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. Jérôme 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.