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ISSI purchases China fabless chipmaker

Posted: 27 Jan 2011 ?? ?Print Version ?Bookmark and Share

Keywords:ISSI's acquisitions? Giantec Semiconductor spin-off? ISSI's financial results?

Integrated Silicon Solution Inc. (ISSI) has agreed to acquire Se En Integration Holdings Ltd. Based in Xiamen, China, Se En is a privately owned fabless manufacturer of high performance analog and mixed-signal ICs.

The purchase price will be approximately $20 million in cash, based on estimated working capital and net of cash acquired. Si En targets the mobile communications, digital consumer, networking and automotive markets. For the year ended December 31, 2010, Si En had revenue of $22.2 million.

Last year, memory maker ISSI formed a separate business unit in China focused on its ASSP business, including EEPROMs and smartcard products. The new business unit, to operate under the name of Giantec Semiconductor Inc., is a joint venture that is headquartered in Shanghai, China. As part of this formation, Shanghai Zhang Jiang Science & Technology Investment Corp. committed to invest $3.75 million in Giantec.

At the time, San Jose-based ISSI would still own more than 50 percent of Giantec after this investment and, as such, will continue to consolidate the financial statements of Giantec.

Earlier this month, ISSI completed the spin-off of its subsidiary, Giantec Semiconductor. As part of the process, Giantec received an additional direct investment of $3.75 million from Shanghai Pudong Science and Technology and $250,000 from Super Solution Ltd., bringing down ISSI's ownership percentage to less than 50 percent.

As such, the revenue and operating results of Giantec will only be included in ISSI's consolidated financial statements through December 30, 2010, the date the new investment transaction closed. Thereafter, ISSI's operating results will reflect its proportional share of Giantec's net income or loss, and ISSI's balance sheet will not include any of Giantec's assets or liabilities. Giantec recorded $6.0 million of revenue in the quarter ended September 30, 2010.

ISSI recently provided preliminary financial results for its first fiscal quarter ended December 31, 2010. During the quarter, the company experienced weaker than expected end-market demand, primarily for its DRAM products.

As a result, revenue is expected to be in the range of $65.5 to $67.0 million compared to previous guidance of $68 to $72 million as provided on October 27, 2010. Net income is expected to be in the range of $0.25 to $0.30 per fully diluted share compared to previous guidance of $0.30 to $0.36 per share.

On the product front, ISSI this month introduced the ECC-based IS64WV25616EDBLL, a 4Mbit high-speed asynchronous SRAM. ''This device is designed to provide a high-speed asynchronous SRAM solution with enhanced data integrity that is form-fit-function compatible with current industry standard devices without ECC,'' according to ISSI.

The IS64WV25616EDBLL is organized as 256K x 16 and has an operating voltage range of 2.4-3.6V. The device is offered in 44-pin TSOPII and 48-pin BGA packages. To provide enhanced reliability, the 44-pin TSOPII is a copper lead frame-based product. IS64WV25616EDBLL is offered in both leaded and lead-free options to address various customer requirements.

This solution from ISSI is based on 65nm technology and draws only 45mA operating current when operated in the range of -40-85?C. Typical operating current is only 25mA. The device is offered in an industry leading 10ns access time, and can support -40-85?C and -40-125?C temperature ranges.

The error detection scheme is based on an independent hamming code for each byte. The device detects and corrects one bit errors for each byte. It provides better reliability than parity code schemes which can only detect an error, but not correct it.

A 512Kx8 option offered in a 44-pin TSOPII will be available in April while a 1.8V option will be available in June.

- Mark LaPedus
EE Times





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