SMIT buys hardware-based verification systems and software company

According to the agreement, the Group agreed to acquire 86.36% interest in the share capital of S2C from USD 19 million, plus up to USD 2 million at the maximum in milestone based payments to the key management team. S2C has been delivering hardware-based rapid verification solutions since its establishment in 2003. With over 400 customers and more than 2000 systems installed, S2C's focus is on SoC/ASIC development to reduce the SoC design cycle. The company has offices and distributors around the globe including in the US, UK, Israel, mainland China, Taiwan, South Korea and Japan. Mr Shuai Hongyu, President of SMIT, says in a press release, "S2C is a well-established company principally engaged in rapid hardware-based verification systems and software for over 15 years. It has strong presence in mainland China, Japan, South Korea and Taiwan. The acquisition added a new and strategically important component to our ongoing business development and helps us to quickly tap into this new industry. It is also in line with our overall investment strategy in the high-technology sector, representing a good opportunity for us to broaden our revenue stream. Through SMIT's new investments, S2C will be able to accelerate new product developments and provide superior customer support."