Mindspeed Technologies Completes Acquisition of Picochip
February 07 2012 - 6:00AM
Business Wire
Mindspeed Technologies, Inc. (NASDAQ: MSPD), a leading
supplier of semiconductor solutions for network infrastructure
applications, today announced that it has completed the acquisition
of privately held, U.K.-based Picochip Limited.
Picochip is the leading supplier of integrated system-on-chip
(SoC) solutions for small cell base stations. Picochip pioneered
the femtocell market and has developed the industry’s broadest
portfolio of next generation small cell solutions for enterprise,
metro and residential base stations. With over one million SoCs
shipped to-date, Picochip is the most broadly deployed small cell
semiconductor solution on the market.
"This marks the closing of the most strategic and exciting
acquisition in Mindspeed’s history,” said Raouf Y. Halim,
Mindspeed’s chief executive officer. “Mindspeed and Picochip are
now one company that is well positioned to lead the market for
small cell base station solutions for next generation mobile
broadband communications. Our combination bolsters and accelerates
our position in both 3G/ high speed packet access (HSPA) and
4G/long-term evolution (LTE), and we believe we will have the
number one market position in deployed small cell processors
worldwide, with 70% market share in 3G/ HSPA deployments.”
Mindspeed will host demonstrations and meetings for customers,
partners, press and analysts at Mobile World Congress 2012 in booth
1E.57 at the Fira Montjuïc in Barcelona, Spain from February 27 to
March 1, 2012 during its first public trade show presence since the
completion of the acquisition. The company plans to introduce an
expanded product line of base station SoC solutions as well as a
compelling product roadmap that leverages the combined capabilities
of Mindspeed and Picochip.
About Mindspeed Technologies
Mindspeed Technologies (NASDAQ: MSPD) is a leading provider of
network infrastructure semiconductor solutions to the
communications industry. The company's low-power system-on-chip
(SoC) products are helping to drive video, voice and data
applications in worldwide fiber-optic networks and enable advanced
processing for 3G and Long Term Evolution (LTE) mobile networks.
The company's high-performance analog products are used in a
variety of optical, enterprise, industrial and video transport
systems. Mindspeed offers the most broadly deployed semiconductor
solutions for small cell base stations on the market today.
Mindspeed's products are sold to original equipment manufacturers
(OEMs) around the globe.
To learn more, please visit www.mindspeed.com. Company news
and updates are also posted at www.twitter.com/mindspeed.
Safe Harbor Statement
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Such statements include statements regarding our
expectations, goals or intentions, including, but not limited to
our current assessment of the target addressable market and market
share for Mindspeed and Picochip as a combined company, as well as
the anticipated impact of the acquisition of Picochip on our
business and operating results, including expectations concerning
when the acquisition may become accretive and our plans for new
product introductions resulting from the acquisition. These
forward-looking statements are based on management's current
expectations, estimates, forecasts and projections and are subject
to risks and uncertainties that could cause actual results and
events to differ materially from those stated in the
forward-looking statements. In particular, the acquisition of
Picochip will present various integration risks, and Mindspeed
cannot provide any assurances that the anticipated revenue,
expense, product, and technology synergies of the acquisition will
be achieved or that the markets for the combined company will
develop as we currently anticipate. Acquisition transactions are
subject to inherent risks and uncertainties, including, among
others, risks associated with the successful integration of
geographically separate organizations; the ability to integrate the
two companies’ technologies; and the potential for key employee
attrition. In addition, our existing business is subject to
numerous risks and uncertainties independent of the proposed
transaction, including fluctuations in our operating results and
the potential for future operating losses; loss of or diminished
demand from one or more key distributors; our ability to
successfully develop and introduce new products; pricing pressures;
and the potential for intellectual property litigation. Additional
risks and uncertainties that could cause our actual results to
differ from those set forth in any forward-looking statements are
discussed in more detail under the caption “Risk Factors” in our
Annual Report on Form 10-K for the fiscal year ended September 30,
2011 and will be included in our Quarterly Report on Form 10-Q for
the quarter ended December 30, 2011, as well as our future filings
with the SEC.
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