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GigOptix to acquire Magnum Semiconductor
GigOptix has signed a definitive agreement to acquire Magnum Semiconductor, Inc., a privately-held Milpitas, California-based provider of silicon ICs, SoCs, software, and IP for the professional video broadcast and IoT camera markets.
GigOptix will acquire Magnum in a cash and stock transaction valued at approximately USD 55 million. The acquisition is expected to become effective on Tuesday, April 5, 2016, and upon closing, GigOptix will be renamed GigPeak, Inc., and begin to operate under that name the following day. “We have a long and proven track record of acquiring and integrating cutting edge technology companies in the most financially prudent manner. The acquisition of Magnum Semiconductor, our eighth acquisition since inception, is another important step in realizing our initial 2007 roadmap vision and strategic plan to expand GigOptix through inorganic and organic growth. With the addition of Magnum Semiconductor, we have taken a meaningful step in expanding our product portfolio to further enhance our mission of enabling high-speed and high-quality information streaming end-to-end over the network, from the core to the consumer,” said Dr. Avi Katz, GigOptix’s Founder, Chairman of the Board of Directors and Chief Executive Officer. Gopal Solanki, Chief Executive Officer and President of Magnum Semiconductor stated, “The combination of GigOptix’s leading edge wired and wireless high-speed communication technology, combined with Magnum’s professional quality video compression and SoC hardware and software expertise creates a unique and powerful platform for streaming video. The Magnum team is excited to join forces to develop solutions for a future where video presence is pervasive and widely deployed at both the consumer and commercial premises.”
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