measurement and grid communications are key components of the smart grid and necessitate the deployment of new electronic meters to replace older meters worldwide. The addition of the Teridian team and product line to Maxim will significantly accelerate our penetration in this fast-developing market and will help us maintain our balanced business model.”
Teridian CEO, Jerry Fitch commented “Teridian is working with manufacturers to enable the global trend toward improving energy efficiency and conservation via ubiquitous energy measurement. As part of Maxim, we will be able to provide more comprehensive solutions to these customers.”
Tuesday, March 30, 2010
Microsemi Corporation to Acquire White Electronic Designs Corporation
IRVINE, Calif. and PHOENIX, March 30, 2010 (GLOBE NEWSWIRE) -- Microsemi Corporation (Nasdaq:MSCC), a leading manufacturer of high performance analog mixed-signal integrated circuits and high reliability semiconductors, announced today that it has entered into a definitive agreement to acquire White Electronic Designs Corporation (Nasdaq:WEDC) through a cash tender offer at $7.00 per share for a net transaction value of approximately $100 million, net of White Electronic's projected cash balance at closing.
White Electronic is a leader in design, assembly, and test integration. They have extensive offerings and experience in Multi-Chip-On-Board solutions that are integrated into Defense and Aerospace applications. Their technology integrates surface mount technologies, microelectronics, and Anti Tamper technologies into one solution. Their market focus is where size, weight, and performance create a market advantage. A significant area of market expansion where they have developed unique technology is in the Anti Tamper market. This market is expanding rapidly as every major weapon system now requires this feature.
Anti Tamper technology enables key product offerings in the GPS receiver market for munitions programs such as the accelerated precision mortar initiative (APMI) and the Precision Guided Kit (PGK). These programs meet the urgent operational requirements of the U.S. military in Afghanistan that have highlighted the importance of pinpointing targets using GPS precision-guided munitions. GPS-enabled precision dramatically reduces the 136 meters circular error probable (CEP) of conventional mortars to about 10 meters. Improving the accuracy of mortars and other battery munitions is an important growth opportunity, not only because it reduces unfortunate collateral damage but it also greatly decreases wasteful spending on ordinances which land off target.
"The combination of Microsemi's and White Electronic's product portfolios further extends Microsemi's integrated solution offering in the Defense and Aerospace markets with superior technology and capability," said James J. Peterson, President and Chief Executive Officer of Microsemi Corporation. "White Electronic's chip level hardware solutions delay or obfuscate chip level attacks and mitigate reverse engineering and IP theft. This Anti Tamper capability is greatly needed today in protecting DoD-critical technologies, and especially helpful in enabling foreign military sales."
"The acquisition of White Electronic by Microsemi is designed to deliver excellent value to our shareholders while providing an enhanced platform from which our customers can benefit," said Brian R. Kahn, White Electronic's Chairman. "As such, our board of directors unanimously approved this transaction."
Under the terms of the agreement, Microsemi will commence a cash tender offer to acquire White Electronic's outstanding shares of common stock at $7.00 per share, net to each holder in cash. Upon satisfaction of the conditions to the tender offer and after such time as all shares tendered in the tender offer are accepted for payment, the agreement provides for the parties to effect, subject to customary closing conditions, a merger to be completed following completion of the tender offer which would result in all shares not tendered in the tender offer being converted into the right to receive $7.00 per share in cash. The transaction is subject to customary closing conditions, including the tender of a majority of the outstanding shares of White Electronic's common stock on a modified fully diluted basis and regulatory approvals, and is expected to close in Microsemi's fiscal third quarter, ended June 27, 2010. No approval of the shareholders of Microsemi is required in connection with the proposed transaction. Terms of the agreement were unanimously approved by the boards of directors of both Microsemi and White Electronic.
Microsemi will finance the acquisition using its cash on hand and there will be no acquisition debt incurred in connection with the transaction.
Microsemi expects that there will be significant cost synergies from the transaction and that Microsemi can drive gross profit levels to its own corporate target as Microsemi exits lower margin business, drives a richer product mix, and realizes operational and other cost synergies by Microsemi's fourth fiscal quarter, ended October 3, 2010. Based on current assumptions, Microsemi further expects the acquisition to be $0.08 to $0.12 accretive in its full fiscal year 2011.
Microsemi will further discuss this acquisition and provide general business updates on its second quarter results conference call on April 22, 2010.
Needham and Company, LLC is acting as financial advisor to Microsemi, and O'Melveny & Myers, LLP is acting as legal advisor to Microsemi. Thomas Weisel Partners provided a fairness opinion to Microsemi. Jefferies & Company, Inc. is acting as financial advisor to White Electronic and Wilson Sonsini Goodrich & Rosati, PC is acting as legal advisor to White Electronic.
White Electronic is a leader in design, assembly, and test integration. They have extensive offerings and experience in Multi-Chip-On-Board solutions that are integrated into Defense and Aerospace applications. Their technology integrates surface mount technologies, microelectronics, and Anti Tamper technologies into one solution. Their market focus is where size, weight, and performance create a market advantage. A significant area of market expansion where they have developed unique technology is in the Anti Tamper market. This market is expanding rapidly as every major weapon system now requires this feature.
Anti Tamper technology enables key product offerings in the GPS receiver market for munitions programs such as the accelerated precision mortar initiative (APMI) and the Precision Guided Kit (PGK). These programs meet the urgent operational requirements of the U.S. military in Afghanistan that have highlighted the importance of pinpointing targets using GPS precision-guided munitions. GPS-enabled precision dramatically reduces the 136 meters circular error probable (CEP) of conventional mortars to about 10 meters. Improving the accuracy of mortars and other battery munitions is an important growth opportunity, not only because it reduces unfortunate collateral damage but it also greatly decreases wasteful spending on ordinances which land off target.
"The combination of Microsemi's and White Electronic's product portfolios further extends Microsemi's integrated solution offering in the Defense and Aerospace markets with superior technology and capability," said James J. Peterson, President and Chief Executive Officer of Microsemi Corporation. "White Electronic's chip level hardware solutions delay or obfuscate chip level attacks and mitigate reverse engineering and IP theft. This Anti Tamper capability is greatly needed today in protecting DoD-critical technologies, and especially helpful in enabling foreign military sales."
"The acquisition of White Electronic by Microsemi is designed to deliver excellent value to our shareholders while providing an enhanced platform from which our customers can benefit," said Brian R. Kahn, White Electronic's Chairman. "As such, our board of directors unanimously approved this transaction."
Under the terms of the agreement, Microsemi will commence a cash tender offer to acquire White Electronic's outstanding shares of common stock at $7.00 per share, net to each holder in cash. Upon satisfaction of the conditions to the tender offer and after such time as all shares tendered in the tender offer are accepted for payment, the agreement provides for the parties to effect, subject to customary closing conditions, a merger to be completed following completion of the tender offer which would result in all shares not tendered in the tender offer being converted into the right to receive $7.00 per share in cash. The transaction is subject to customary closing conditions, including the tender of a majority of the outstanding shares of White Electronic's common stock on a modified fully diluted basis and regulatory approvals, and is expected to close in Microsemi's fiscal third quarter, ended June 27, 2010. No approval of the shareholders of Microsemi is required in connection with the proposed transaction. Terms of the agreement were unanimously approved by the boards of directors of both Microsemi and White Electronic.
Microsemi will finance the acquisition using its cash on hand and there will be no acquisition debt incurred in connection with the transaction.
Microsemi expects that there will be significant cost synergies from the transaction and that Microsemi can drive gross profit levels to its own corporate target as Microsemi exits lower margin business, drives a richer product mix, and realizes operational and other cost synergies by Microsemi's fourth fiscal quarter, ended October 3, 2010. Based on current assumptions, Microsemi further expects the acquisition to be $0.08 to $0.12 accretive in its full fiscal year 2011.
Microsemi will further discuss this acquisition and provide general business updates on its second quarter results conference call on April 22, 2010.
Needham and Company, LLC is acting as financial advisor to Microsemi, and O'Melveny & Myers, LLP is acting as legal advisor to Microsemi. Thomas Weisel Partners provided a fairness opinion to Microsemi. Jefferies & Company, Inc. is acting as financial advisor to White Electronic and Wilson Sonsini Goodrich & Rosati, PC is acting as legal advisor to White Electronic.
Friday, March 26, 2010
MoSys Acquires MagnaLynx Inc.
SUNNYVALE, Calif.--(BUSINESS WIRE)--MoSys, Inc., (NASDAQ: MOSY), a leading provider of differentiated, high-density memory and high-speed interface (I/O) intellectual property (IP), today announced that it has acquired MagnaLynx Inc. a developer of high-speed, low-power serial chip-to-chip communications technology.
The acquisition is expected to result in the following benefits to MoSys:
“Becoming the leader and a prime innovator in high-speed SerDes technology as applied to board level serial chip-to-chip communications is a critical part of our growth strategy, for both our IP business and our recently announced Bandwidth Engine™ family of ICs. In June last year, we acquired Prism Circuits, and today I am pleased to announce the addition of the MagnaLynx team to the expanding MoSys family,” said Len Perham, MoSys’ president and CEO. “In addition to expanding our overall SerDes engineering team, MagnaLynx brings us unique expertise and technology in low-power techniques for high-speed SerDes and considerable experience in enabling serial chip-to-chip communications.”
Scott Irwin, MagnaLynx founder and chairman said, “We started MagnaLynx with the vision of bringing revolutionary, high-speed, low-power serial chip-to-chip communications capability to the market. By joining forces with MoSys, it will dramatically accelerate our ability to achieve that vision. The team and I are very excited to join MoSys and look forward to contributing both to the MoSys’ IP business and the Bandwidth Engine IC products.”
The total purchase price is expected to be approximately $5.0 million, including a milestone-based earn-out payment in 2011.
Forward-Looking Statements
This press release may contain “forward-looking statements” about MoSys, including, without limitation, expected benefits from the acquisition of MagnaLynx, benefits and performance expected from use of MoSys’ embedded memory and I/O technologies and Bandwidth Engine ICs, MoSys’ execution and results, market size, growth of MoSys’ business and future markets and future business prospects.
About MoSys, Inc.
MoSys, Inc. (NASDAQ: MOSY) develops serial chip-to-chip communications solutions that deliver unparalleled bandwidth performance for next generation networking systems and advanced system-on-chip (SoC) designs. MoSys’ IP portfolio includes DDR3 PHYs and SerDes IP that support data rates from 1 - 11 Gigabits per second (Gbps) across a variety of standards. In addition, MoSys offers its flagship, patented 1T-SRAM® and 1T-Flash® memory cores, which offer a combination of high-density, low power consumption, high speed and low cost advantages for high-performance networking, computing, storage and consumer/graphics applications. MoSys IP is production-proven in more than 225 million devices. MoSys is headquartered in Sunnyvale, California. More information is available on MoSys' website at www.mosys.com.
About MagnaLynx Inc.
MagnaLynx Inc., headquartered in Ames, Iowa, was formed in 2003 to develop leading edge high-speed serial interface technology focused on chip-to-chip applications.
MoSys, 1T-SRAM and 1T-Flash are registered trademarks of MoSys, Inc. Additionally,, the MoSys logo and Bandwidth Engine are registered trademarks of MoSys, Inc.
The acquisition is expected to result in the following benefits to MoSys:
- Adds innovative low-power SerDes IP, technology and expertise to the expanding MoSys family of product offerings.
- Expands MoSys’ serial chip-to-chip communications technology and expertise
- Strengthens MoSys’ SerDes capabilities by adding another very experienced, high caliber analog and mixed-signal development team
“Becoming the leader and a prime innovator in high-speed SerDes technology as applied to board level serial chip-to-chip communications is a critical part of our growth strategy, for both our IP business and our recently announced Bandwidth Engine™ family of ICs. In June last year, we acquired Prism Circuits, and today I am pleased to announce the addition of the MagnaLynx team to the expanding MoSys family,” said Len Perham, MoSys’ president and CEO. “In addition to expanding our overall SerDes engineering team, MagnaLynx brings us unique expertise and technology in low-power techniques for high-speed SerDes and considerable experience in enabling serial chip-to-chip communications.”
Scott Irwin, MagnaLynx founder and chairman said, “We started MagnaLynx with the vision of bringing revolutionary, high-speed, low-power serial chip-to-chip communications capability to the market. By joining forces with MoSys, it will dramatically accelerate our ability to achieve that vision. The team and I are very excited to join MoSys and look forward to contributing both to the MoSys’ IP business and the Bandwidth Engine IC products.”
The total purchase price is expected to be approximately $5.0 million, including a milestone-based earn-out payment in 2011.
Forward-Looking Statements
This press release may contain “forward-looking statements” about MoSys, including, without limitation, expected benefits from the acquisition of MagnaLynx, benefits and performance expected from use of MoSys’ embedded memory and I/O technologies and Bandwidth Engine ICs, MoSys’ execution and results, market size, growth of MoSys’ business and future markets and future business prospects.
About MoSys, Inc.
MoSys, Inc. (NASDAQ: MOSY) develops serial chip-to-chip communications solutions that deliver unparalleled bandwidth performance for next generation networking systems and advanced system-on-chip (SoC) designs. MoSys’ IP portfolio includes DDR3 PHYs and SerDes IP that support data rates from 1 - 11 Gigabits per second (Gbps) across a variety of standards. In addition, MoSys offers its flagship, patented 1T-SRAM® and 1T-Flash® memory cores, which offer a combination of high-density, low power consumption, high speed and low cost advantages for high-performance networking, computing, storage and consumer/graphics applications. MoSys IP is production-proven in more than 225 million devices. MoSys is headquartered in Sunnyvale, California. More information is available on MoSys' website at www.mosys.com.
About MagnaLynx Inc.
MagnaLynx Inc., headquartered in Ames, Iowa, was formed in 2003 to develop leading edge high-speed serial interface technology focused on chip-to-chip applications.
MoSys, 1T-SRAM and 1T-Flash are registered trademarks of MoSys, Inc. Additionally,, the MoSys logo and Bandwidth Engine are registered trademarks of MoSys, Inc.
Monday, March 22, 2010
Intersil to Acquire Techwell
Intersil Corporation (NASDAQ: ISIL) and Techwell, Inc. (NASDAQ: TWLL) announced today they have entered into a definitive agreement for Intersil to acquire Techwell through a cash tender offer at $18.50 per share. Net of Techwell's cash and equivalents, the transaction values Techwell at approximately $370 million.
Techwell, with over 200 employees in the U.S., China, Japan, South Korea and Taiwan, is a fabless semiconductor company that designs and sells mixed signal video solutions for the security surveillance and automotive infotainment markets. Techwell's products enable the conversion of analog video signals to digital form and perform advanced digital video processing to facilitate the display, storage and transport of video content. Major applications using Techwell products include industrial DVRs, networked video recorders, multiplexers, as well as automotive front consoles, rearview mirrors and rear seat LCD displays.
"Techwell's team and products will expand our leadership in two high-growth industrial markets," said Dave Bell, Intersil's President and Chief Executive Officer. "The addition of Techwell's mixed signal video products will help our customers build solutions that improve performance, reduce overall cost and shorten time-to-market. In addition, the acquisition will significantly increase our overall industrial business, which will become our largest end market at approximately 31% of revenue," continued Mr. Bell.
"We are very excited to join the Intersil family," said Hiro Kozato, Techwell's President and Chief Executive Officer. "This combination will help us deliver a much broader product offering in Techwell's end markets. Intersil's customer relationships will create numerous new opportunities for the combined company," said Mr. Kozato.
The acquisition is expected to be accretive to Intersil's 2010 earnings, excluding one-time costs and other acquisition-related charges.
Tender Offer and Closing
Under the terms of the agreement, Intersil will commence a cash tender offer to acquire Techwell's outstanding shares of common stock at $18.50 per share. Terms of the agreement were unanimously approved by Techwell's board of directors, and Techwell's board has recommended that Techwell shareholders tender their shares into the offer. Techwell's directors, entities affiliated with Technology Crossover Ventures, and certain executive officers of Techwell (in total representing approximately 23% of the outstanding shares) have already agreed to tender their shares into the offer.
Intersil expects to finance the acquisition by issuing debt; however, the transaction is not subject to a financing condition. Intersil has received a financing commitment of $390 million from Morgan Stanley Senior Funding, Inc. in connection with the acquisition. Morgan Stanley is acting as financial advisor to Intersil in connection with the acquisition, and Dechert LLP is acting as Intersil's legal counsel. Deutsche Bank Securities Inc. is acting as financial advisor to Techwell in connection with the acquisition, and Pillsbury, Winthrop, Shaw and Pittman is acting as Techwell's legal counsel.
The acquisition is expected to close during Intersil's second quarter and is subject to customary regulatory approvals and the satisfaction of other transaction conditions including the tender of at least 50% of Techwell's outstanding shares.
Techwell, with over 200 employees in the U.S., China, Japan, South Korea and Taiwan, is a fabless semiconductor company that designs and sells mixed signal video solutions for the security surveillance and automotive infotainment markets. Techwell's products enable the conversion of analog video signals to digital form and perform advanced digital video processing to facilitate the display, storage and transport of video content. Major applications using Techwell products include industrial DVRs, networked video recorders, multiplexers, as well as automotive front consoles, rearview mirrors and rear seat LCD displays.
"Techwell's team and products will expand our leadership in two high-growth industrial markets," said Dave Bell, Intersil's President and Chief Executive Officer. "The addition of Techwell's mixed signal video products will help our customers build solutions that improve performance, reduce overall cost and shorten time-to-market. In addition, the acquisition will significantly increase our overall industrial business, which will become our largest end market at approximately 31% of revenue," continued Mr. Bell.
"We are very excited to join the Intersil family," said Hiro Kozato, Techwell's President and Chief Executive Officer. "This combination will help us deliver a much broader product offering in Techwell's end markets. Intersil's customer relationships will create numerous new opportunities for the combined company," said Mr. Kozato.
The acquisition is expected to be accretive to Intersil's 2010 earnings, excluding one-time costs and other acquisition-related charges.
Tender Offer and Closing
Under the terms of the agreement, Intersil will commence a cash tender offer to acquire Techwell's outstanding shares of common stock at $18.50 per share. Terms of the agreement were unanimously approved by Techwell's board of directors, and Techwell's board has recommended that Techwell shareholders tender their shares into the offer. Techwell's directors, entities affiliated with Technology Crossover Ventures, and certain executive officers of Techwell (in total representing approximately 23% of the outstanding shares) have already agreed to tender their shares into the offer.
Intersil expects to finance the acquisition by issuing debt; however, the transaction is not subject to a financing condition. Intersil has received a financing commitment of $390 million from Morgan Stanley Senior Funding, Inc. in connection with the acquisition. Morgan Stanley is acting as financial advisor to Intersil in connection with the acquisition, and Dechert LLP is acting as Intersil's legal counsel. Deutsche Bank Securities Inc. is acting as financial advisor to Techwell in connection with the acquisition, and Pillsbury, Winthrop, Shaw and Pittman is acting as Techwell's legal counsel.
The acquisition is expected to close during Intersil's second quarter and is subject to customary regulatory approvals and the satisfaction of other transaction conditions including the tender of at least 50% of Techwell's outstanding shares.
Monday, March 8, 2010
Tilera Receives Investment From Broadcom
SAN JOSE, Calif., March 8, 2010 - Tilera® Corporation, developer of extremely high performance multicore processors, today announced that Broadcom Corporation (NASDAQ: BRCM) has made a strategic investment in Tilera, and that Tilera has appointed Nariman Yousefi, Senior Vice President of Infrastructure Technologies at Broadcom, to the Tilera Board of Directors.
“We are very pleased to have added Broadcom as a strategic investor,” said Omid Tahernia, Tilera CEO. “Broadcom is a natural partner for Tilera given their leadership position in providing complete system solutions to a common set of end customers, including in the networking, multimedia, and wireless infrastructure end markets.”
“Tilera’s multicore processors are redefining the category,” said Rajiv Ramaswami, Executive Vice President & General Manager, Broadcom Enterprise Networking Group. “Tilera offers an innovative multiprocessor approach for scalable performance and breakthrough power efficiency.”
“We are very pleased to have added Broadcom as a strategic investor,” said Omid Tahernia, Tilera CEO. “Broadcom is a natural partner for Tilera given their leadership position in providing complete system solutions to a common set of end customers, including in the networking, multimedia, and wireless infrastructure end markets.”
“Tilera’s multicore processors are redefining the category,” said Rajiv Ramaswami, Executive Vice President & General Manager, Broadcom Enterprise Networking Group. “Tilera offers an innovative multiprocessor approach for scalable performance and breakthrough power efficiency.”
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