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Electronics Production | June 05, 2008

Zoran Corporation aquires Let It Wave

Zoran Corporation announced it has signed a definitive agreement to acquire Let It Wave, a fabless semiconductor company based in Paris, France.
By acquiring Let It Wave, Zoran intends to deliver high performance image processing that enables artifact-free true-MCFRC for flat panel televisions as well as other video consumer electronics products.

Let It Wave was founded in 2001 by Professor Stephane Mallat, Dr. Christophe Bernard, Dr. J√©r√īme Kalifa, and Professor Erwan Le Pennec to develop improved image-processing capabilities for video products based on Bandlet technology at Ecole Polytechnique in Paris. Let It Wave was financed primarily by Iris Capital, a pan-European fund, and I-Source, France.

Under the terms of the agreement, Zoran will acquire Let It Wave in an all cash transaction valued at up to $27.6 million, which includes earnout provisions. Zoran believes that the transaction will be accretive on a non-GAAP basis no later than the second half of 2009, with minimal impact to its earnings for the remainder of 2008 on a non-GAAP basis. The acquisition is expected to close on or about June 11, 2008.
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January 11 2019 8:28 pm V11.10.27-2