Wednesday, September 7, 2011
Qualcomm to Acquire Video Processing Assets from IDT
SAN DIEGO and SAN JOSE, California — September 7, 2011 — Integrated Device Technology, Inc. ( IDT ® ; NASDAQ: IDTI) and Qualcomm Incorporated (NASDAQ: QCOM ) today announced the signing of a definitive agreement to transfer the design team of IDT’s Hollywood Quality Video™ (HQV™) and Frame Rate Conversion (FRC) Video Processing product lines and certain related assets to Qualcomm. In addition, under the terms of the agreement, both companies will explore opportunities to include IDT’s broad portfolio of mixed-signal products into Qualcomm reference designs. The all-cash transaction has received appropriate corporate approvals and is anticipated to close in the coming weeks, subject to the completion of certain closing conditions.
Wednesday, August 17, 2011
Wi-LAN makes bid for MOSAID
OTTAWA, Canada – August 17, 2011 – Wi-LAN Inc. (“WiLAN” or the “Company”) (TSX: WIN) (NASD:WILN), a leading technology innovation and licensing company, today announced that it intends to make a formal all-cash offer to acquire all the outstanding common shares of MOSAID Technologies Incorporated (“MOSAID”) for approximately C$480 million.
Under the terms of the Offer, WiLAN proposes to acquire all of the outstanding common shares of MOSAID (the “MOSAID Shares”) for 100% cash consideration of C$38.00 in cash per MOSAID Share.
Excluding MOSAID’s cash from its balance sheet on a dollar-for-dollar basis from the MOSAID share price, the Offer represents a premium of approximately 31.1% over the closing price of the MOSAID Shares and a premium of approximately 38.2% over the volume-weighted average trading price of the MOSAID Shares on the TSX for the 10 trading days ending on August 16, 2011. Based on the closing price of the MOSAID Shares on the TSX on August 16, 2011, the implied premiums are 21.0% and 25.3%, respectively.
In conjunction with its intention to make a formal offer for the MOSAID Shares, WiLAN is pleased to announce that it has entered into an agreement to sell on a bought deal basis, to a syndicate of underwriters led by Canaccord Genuity Corp. and CIBC World Markets Inc., C$200,000,000 aggregate principal amount of extendible convertible unsecured subordinated debentures (the “Debentures”), to partially finance the Offer. At this time, WiLAN expects that certain of its management will participate in the Debenture offering. The Company has also granted the underwriters an option, exercisable in whole or in part at any time up to 30 days following closing of the Debenture offering, to purchase up to an additional C$30 million aggregate principal amount of Debentures on the same terms.
The initial maturity date of the Debentures will be January 31, 2012, which will be extended to September 30, 2016 upon the initial take-up of MOSAID Shares by the Company pursuant to the Offer. The initial maturity date may be extended to March 31, 2012 at the Company’s discretion. The Debentures will have an interest rate of 6.00% per annum payable semi-annually in arrears on September 30 and March 31 in each year, with the first coupon paid on the third business day following the initial take-up of MOSAID Shares. Each C$1,000 principal amount of Debentures will be convertible into approximately 108.6957 common shares of the Company at any time following the initial take-up of the MOSAID Shares, at the option of the holder, representing a conversion price of C$9.20 per common share.
On or before August 23, 2011, the Company will file with the securities commissions or other similar regulatory authorities in each of the provinces of Canada (other than Quebec), a preliminary prospectus relating to the issuance of the Debentures. Closing of the Debenture offering is expected to occur on or about September 8, 2011, subject to TSX and other necessary regulatory approvals.
The securities being offered have not been and will not be registered under the U.S. Securities Act of 1933 and state securities laws. Accordingly, the securities may not be offered or sold to U.S. persons except pursuant to applicable exemptions from registration requirements.
Net proceeds from the Debenture offering will be used to partially fund the proposed all-cash acquisition of MOSAID and for general corporate purposes, including but not limited to transaction expenses. The remainder of the Offer will be financed with existing cash on hand and through a C$110 million non-revolving bridge term facility from CIBC. WiLAN intends to repay the non-revolving bridge term facility through cash on hand immediately after completion of the acquisition of MOSAID.
The MOSAID OFFER
Benefits of the Offer include:
WiLAN has attempted to pursue a supported transaction with MOSAID on several occasions over the last several years and would welcome a MOSAID Board-supported transaction. “We will be presenting this offer directly to MOSAID shareholders for their consideration as we strongly believe that the complementary patent portfolios, diverse licensing programs, experienced teams and innovative research and development of WiLAN and MOSAID make this a compelling combination. I look forward to working again with MOSAID management and employees, many of whom I know well and hold in high regard from the approximately 10 years that I worked as a senior executive at MOSAID. Given our familiarity with MOSAID’s business, its employees and our close proximity in the same city, this is a natural strategic fit,” said Jim Skippen, Chairman & CEO.
“It is my belief that to succeed in today’s market, bigger is better,” added Skippen. “Since joining WiLAN my vision has been to increase the company’s scale with a deeper, larger patent portfolio to make it more compelling for potential licensees to choose a license over litigation. While an ambitious goal, we have been very successful. Combining WiLAN and MOSAID is the next logical step.”
Full details of the Offer will be included in the formal offer and take-over bid circular to be filed with securities regulatory authorities and mailed to MOSAID shareholders. WiLAN will request a list of securityholders from MOSAID and will then subsequently formally launch its Offer. The Offer will remain open for at least 35 days following commencement of the Offer and will be subject to certain conditions, including, acceptance of the Offer by MOSAID shareholders owning not less than 66 ?% of the outstanding MOSAID Shares on a fully-diluted basis and other customary unsolicited offer conditions. The Offer will not be subject to any financing condition.
Based on public disclosure, there are approximately 12.6 million MOSAID Shares outstanding on a fully-diluted basis, valuing the proposed Offer at approximately C$480 million. Of the MOSAID Shares outstanding, WiLAN currently owns 203,000 or 1.6%.
WiLAN’s financial advisors are Canaccord Genuity Corp. and CIBC World Markets Inc. and its legal advisor is Torys LLP. Paradigm Capital has also been retained as Special Financial Advisor to WiLAN. In addition, Kingsdale Shareholder Services Inc. has been engaged as the depositary and information agent for the Offer.
Under the terms of the Offer, WiLAN proposes to acquire all of the outstanding common shares of MOSAID (the “MOSAID Shares”) for 100% cash consideration of C$38.00 in cash per MOSAID Share.
Excluding MOSAID’s cash from its balance sheet on a dollar-for-dollar basis from the MOSAID share price, the Offer represents a premium of approximately 31.1% over the closing price of the MOSAID Shares and a premium of approximately 38.2% over the volume-weighted average trading price of the MOSAID Shares on the TSX for the 10 trading days ending on August 16, 2011. Based on the closing price of the MOSAID Shares on the TSX on August 16, 2011, the implied premiums are 21.0% and 25.3%, respectively.
In conjunction with its intention to make a formal offer for the MOSAID Shares, WiLAN is pleased to announce that it has entered into an agreement to sell on a bought deal basis, to a syndicate of underwriters led by Canaccord Genuity Corp. and CIBC World Markets Inc., C$200,000,000 aggregate principal amount of extendible convertible unsecured subordinated debentures (the “Debentures”), to partially finance the Offer. At this time, WiLAN expects that certain of its management will participate in the Debenture offering. The Company has also granted the underwriters an option, exercisable in whole or in part at any time up to 30 days following closing of the Debenture offering, to purchase up to an additional C$30 million aggregate principal amount of Debentures on the same terms.
The initial maturity date of the Debentures will be January 31, 2012, which will be extended to September 30, 2016 upon the initial take-up of MOSAID Shares by the Company pursuant to the Offer. The initial maturity date may be extended to March 31, 2012 at the Company’s discretion. The Debentures will have an interest rate of 6.00% per annum payable semi-annually in arrears on September 30 and March 31 in each year, with the first coupon paid on the third business day following the initial take-up of MOSAID Shares. Each C$1,000 principal amount of Debentures will be convertible into approximately 108.6957 common shares of the Company at any time following the initial take-up of the MOSAID Shares, at the option of the holder, representing a conversion price of C$9.20 per common share.
On or before August 23, 2011, the Company will file with the securities commissions or other similar regulatory authorities in each of the provinces of Canada (other than Quebec), a preliminary prospectus relating to the issuance of the Debentures. Closing of the Debenture offering is expected to occur on or about September 8, 2011, subject to TSX and other necessary regulatory approvals.
The securities being offered have not been and will not be registered under the U.S. Securities Act of 1933 and state securities laws. Accordingly, the securities may not be offered or sold to U.S. persons except pursuant to applicable exemptions from registration requirements.
Net proceeds from the Debenture offering will be used to partially fund the proposed all-cash acquisition of MOSAID and for general corporate purposes, including but not limited to transaction expenses. The remainder of the Offer will be financed with existing cash on hand and through a C$110 million non-revolving bridge term facility from CIBC. WiLAN intends to repay the non-revolving bridge term facility through cash on hand immediately after completion of the acquisition of MOSAID.
The MOSAID OFFER
Benefits of the Offer include:
- Creation of a Stronger, More Valuable Global Licensing Company – The creation of a strong, licensing champion with the global scope, scale and expertise to compete more effectively in more global technology markets;
- Aggregate Portfolio Value – Combining the patent portfolios will provide a more efficient and rapid path to establishing a larger and more valuable aggregate portfolio given the combined management team’s expertise and increased business scale;
- Technology, Business and Geographic Diversification – The resulting expanded product, market and geographic coverage provides technology, business and geographic diversification, significantly de-risking the combined entity and presenting greater licensing opportunities. The combined patent portfolio of more than 4,200 patents will apply to the wireless, wireline, consumer electronics and semiconductor technologies;
- Greater Financial Strength – The combined company will have access to capital that will provide greater capacity to grow the business and demonstrate that the combined company has significant resources to enforce its patents through litigation if necessary;
- Stronger Combined Team – Combining WiLAN and MOSAID will yield a stronger team with the technical, licensing and litigation capabilities necessary to manage and grow a global licensing business. With similar cultures and both teams located in Ottawa, Ontario, the integration risk is believed to be low;
- Synergies – WiLAN anticipates retaining the vast majority of MOSAID staff but nonetheless believes there is potential for cost synergies from combining two public company infrastructures into one, as well as leveraging best practices. These synergies are expected to total C$5 million to C$10 million per annum; and
- Accretive – The transaction is expected to be accretive to WiLAN’s adjusted earnings per share and cash flow per share in fiscal 2012.
WiLAN has attempted to pursue a supported transaction with MOSAID on several occasions over the last several years and would welcome a MOSAID Board-supported transaction. “We will be presenting this offer directly to MOSAID shareholders for their consideration as we strongly believe that the complementary patent portfolios, diverse licensing programs, experienced teams and innovative research and development of WiLAN and MOSAID make this a compelling combination. I look forward to working again with MOSAID management and employees, many of whom I know well and hold in high regard from the approximately 10 years that I worked as a senior executive at MOSAID. Given our familiarity with MOSAID’s business, its employees and our close proximity in the same city, this is a natural strategic fit,” said Jim Skippen, Chairman & CEO.
“It is my belief that to succeed in today’s market, bigger is better,” added Skippen. “Since joining WiLAN my vision has been to increase the company’s scale with a deeper, larger patent portfolio to make it more compelling for potential licensees to choose a license over litigation. While an ambitious goal, we have been very successful. Combining WiLAN and MOSAID is the next logical step.”
Full details of the Offer will be included in the formal offer and take-over bid circular to be filed with securities regulatory authorities and mailed to MOSAID shareholders. WiLAN will request a list of securityholders from MOSAID and will then subsequently formally launch its Offer. The Offer will remain open for at least 35 days following commencement of the Offer and will be subject to certain conditions, including, acceptance of the Offer by MOSAID shareholders owning not less than 66 ?% of the outstanding MOSAID Shares on a fully-diluted basis and other customary unsolicited offer conditions. The Offer will not be subject to any financing condition.
Based on public disclosure, there are approximately 12.6 million MOSAID Shares outstanding on a fully-diluted basis, valuing the proposed Offer at approximately C$480 million. Of the MOSAID Shares outstanding, WiLAN currently owns 203,000 or 1.6%.
WiLAN’s financial advisors are Canaccord Genuity Corp. and CIBC World Markets Inc. and its legal advisor is Torys LLP. Paradigm Capital has also been retained as Special Financial Advisor to WiLAN. In addition, Kingsdale Shareholder Services Inc. has been engaged as the depositary and information agent for the Offer.
Friday, July 22, 2011
Spreadtrum to acquire Telegent
SHANGHAI, July 19, 2011 /PRNewswire-Asia-FirstCall/ -- Spreadtrum Communications, Inc. (NASDAQ: SPRD; "Spreadtrum" or the "Company"), a leading fabless semiconductor provider in China with advanced technology in both 2G and 3G wireless communications standards, today announced that it has signed a definitive agreement to purchase Telegent Systems, Inc. ("Telegent"), a provider of semiconductor and software solutions for the reception of live, broadcast television on mobile phones. Spreadtrum does not expect significant impact to either its cash position or operating expenses as a result of the transaction.
"Broadcast mobile TV is a popular feature with consumers in emerging markets, which is a target market segment for Spreadtrum and one in which we are experiencing rapid growth," said Dr. Leo Li, president and chief executive officer of Spreadtrum. "The acquisition of Telegent enhances the value proposition we can deliver to the supply chain serving this market segment from handset manufacturer to end market brand and accelerates our international footprint."
Telegent's technology portfolio delivers more than 70 patents granted or pending and a product line consisting of analog mobile TV ICs, hybrid analog/digital mobile TV ICs, mobile TV internal antenna technology, TV player software, and entertainment services software that enables the delivery of applications and advertising to handsets post-sale. Telegent's newly introduced product line, the TLG12xx series, introduces new innovations to the mobile TV market, including integrated internal antenna technology and a single-chip analog mobile TV receiver with the lowest power consumption and the lowest external bill of materials. Following the acquisition, Spreadtrum will explore integration opportunities with the baseband that deliver further performance and cost benefits.
In connection with the acquisition, approximately twenty hardware and software engineers from Telegent's Shanghai office will join Spreadtrum. The transaction has been approved by the Spreadtrum and Telegent boards of directors and is subject to customary closing conditions, including the approval of Telegent stockholders.
About Telegent Systems, Inc.
Telegent Systems is a fabless semiconductor company that enables the reception of live, free-to-air analog and digital broadcast television in mobile handsets and other portable consumer devices. Telegent's television-on-a-chip solutions solve the long-standing technical challenges that have precluded mobile reception of analog broadcast TV, enabling manufacturers and operators to benefit from the convergence of broadcast TV with mobile and portable devices. Telegent's products are the most widely sold broadcast television solutions for mobile handsets in the world. For more information, visit www.telegent.com.
About Spreadtrum Communications, Inc.
Spreadtrum Communications, Inc. (Nasdaq: SPRD; 'Spreadtrum') is a fabless semiconductor company that develops baseband and RF processor solutions for the wireless communications market. Spreadtrum combines its semiconductor design expertise with its software development capabilities to deliver highly-integrated baseband processors with multimedia functionality and power management. Spreadtrum has developed its solutions based on an open development platform, enabling its customers to develop customized wireless products that are feature-rich to meet their cost and time-to-market requirements. For more information, please visit www.spreadtrum.com.
"Broadcast mobile TV is a popular feature with consumers in emerging markets, which is a target market segment for Spreadtrum and one in which we are experiencing rapid growth," said Dr. Leo Li, president and chief executive officer of Spreadtrum. "The acquisition of Telegent enhances the value proposition we can deliver to the supply chain serving this market segment from handset manufacturer to end market brand and accelerates our international footprint."
Telegent's technology portfolio delivers more than 70 patents granted or pending and a product line consisting of analog mobile TV ICs, hybrid analog/digital mobile TV ICs, mobile TV internal antenna technology, TV player software, and entertainment services software that enables the delivery of applications and advertising to handsets post-sale. Telegent's newly introduced product line, the TLG12xx series, introduces new innovations to the mobile TV market, including integrated internal antenna technology and a single-chip analog mobile TV receiver with the lowest power consumption and the lowest external bill of materials. Following the acquisition, Spreadtrum will explore integration opportunities with the baseband that deliver further performance and cost benefits.
In connection with the acquisition, approximately twenty hardware and software engineers from Telegent's Shanghai office will join Spreadtrum. The transaction has been approved by the Spreadtrum and Telegent boards of directors and is subject to customary closing conditions, including the approval of Telegent stockholders.
About Telegent Systems, Inc.
Telegent Systems is a fabless semiconductor company that enables the reception of live, free-to-air analog and digital broadcast television in mobile handsets and other portable consumer devices. Telegent's television-on-a-chip solutions solve the long-standing technical challenges that have precluded mobile reception of analog broadcast TV, enabling manufacturers and operators to benefit from the convergence of broadcast TV with mobile and portable devices. Telegent's products are the most widely sold broadcast television solutions for mobile handsets in the world. For more information, visit www.telegent.com.
About Spreadtrum Communications, Inc.
Spreadtrum Communications, Inc. (Nasdaq: SPRD; 'Spreadtrum') is a fabless semiconductor company that develops baseband and RF processor solutions for the wireless communications market. Spreadtrum combines its semiconductor design expertise with its software development capabilities to deliver highly-integrated baseband processors with multimedia functionality and power management. Spreadtrum has developed its solutions based on an open development platform, enabling its customers to develop customized wireless products that are feature-rich to meet their cost and time-to-market requirements. For more information, please visit www.spreadtrum.com.
Wednesday, July 20, 2011
Microsemi makes bid for Zarlink Semiconductor
IRVINE, Calif., July 20, 2011 (GLOBE NEWSWIRE) -- Microsemi Corporation (Nasdaq:MSCC), a leading provider of semiconductor solutions differentiated by power, security, reliability and performance, announced today that it has made a proposal to the board of directors of Zarlink Semiconductor Inc. ("Zarlink" or "the Company") (TSX:ZL) to acquire all of the outstanding shares of the Company for CAD $3.35 per share in cash.
The proposed transaction has a total equity value of USD $548.7 million based on a fully diluted share count and represents a 40 percent premium to Zarlink's share price as of July 19, 2011, and a 43 percent premium to Zarlink's trailing 30 day average share price. The CAD $3.35 proposal exceeds every Zarlink closing share price over the last five years. Microsemi'sproposal recognizes the recent efforts of Zarlink and its employees to stabilize its business, and provides the opportunity for Zarlink to benefit from Microsemi's management expertise, technology leadership, and sales platform.
Microsemi today has sent a letter to Zarlink's board of directors outlining its proposal (full text of letter is below). This proposal follows several earlier attempts by Microsemi to engage in private discussions with Zarlink, including two written proposals to Zarlink's board of directors. Both proposals, including the most recent one made on June 17, 2011 proposing an all-cash purchase price per share in a negotiated transaction of between CAD $3.25 and $3.55, were rejected by Zarlink without discussion.
"We remain interested in engaging with Zarlink's board to complete a transaction that delivers value to shareholders," said James J. Peterson, Microsemi president and chief executive officer. "We are committed to building and strengthening its business, and believe our proposal provides a superior outcome for Zarlink's shareholders, employees, customers, and the local economy."
The acquisition is expected to be immediately accretive to Microsemi's earnings per share even before the realization of any synergies. Morgan Stanley Senior Funding, Inc. andMicrosemi have executed a financing commitment letter to ensure that the required funds are available to finance the acquisition on an all-cash basis, and Microsemi has retained Stifel Nicolaus Weisel and Morgan Stanley & Co. LLC as its financial advisors.
Headquartered in Ottawa, Canada, Zarlink designs mixed-signal semiconductor products for a range of communications and medical applications. Zarlink offers more than 900 active products, and ships approximately 100 million ICs per year to over 400 customers.
"We believe this proposed acquisition provides considerable growth opportunities, and greatly benefits the shareholders of both companies," added Peterson. "Zarlink's shareholders will receive a substantial premium, in cash, and without execution or macroeconomic risk, while Microsemi's shareholders will benefit from the integration of this highly accretive opportunity."
Microsemi today has also provided updated guidance for the June quarter. Net sales are expected to be at the high end of Microsemi's revenue guidance. Microsemi will report its results on July 28.
Below is the text of the letter that was sent earlier today to the board of directors of Zarlink.
July 20, 2011
Zarlink Semiconductor Inc.
400 March Road
Ottawa, Ontario K2K 3H4
Canada
Attn: Dr. Adam Chowaniec, Chairman of the Board of Directors
Dear Dr. Chowaniec:
Microsemi Corporation is pleased to make a proposal to acquire Zarlink Semiconductor, Inc. ("Zarlink" or "the Company") (TSX: ZL) for CAD $3.35 in cash per share. This represents a premium of 40% to Zarlink's closing stock price as of July 19, 2011, a 43% premium to Zarlink's average closing stock price for the 30 days prior to July 20, 2011 and exceeds every price at which Zarlink's stock has traded during the past five years. We believe this proposal provides your shareholders a far superior economic alternative to the risk adjusted outcomes associated with the Company's standalone prospects. We hope and expect the board will act in the best interests of Zarlink and its shareholders and will agree to enter into private negotiations with us towards a definitive agreement in support of our proposed transaction. Your continued refusal to discuss our proposal compels us to directly inform your shareholders of our attractive proposal.
As you know, we have been trying to engage in private discussions with Zarlink for more than six months. Our first approach to Zarlink was made on January 12, 2011. This approach was met with a series of delays on your end, which we accepted in good faith in pursuit of a friendly transaction. On May 20, 2011, we put forth a written proposal to acquire Zarlink for CAD $3.00 per share in cash, and expressly stated our willingness to consider increasing our proposal if we were able to learn more about Zarlink's potential value through a due diligence process. After 16 days and without the benefit of any substantive dialogue with us, your board rejected this proposal. On June 17, 2011, we sought once more to engage your board, and increased our proposal to a range of CAD $3.25 to $3.55 per share in cash, with the upper end subject to our ability to meet, perform diligence, and confirm certain assumptions. This offer represented a 41% to 54% premium to your closing price on June 17, 2011. Once again, your board rejected this proposal, without discussion with us and without offering any reasons as to why our proposal did not warrant further discussion. Due to the added costs associated with pursuing this transaction in a public manner and the inability for Microsemi to perform diligence, we are prepared today to acquire Zarlink for CAD $3.35 per share. Please note, this represents a premium to the low end of our previous range. Our proposal has been unanimously approved by our Board of Directors.
Morgan Stanley Senior Funding, Inc. and Microsemi have executed a financing commitment letter to ensure that the required funds are available to finance the acquisition on an all-cash basis, and we have retained Stifel Nicolaus Weisel and Morgan Stanley & Co. LLC as our financial advisors. In addition, our Canadian and U.S. legal advisors have analyzed the transaction and do not believe there are regulatory risks that would prevent successful completion in a timely manner.
We recognize the recent actions Zarlink has taken to divest non-core assets and strengthen its business focus. We believe these efforts have been reflected in Zarlink's share price and the premium in our offer. At the same time, we believe Zarlink's ability to create real value through improvements in its underlying business fundamentals will be much more difficult and can be greatly assisted by joining forces with Microsemi.
Microsemi is committed to achieving a transaction that provides a superior outcome for Zarlink's shareholders, employees, customers, and other stakeholders. Your employees are highly valued and are vital to our interest in Zarlink. While you have reduced your workforce recently, we are committed to investing in Zarlink's business to capture future growth opportunities.
Microsemi has a strong track record of growth through strategic acquisitions and a disciplined post-merger integration process allowing for minimal disruption in operations. Over the past 5 years, our highly experienced team has completed 14 acquisitions for total transaction consideration of more than $1.1 billion.
Microsemi is steadfast in its pursuit of a transaction with Zarlink. Your refusal to meet with us delays the ability of your shareholders to receive a substantial all-cash premium. We would prefer to proceed through friendly negotiation; however, please know we stand ready to take all necessary actions to complete this transaction.
We welcome the opportunity to meet with you or any special committee of independent directors in order to negotiate and consummate a transaction, and reiterate our potential to increase our offer to the higher end of our range if given the opportunity to perform diligence and confirm certain assumptions.
Sincerely,
James J. Peterson
President and Chief Executive Officer
Tuesday, July 19, 2011
Intel to Acquire Fulcrum Microsystems
SANTA CLARA, Calif.--(BUSINESS WIRE)--Intel Corporation today announced it signed a definitive agreement to acquire Fulcrum Microsystems Inc., a privately held fabless semiconductor company that designs Ethernet switch silicon for data center network providers.
“Intel is transforming from a leading server technology company to a comprehensive data center provider that offers computing, storage and networking building blocks,” said Kirk Skaugen, Intel vice president and general manager, Data Center Group. “Fulcrum Microsystems’ switch silicon, already recognized for high performance and low latency, complements Intel’s leading processors and Ethernet controllers, and will deliver our customers new levels of performance and energy efficiency while improving their economics of cloud service delivery.”
10 Gigabit Ethernet (10GbE) networks are one of the fastest-growing market segments in the data center today. As demand for data continues to increase, there is a growing need for high-performance, low-latency network switches to support evolving cloud architectures and the growth of converged networks in the enterprise. Fulcrum Microsystems designs integrated, standards-based 10GbE and 40 Gigabit Ethernet (40GbE) switch silicon that have low latency and workload balancing capabilities while helping provide superior network speeds.
Cloud computing is driving the convergence of server, storage and network technologies and solutions based around Intel® Xeon® processor solutions. IP Data Center customers need faster and more flexible networking solutions. The acquisition will fulfill an important component in Intel’s strategy to deliver comprehensive data center building blocks, from server processors and technologies to storage and networking.
“Customers in Web, financial services, technical and high-performance computing market segments appreciate the performance advantages Arista offers with our Extensible Operating System combined with switches based on Fulcrum Microsystems silicon,” said Andy Bechtolsheim, founder, chief development officer and chairman of Arista Networks. “Fulcrum Microsystems has architecture capabilities ideal for low-latency applications, and we are excited about the future possibilities of this technology as Fulcrum is acquired by Intel, the world’s largest semiconductor manufacturer.”
Founded in 1999, Fulcrum Microsystems is based in Calabasas, Calif. Additional terms of the transaction were not disclosed. The agreement is subject to the approval of Fulcrum Microsystems shareholders, regulatory approval and satisfaction of customary closing conditions. It is expected to close in the third quarter of 2011.
“Intel is transforming from a leading server technology company to a comprehensive data center provider that offers computing, storage and networking building blocks,” said Kirk Skaugen, Intel vice president and general manager, Data Center Group. “Fulcrum Microsystems’ switch silicon, already recognized for high performance and low latency, complements Intel’s leading processors and Ethernet controllers, and will deliver our customers new levels of performance and energy efficiency while improving their economics of cloud service delivery.”
10 Gigabit Ethernet (10GbE) networks are one of the fastest-growing market segments in the data center today. As demand for data continues to increase, there is a growing need for high-performance, low-latency network switches to support evolving cloud architectures and the growth of converged networks in the enterprise. Fulcrum Microsystems designs integrated, standards-based 10GbE and 40 Gigabit Ethernet (40GbE) switch silicon that have low latency and workload balancing capabilities while helping provide superior network speeds.
Cloud computing is driving the convergence of server, storage and network technologies and solutions based around Intel® Xeon® processor solutions. IP Data Center customers need faster and more flexible networking solutions. The acquisition will fulfill an important component in Intel’s strategy to deliver comprehensive data center building blocks, from server processors and technologies to storage and networking.
“Customers in Web, financial services, technical and high-performance computing market segments appreciate the performance advantages Arista offers with our Extensible Operating System combined with switches based on Fulcrum Microsystems silicon,” said Andy Bechtolsheim, founder, chief development officer and chairman of Arista Networks. “Fulcrum Microsystems has architecture capabilities ideal for low-latency applications, and we are excited about the future possibilities of this technology as Fulcrum is acquired by Intel, the world’s largest semiconductor manufacturer.”
Founded in 1999, Fulcrum Microsystems is based in Calabasas, Calif. Additional terms of the transaction were not disclosed. The agreement is subject to the approval of Fulcrum Microsystems shareholders, regulatory approval and satisfaction of customary closing conditions. It is expected to close in the third quarter of 2011.
Monday, July 18, 2011
Maxim Acquires SensorDynamics
SUNNYVALE, CA– July 18, 2011 – Maxim Integrated Products (NASDAQ:MXIM) today announced it has acquired SensorDynamics, a privately held semiconductor company that develops proprietary sensor and microelectromechanical (MEMS) solutions. SensorDynamics is based in Lebring, near Graz, Austria.
SensorDynamics holds numerous original patents for MEMS sensor technology. It has devoted over 800 man‐years of research and development to the high‐growth fields of MEMS sensors and associated low power interface and wireless connectivity solutions. Consequently, this acquisition enables Maxim to accelerate expansion in markets where it already has a strong presence including automotive and high‐end consumer.
“Maxim is a recognized leader in analog integration, and this acquisition extends Maxim’s integration strategy by enabling us to fuse many types of sensors with our analog technology. The strategic integration of sensors, analog functions and low power wireless connectivity will allow us to deliver end‐to‐end mixed‐signal solutions that provide our customers with better performance, smaller form factors and lower system costs,” said Tunc Doluca, Maxim’s President and Chief Executive Officer. “The result will be a unique combination of technologies that will eventually enable a whole new generation of intelligent machines. We’re thrilled that SensorDynamics is joining us.”In the near term, this acquisition enables SensorDynamics to focus on its strength in engineering for sensors and MEMS, while utilizing Maxim’s considerable manufacturing, distribution and sales infrastructure. This will quickly make the combined company a leading competitor in the inertial sensor, wireless connectivity and sensor interface markets.
The MEMS‐based sensor market is expected to grow considerably as new applications for sensors are developed. According to market research firm IHS iSuppli, the total market for MEMS‐based sensors is expected to be $7.7 billion in 2011, of which SensorDynamics gyroscope inertial sensor technology addresses about $900 million. IHS iSuppli estimates this specific market will grow at a three‐year compound annual growth rate (CAGR) of 14 percent from 2011 to 2014. Longer term, Maxim will address selected portions of the broader MEMS‐based sensor market.
Sensors convert real‐world signals to analog signals and are a critical, adjacent function to analog semiconductors. They are a natural extension of Maxim’s strength in converting analog signals to digital signals and back to analog. SensorDynamics’ current focus on the automotive market aligns with Maxim’s goal to grow its automotive business. Maxim’s ability to extend SensorDynamics’ sensor technology to the high‐end consumer market is well suited to Maxim’s growth goals and track record of leveraging its own broad intellectual property portfolio to multiple markets.
Maxim is paying approximately $130 million plus the assumption of approximately $34 million in debt to acquire Sensor Dynamics.
About Maxim
Maxim Integrated Products is a publicly traded company that designs, manufactures, and sells high‐performance semiconductor products. The company was founded over 25 years ago with the mission to deliver innovative analog and mixed‐signal engineering solutions that add value to its customersʹ products. To date, it has developed over 6400 products serving the industrial, communications, consumer, and computing markets.
About SensorDynamics
SensorDynamics is a semi‐fabless semiconductor company that focuses on innovative sensor solutions for high volume applications in automotive and high‐end consumer sectors. SensorDynamics develops and supplies fail‐safe micro and wireless semiconductor products for automotive and high‐end consumer key accounts and is certified under ISO/TS 16949. The company acts as a general contractor with in‐house MEMS production and cooperates closely with leading international technology partners. With its headquarters in Lebring near Graz, Austria, SensorDynamics has subsidiaries in Italy and Germany and a world‐wide sales network.
For more information on SensorDynamics and its products, please go to www.SensorDynamics.cc
SensorDynamics holds numerous original patents for MEMS sensor technology. It has devoted over 800 man‐years of research and development to the high‐growth fields of MEMS sensors and associated low power interface and wireless connectivity solutions. Consequently, this acquisition enables Maxim to accelerate expansion in markets where it already has a strong presence including automotive and high‐end consumer.
“Maxim is a recognized leader in analog integration, and this acquisition extends Maxim’s integration strategy by enabling us to fuse many types of sensors with our analog technology. The strategic integration of sensors, analog functions and low power wireless connectivity will allow us to deliver end‐to‐end mixed‐signal solutions that provide our customers with better performance, smaller form factors and lower system costs,” said Tunc Doluca, Maxim’s President and Chief Executive Officer. “The result will be a unique combination of technologies that will eventually enable a whole new generation of intelligent machines. We’re thrilled that SensorDynamics is joining us.”In the near term, this acquisition enables SensorDynamics to focus on its strength in engineering for sensors and MEMS, while utilizing Maxim’s considerable manufacturing, distribution and sales infrastructure. This will quickly make the combined company a leading competitor in the inertial sensor, wireless connectivity and sensor interface markets.
The MEMS‐based sensor market is expected to grow considerably as new applications for sensors are developed. According to market research firm IHS iSuppli, the total market for MEMS‐based sensors is expected to be $7.7 billion in 2011, of which SensorDynamics gyroscope inertial sensor technology addresses about $900 million. IHS iSuppli estimates this specific market will grow at a three‐year compound annual growth rate (CAGR) of 14 percent from 2011 to 2014. Longer term, Maxim will address selected portions of the broader MEMS‐based sensor market.
Sensors convert real‐world signals to analog signals and are a critical, adjacent function to analog semiconductors. They are a natural extension of Maxim’s strength in converting analog signals to digital signals and back to analog. SensorDynamics’ current focus on the automotive market aligns with Maxim’s goal to grow its automotive business. Maxim’s ability to extend SensorDynamics’ sensor technology to the high‐end consumer market is well suited to Maxim’s growth goals and track record of leveraging its own broad intellectual property portfolio to multiple markets.
Maxim is paying approximately $130 million plus the assumption of approximately $34 million in debt to acquire Sensor Dynamics.
About Maxim
Maxim Integrated Products is a publicly traded company that designs, manufactures, and sells high‐performance semiconductor products. The company was founded over 25 years ago with the mission to deliver innovative analog and mixed‐signal engineering solutions that add value to its customersʹ products. To date, it has developed over 6400 products serving the industrial, communications, consumer, and computing markets.
About SensorDynamics
SensorDynamics is a semi‐fabless semiconductor company that focuses on innovative sensor solutions for high volume applications in automotive and high‐end consumer sectors. SensorDynamics develops and supplies fail‐safe micro and wireless semiconductor products for automotive and high‐end consumer key accounts and is certified under ISO/TS 16949. The company acts as a general contractor with in‐house MEMS production and cooperates closely with leading international technology partners. With its headquarters in Lebring near Graz, Austria, SensorDynamics has subsidiaries in Italy and Germany and a world‐wide sales network.
For more information on SensorDynamics and its products, please go to www.SensorDynamics.cc
Wednesday, July 6, 2011
Microsemi Acquires ASIC Advantage, Inc.
IRVINE, Calif., July 6, 2011 (GLOBE NEWSWIRE) -- Microsemi Corporation (Nasdaq:MSCC), a leading provider of semiconductor solutions differentiated by power, security, reliability and performance, today announced it has acquired privately-held ASIC Advantage, Inc.
Known for its technical innovation with high levels of quality and reliability, ASIC Advantage is a fabless semiconductor company that designs and manufactures a broad portfolio of high-performance, high-voltage and radiation-hardened mixed-signal integrated circuit (IC) solutions for the aerospace, automotive, communications, industrial and medical markets. AsASIC Advantage's solutions are complementary to Microsemi's family of product offerings, the combined portfolio allows Microsemi to expand its reach into key markets and provide customers with a wider range of products from a single source.
"I am excited by this acquisition, which further solidifies our ability to serve industries demanding the highest standards of performance," stated James J. Peterson, Microsemi president and chief executive officer. "ASIC Advantage brings an entire portfolio of value-added IC designs targeting multiple core growth markets at Microsemi. While relatively small, this important acquisition offers strong synergy opportunities, enriches our mix and accelerates our growth potential."
Terms of the acquisition were not disclosed. Microsemi plans to discuss this acquisition as part of its third fiscal quarter conference call to be scheduled later in July.
About Microsemi
Microsemi Corporation (Nasdaq:MSCC) offers a comprehensive portfolio of semiconductor solutions for: aerospace, defense and security; enterprise and commercial; and industrial and alternative energy markets. Products include high-performance, high-reliability analog and RF devices, mixed-signal and RF integrated circuits, configurable SoCs, FPGAs, and complete subsystems. Microsemi is headquartered in Irvine, Calif., and has more than 2,800 employees globally.Learn more at www.microsemi.com.
Known for its technical innovation with high levels of quality and reliability, ASIC Advantage is a fabless semiconductor company that designs and manufactures a broad portfolio of high-performance, high-voltage and radiation-hardened mixed-signal integrated circuit (IC) solutions for the aerospace, automotive, communications, industrial and medical markets. AsASIC Advantage's solutions are complementary to Microsemi's family of product offerings, the combined portfolio allows Microsemi to expand its reach into key markets and provide customers with a wider range of products from a single source.
"I am excited by this acquisition, which further solidifies our ability to serve industries demanding the highest standards of performance," stated James J. Peterson, Microsemi president and chief executive officer. "ASIC Advantage brings an entire portfolio of value-added IC designs targeting multiple core growth markets at Microsemi. While relatively small, this important acquisition offers strong synergy opportunities, enriches our mix and accelerates our growth potential."
Terms of the acquisition were not disclosed. Microsemi plans to discuss this acquisition as part of its third fiscal quarter conference call to be scheduled later in July.
About Microsemi
Microsemi Corporation (Nasdaq:MSCC) offers a comprehensive portfolio of semiconductor solutions for: aerospace, defense and security; enterprise and commercial; and industrial and alternative energy markets. Products include high-performance, high-reliability analog and RF devices, mixed-signal and RF integrated circuits, configurable SoCs, FPGAs, and complete subsystems. Microsemi is headquartered in Irvine, Calif., and has more than 2,800 employees globally.Learn more at www.microsemi.com.
Thursday, June 16, 2011
Ikanos names interim President and CEO
Editor's Note: This is the second CEO transition in the last 14 months.
"We thank John for the job he has done as Ikanos' president and CEO," said Banatao. "His engineering expertise, business acumen and leadership will be missed. He helped the Company turn an important corner, brought greater focus to the organization and drove the development of truly breakthrough broadband technologies that should propel Ikanos' future growth."
"Working together as a team we have established both a truly compelling roadmap and the disciplined processes and thinking to execute and deliver it. Moving forward, I will now be pursuing interests more aligned to my passion for change management and enabling both individuals and organizations to explore the unfettered art of the possible," said Quigley.
Banatao has been the Company's chairman of the board since August 2009 and executive chairman of the board since April 2010 and previously served as the Company's interim president and chief executive officer from April 2010 to July 2010. Banatao has served as a founder and managing partner of Tallwood Venture Capital, a venture capital firm, since July 2000. From April 2008 to June 2009, Banatao served as interim chief executive officer of SiRF Technology Holdings, Inc., a publicly-traded company that was acquired by CSR plc in June 2009 (SiRF). From October 2006 to August 2007, Banatao served as interim president and chief executive officer of Inphi Corporation. Prior to forming Tallwood, Banatao was a venture partner at the Mayfield Fund, a venture capital firm, from January 1998 to May 2000. Banatao co-founded three technology startups: S3 Graphics Ltd in 1989, Chips & Technologies, Inc. in 1985 and Mostron in 1984. Banatao holds a B.S. in Electrical Engineering from the Mapua Institute of Technology in the Philippines and an M.S. in Electrical Engineering from Stanford University.
Ikanos Reconfirms Guidance
In addition, the Company confirmed its revenue and earnings outlook for the second quarter of fiscal 2011. The Company expects its revenues for the second quarter to be between $31.0 million and $34.0 million.
About Ikanos Communications, Inc.
Ikanos Communications, Inc. (NASDAQ: IKAN) is a leading provider of advanced broadband semiconductor and software products for the digital home. The Company's broadband DSL,communications processors and other offerings power access infrastructure and customer premises equipment for many of the world's leading network equipment manufacturers and telecommunications service providers. For more information, visit www.ikanos.com.
Monday, June 13, 2011
Analog Devices acquires Lyric Semiconductor
Norwood, MA (06/13/2011) - Analog Devices, Inc. (NYSE: ADI) today announced that it has acquired Lyric Semiconductor, a privately-held Cambridge, Massachusetts, company. Comprising a talented team of circuit design and algorithm experts, Lyric Semiconductor has developed an innovative set of techniques that have the potential to achieve an order of magnitude improvement in power efficiency in mixed-signal processing and enable additional signal processing functionality in a broad set of applications.
“As a leader in signal processing, ADI continually looks for opportunities to incubate ideas and invest in promising technologies for the future,” said Sam Fuller, ADI CTO and vice president of R&D. “Lyric’s domain knowledge, commitment to advancements in signal processing, and innovative spirit are a great fit for ADI and a strong addition to our long-term technology strategy.”
"Analog Devices and Lyric Semiconductor are extremely well aligned from a strategic perspective," said Ben Vigoda, Lyric co-founder and CEO. "We are excited about the commitment ADI is making to our team and technology and look forward to leveraging ADI's leadership and strengths to further innovate in the signal processing domain." The entire Lyric team, including co-founders Ben Vigoda and Dave Reynolds, are now ADI employees.
Analog Devices completed the acquisition of Lyric Semiconductor on June 9, 2011.
“As a leader in signal processing, ADI continually looks for opportunities to incubate ideas and invest in promising technologies for the future,” said Sam Fuller, ADI CTO and vice president of R&D. “Lyric’s domain knowledge, commitment to advancements in signal processing, and innovative spirit are a great fit for ADI and a strong addition to our long-term technology strategy.”
"Analog Devices and Lyric Semiconductor are extremely well aligned from a strategic perspective," said Ben Vigoda, Lyric co-founder and CEO. "We are excited about the commitment ADI is making to our team and technology and look forward to leveraging ADI's leadership and strengths to further innovate in the signal processing domain." The entire Lyric team, including co-founders Ben Vigoda and Dave Reynolds, are now ADI employees.
Analog Devices completed the acquisition of Lyric Semiconductor on June 9, 2011.
Friday, June 10, 2011
Qualcomm to Acquire the Assets of Rapid Bridge
SAN DIEGO, June 10, 2011 /PRNewswire-FirstCall/ -- Qualcomm Incorporated (NASDAQ: QCOM) today announced it has agreed to acquire substantially all of the assets of Rapid Bridge LLC, a San Diego-based inventor of advanced techniques for the design and development of semiconductor products. The company's technology reduces complexity in integrated circuit (IC) development at advanced technology nodes to enable greater design flexibility and optimized die size and power consumption.
Rapid Bridge's San Diego design team and San Diego/Bangalore engineering services operations will be integrated into Qualcomm CDMA Technologies. The asset acquisition, which is subject to regulatory approval and fulfillment of certain terms and conditions, is expected to close by the end of fiscal year 2011.
Rapid Bridge's San Diego design team and San Diego/Bangalore engineering services operations will be integrated into Qualcomm CDMA Technologies. The asset acquisition, which is subject to regulatory approval and fulfillment of certain terms and conditions, is expected to close by the end of fiscal year 2011.
Subscribe to:
Posts (Atom)