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SMSC buys USB 3.0 supplier

Posted: 17 Nov 2010 ?? ?Print Version ?Bookmark and Share

Keywords:USB 3.0? acquisition? IP? connectivity?

SMSC reports it has acquired USB 3.0 chip supplier Symwave Inc.

Previously, SMSC had invested $5.2 million in Symwave, for 14 percent equity stake, and had provided $3.1 million in bridge financing to the company.

Under the acquisition agreement, SMSC will make cash payments to Symwave shareholders as part of an earnout provision upon achievement of certain financial goals during calendar year 2011. The acquisition closed on Nov. 12, 2010.

Symwave's headquarters are in California, and it has design centers in San Diego and Shenzhen, China. It has about 90 employees, of which over 60 are in Asia.

End products based on Symwave�s storage controller were the industry�s first to achieve the USB-IF�s USB 3.0 certification in December 2009.

�This led to our initial investment in Symwave in 2009. With USB 3.0 now ready for mass deployment, SMSC is strengthening its market position through the addition of best-in-class USB 3.0 expertise to take advantage of this technological shift at the optimal time. We expect this IP will be broadly used throughout SMSC�s connectivity product portfolio,? said Christine King, president and CEO of SMSC, in a statement.

In September 2009, SMSC bought Tallika Corp. for about $3.4 million. Tallika is expected to play a role in accelerating SMSC�s product roadmaps, including USB 3.0.

Also in 2009, SMSC invested $2 million in 3D sensor maker Canesta Inc., which was recently acquired by Microsoft.

Earlier this year, SMSC acquired substantially all the assets and certain liabilities of Kleer Semiconductor Corp., a designer of high quality, interoperable wireless audio technology addressing headphones and earphones, home audio/theater systems and speakers, portable audio/media players and automotive sound systems.

In June this year, SMSC acquired Wireless Audio IP BV (STS), a fabless designer of plug-and-play wireless solutions for consumer audio streaming applications, including home theater, headphones, LED TVs, PCs, gaming and automotive entertainment.

In September, SMSC announced its financial results for the second quarter of fiscal year 2011, ended August 31. Total revenue for the quarter was $104.1 million, an increase of 7 percent sequentially, or an increase of 39 percent when compared to the same period in the prior year.

GAAP net income for the second quarter of fiscal 2011 was $12.9 million, or $0.57 per diluted share, compared to a GAAP net loss of $6.5 million or $0.30 per diluted share for the same period in the prior year.

- Mark LaPedus
EE Times

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