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Verigy acquires LTX-Credence

Posted: 22 Nov 2010 ?? ?Print Version ?Bookmark and Share

Keywords:ATE? test? equipment? acquisition?

Verigy Inc. expands its efforts in the logic, mixed-signal and analog ATE markets with the acquisition of LTX-Credence Corp.

The combined company will be called Verigy. Verigy itself was formerly part of Agilent Technologies Inc. Agilent spun-out the ATE unit several years ago, thereby forming Verigy. Several years ago, LTX Corp. bought Credence Systems Corp., forming LTX-Credence.

Verigy is strong in logic and memory test. In logic, it has a large presence in the subcontractor community. In memory, Verigy's customers include Samsung, SanDisk and others.

LTX-Credence is strong in mixed-signal, and, to some degree, logic. LTX-Credence's largest customer is Texas Instruments Inc.

The deal is not surprising. LTX-Credence is a weaker player in ATE, although it had been showing signs of life. Until recently, Verigy had been losing money in a tough, overcrowded market. The combined entity will compete against Advantest and Teradyne, among others.

Under the terms of the acquisition, Jorge Titinger, president and chief operating officer, Verugy, will serve as co-CEO with David Tacelli, president and CEO, LTX-Credence. The company will be headquartered in Singapore with U.S. headquarters in California.

Verigy chairman and CEO, Keith Barnes, will continue as the chairman of the board of directors, which will be comprised of 12 members, seven designated by Verigy and five by LTX-Credence.

To facilitate the change in leadership, Keith Barnes CEO, Verigy, will transition to chairman of the board of directors as of Dec. 31, 2010, and Jorge Titinger will be promoted to CEO and president.

"The two companies share a long legacy of innovation in test solutions that meet customers' technology needs and enable them to maximize profitability and competitiveness," said Barnes in a statement. "By joining forces, we expect the combined scale to strengthen our global presence, realize significant synergies and provide substantial benefits to our customers, shareholders and employees."

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