HAUPPAUGE, NY and LAGUNA NIGUEL, CA. -- August 6, 2009
-- SMSC (NASDAQ: SMSC), a leading semiconductor provider of Smart Mixed-Signal Connectivity™ solutions, and Symwave, Inc., a leading silicon supplier of system solutions for SuperSpeed USB devices, announced today a strategic relationship with the objective to accelerate delivery of superior end-to-end USB 3.0 solutions into high volume mobile, consumer and computing segments. Under the agreement, SMSC has made an initial cash investment of $4 million in Symwave, and SMSC’s President and Chief Executive Officer, Christine King, will join Symwave’s Board of Directors. As part of the relationship, SMSC has committed to an additional $1.3 million investment if required by Symwave and has obtained the right to acquire Symwave under certain conditions.
Symwave is a private semiconductor supplier headquartered in Laguna Niguel, CA, with design centers in San Diego, CA and Shenzhen, China and approximately 100 employees worldwide. Symwave develops software-intensive high-performance analog/mixed-signal System-on-Chip (SoC) solutions for rapidly emerging USB 3.0 based consumer devices including external storage, cellular phones, media players, camcorders, and digital cameras.
“Symwave has assembled a talented team and they have developed a product roadmap which is complementary to SMSC's own plans for SuperSpeed USB," said Christine King, President and CEO of SMSC. "In addition, our relationship will give us an option to access a new segment of the USB 3.0 market, which could broaden our applications opportunity beyond PCs, personal media players and smartphones into storage."
The USB 3.0 standard, released in November 2008 is the latest technology evolution of the ubiquitous Universal Serial Bus, first introduced in 1996. Supporting a 5 gigabit per second signaling rate, USB 3.0 delivers ten times the rate of USB 2.0, and is backward-compatible with all existing and legacy USB 2.0 ports and devices. Additionally, USB 3.0 delivers nearly double the bus powering and charging capability, improves device power management and includes significant host or PC performance improvements.
“SMSC is a recognized leader in some of the most pervasive USB applications today, with proven quality, innovation and high volume production,“ said Yossi Cohen, President and CEO of Symwave. “Collaborating with SMSC will enable Symwave to better execute on our business plan and add tremendous momentum to achieving our goals while simultaneously expanding our USB 3.0 market presence.” About SMSC
SMSC is a leading developer of Smart Mixed-Signal Connectivity™ solutions. SMSC employs a unique systems level approach that incorporates a broad set of technologies and intellectual property to deliver differentiating products to its customers. The company is focused on creating connectivity solutions that enable the proliferation of data in personal computers, automobiles, portable consumer devices and other applications. SMSC’s feature-rich products drive a number of industry standards and include USB, MOST® automotive networking, embedded system control and analog solutions, including thermal management and RightTouch™ capacitive sensing. SMSC is headquartered in New York and has offices and research facilities in North America, Asia and Europe. Additional information is available at www.smsc.com
. About Symwave, Inc.
Symwave is a global fabless semiconductor company developing connectivity SoCs (System-On- Chip) and software solutions that enable PCs and other consumer electronic devices to realize the benefits of USB 3.0. USB 3.0 (SuperSpeed USB) improves device power management, transfers data tenfold faster and maintains backwards compatibility with the billions of USB ports shipped to date. Symwave’s high-performance mixed-signal products leverage the company’s proprietary mixed-signal technology, IP and silicon design capabilities to bring the benefits of uncompromised speed in low-cost standard CMOS processes. The company is privately held with headquarters in Orange County, Calif., and design centers in Shenzhen, China, and San Diego, Calif. Symwave is backed by top-tier venture capital firms including Kodiak Venture Partners and CMEA Ventures. Additional information is available at www.symwave.com