magnum semiconductor
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gigoptix, which provides semiconductor and optical components, acquired chip and software provider magnum semiconductor on monday .
magnum semiconductor mark singer, 408 - 945 - 3806 mark. singer @ urltoken
jose suarez, managing director of investor growth capital, has joined the board of directors of magnum semiconductor. suarez noted ,
magnum semiconductor is a premier provider of chips, software, reference platforms and engineering support services for recording, viewing and managing high - quality audio / video content. magnum semiconductor is headquartered in milpitas, calif. with sales and engineering offices in korea, taiwan, japan and china. further information is available at urltoken .
magnum semiconductor provides solutions combining systems - on - chips (socs) and software to control dvd recorders. investcorp created magnum for the purposes of acquiring cirrus logic' s dvd recorder chip assets. the spin - out allows cirrus logic to focus on its core mixed signal business and magnum to leverage its market leadership as an independent pure - play. in addition to dvd recorder chips, magnum semiconductor also provides sophisticated software that controls recorder functions, administers digital rights management protection and operates the user interface .
magnum semiconductor is a leading provider of silicon ics, socs, software and ip for the professional video broadcast and iot camera markets. magnum provides top of the line products, tools and technologies for the entire video content creation and distribution chain, from contribution and production through distribution over cable, satellite and iptv to ott video streaming. magnum semiconductor is headquartered in milpitas, california, with sales and engineering offices in canada, china, and korea .
) - - magnum semiconductor today announced that the company has closed a round of venture funding totaling $ 27 million. the financing round was led by investor growth capital, and included new investments from wk technology fund, ktb ventures, and gold hill capital, as well as further participation from magnum
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. ”
magnum semiconductor, which generated approximately $ 19 million in revenue in fy 2015, based on unaudited results, brings a well - developed and comprehensive portfolio of video broadcasting and compression solutions to gigoptix, including silicon ics, socs, software solutions, and a comprehensive library of ip .
“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, ” katz said in a press release .
s participation in the current round of financing comes in addition to debt financing which had been extended to magnum over the course of the last year .
the corporate rebranding reflects the broadening scope and capabilities of the company, which unites gigoptix’s leading high - speed enterprise networking connectivity portfolio with magnum’s world - class expertise in video broadcasting, compression, and analytics to create a lead innovator of semiconductor ics and software solutions for high - speed connectivity and high - quality video compression over the network and the cloud .
andy rappaport, partner emeritus at august capital, magnum’s largest shareholder, said, “magnum’s team has done an extraordinary job creating proven, industry leading video compression and analytics technology serving some of the most demanding customers in the world. by combining magnum’s hardware and software experience and high - margin product portfolio with the complementary product, technology and market leadership, and solid balance sheet of gigoptix, gigpeak is well positioned to sustain both companies’ strong positions with their current customers and accelerate growth by developing new solutions for large emerging markets. ”
wk technology fund is a full spectrum cross - pacific venture capital firm specializing in investments in innovative component, systems, software, and service companies in the communications, semiconductor, it and internet, and media sectors .
“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. “we look forward to supporting magnum’s continuing efforts as part of the newly rebranded gigpeak family to drive innovation through their proven and market accepted software - based solutions to deliver best - in - class video and data to the world’s leading broadcasting and iot camera oems and customers. the exponential growth in video traffic will further expand the demand for gigoptix’s and magnum’s solutions in real - time high - speed and high - quality information streaming, video compression in the cable, satellite, telco / iptv and mobile / over the top (ott) markets. the increasing need for powerful video analytics capabilities has also been driving significant interest in magnum’s solutions in the iot camera markets by major oems. we are impressed by magnum’s technology, customers, growth profile, and the technical depth and experience of its engineering team. we are very excited by the many opportunities this combination offers that will enable us to expand our focus from the enterprise networking and cloud connectivity to broadcasting head - ends, iot, and consumer markets. i also want to personally offer a warm welcome to the entire magnum team that is joining our family today. ”
milpitas - based magnum provides silicon integrated circuits, systems on chips, software and intellectual property for the professional video broadcast and internet of things camera markets. the company had raised more than $ 70 million in funding from backers including august capital and investor growth capital and generated approximately $ 19 million in revenue in 2015. the entire magnum team will join the new company as part of the acquisition .
magnum sales are growing rapidly in japan, korea, europe and china. we now have greater financial strength, allowing us to accelerate our r & d efforts in high - definition products, and to fund expanding operations in support of our revenue ramp .
), a leading supplier of advanced semiconductor communications components for use in cloud connectivity, data centers, and high - speed optical and wireless networks, today announced the signing of 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, in a cash and stock transaction valued at approximately $ 55 million net based upon the average closing price of gigoptix stock for the trailing thirty day period ended april 1, 2016. the acquisition is expected to become effective tomorrow, tuesday, april 5, 2016, and upon the close, gigoptix, inc. will be renamed gigpeak, inc. , beginning to operate under that name as of wednesday, april 6, 2016. the company will continue to trade on the nyse mkt exchange under the symbol “gig. ”
at investor growth capital we look for companies with experienced management, as well as a strong customer base and product offering, which require additional capital to support revenue growth. with an increasing number of design wins among marquee consumer electronics oem customers, magnum fits these requirements .
this press release contains forward - looking statements within the meaning of section 27a of the securities act of 1933, as amended, and section 21e of the securities exchange act of 1934, as amended. such statements contain words such as
believe ,
will ,
and
expect ,
or the negative thereof or comparable terminology, and include (without limitation) statements regarding the acquisition of magnum semiconductor and its closing, projected plans for gigpeak after the acquisition, including an expanded product portfolio, new product development and introduction, product sales growth and projected revenues, other financial impacts of the acquisition, the entry into an expanded credit facility with silicon valley bank and the new name, gigpeak, inc. forward - looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. these risks include, but are not limited to: the ability of the parties to satisfy the conditions for closing the acquisition and the entry into and funding of the loan by silicon valley bank, the ability to integrate the two companies, including retention of key personnel of magnum semiconductor and maintaining sales to existing magnum semiconductor customers, the ability to successfully rebrand the company, the ability to extend product offerings into new areas or products, the ability to commercialize technology, unexpected occurrences that deter the full documentation and
bring to market
plan for products, trends and fluctuations in the industry, changes in demand and purchasing volume of customers, unpredictability of suppliers, the ability to attract and retain qualified personnel, the ability to move product sales to production levels, the ability to compete for client design - in opportunities, the ability to cross - sell to new clients and to diversify and the success of product sales in new markets or of recently produced product offerings, including bundled product solutions. additional factors that could cause actual results to differ are discussed under the heading
risk factors
and in other sections of the gigoptix filings with the sec, and in its other current and periodic reports filed or furnished from time to time with the sec. all forward - looking statements in this press release are made as of the date hereof, based on information available to gigoptix as of the date hereof, and gigoptix assumes no obligation to update any forward - looking statement .
non - gaap earnings per diluted share to be in a range of $ 0. 22 to $ 0. 24, up from $ 0. 19 in fy 2015. the projected increase in fy 2016 earnings per diluted share accretion is in spite of an approximately 20% increase in share count through the acquisition of magnum and the recently announced direct investment by pdsti
gigoptix, inc. (nyse mkt: gig) is a lead designer, developer, and global supplier of a broad range of analog, digital, and mixed signal components to enable high - speed information streaming over the telecom networks, datacom infrastructure, and consumer electronics links. our ability to innovate and create differentiated products is based on deployment of various semiconductor technologies that span from iii - v compounds to sige bicmos and cmos - based device designs .
gigoptix is executing this acquisition via a combination of stock and cash, issuing approximately 7. 1 million shares and paying an additional approximately $ 35. 8 million in net cash, a significant portion of which will be used to repay magnum’s outstanding debt and other liabilities. the amounts to be paid are subject to customary adjustments. gigoptix expects to fund the purchase price of the acquisition from a combination of cash on hand and incurrence of additional indebtedness through a $ 15 million term loan provided by silicon valley bank .
the active participation of our first - round investors has helped us to build and expand our business. we now look forward to the added contributions of our new venture investors. we see the participation of these international investors as an endorsement of the strength and global nature of our business .
s may, 2007 round of financing. new investors are described first, followed by the company
s two initial investors, who have both also participated in the current round .
investor growth capital is the wholly owned venture capital arm of investor ab (investor), the largest publicly listed industrial holding company in the nordic region. investor was founded in 1916, and is traded on the stockholm exchange .
since its formation in the mid - 1990s, investor growth capital has invested in high - quality, growth - oriented companies, primarily in the information technology and healthcare industries, in north america, northern europe, japan and china .
investor growth capital was the lead investor in the current financing, investing 50% of the total in the round .
ktb ventures is the united states operation of ktbnetwork, the largest private equity firm headquartered in korea. since the company was established in 1981 ktb has invested in over 400 companies worldwide, including over 40 companies in the u. s. since 1994 .
wk technology fund was founded in 1989 in taipei, taiwan, on the principle of providing strong support to its portfolio companies. wk technology currently has $ 500m in evergreen funds under management, and has invested in over 240 companies .
gold hill is a leading provider of growth capital financing for venture - backed technology and life science companies. gold hill enables companies to optimize their finances, using debt and equity to leverage their venture capital and fund their growth .
founded in 1995, august capital is a leading venture capital firm that invests in innovative technology companies. august capital focuses on helping outstanding entrepreneurs build large sustainable companies. august capital has $ 1. 3 billion under management, and has invested in more than 60 companies including atheros, cobalt networks, iridigm, seagate, shopping. com, silicon image, and tickle .
recent investments ranged from $ 500, 000 to $ 130 million in information technology businesses from semiconductors to ecommerce. the firm' s partners have previously invested in a number of groundbreaking technology companies, including actel, adaptec, cirrus logic, compaq, grand junction, intuit, linear technology, microsoft, mmc networks, sun microsystems, sybase, symantec, and visio. august capital is located in menlo park, california .
investcorp technology partners is a leading investor in small and medium - sized technology businesses in north america and europe. the itp team focuses on growth capital, buyout, corporate carve - out and take - private transactions, generally investing between $ 15 million and $ 40 million of equity. investcorp technology partners is part of investcorp, a leading provider and manager of alternative investment products with over $ 10 billion in invested assets under management .
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the deal is valued at approximately $ 55 million and the combined company will rebrand as gigpeak inc .
san jose - based gigoptix is issuing about 7. 1 million shares and paying an additional $ 35. 8 million in net cash. gigoptix will fund part of the purchase price by incurring additional indebtedness through a $ 15 million term loan provided by silicon valley bank. the company will continue to trade on the nyse under the symbol “gig. ”
gigoptix ceo avi katz founded the san jose - based company in 2001 to become a global supplier of a broad range of analog, digital and mixed signal components to enable high - speed information streaming over the telecom networks, datacom infrastructure and consumer electronics links .
with the acquisition, gigpeak hopes to see 2016 revenue hit between $ 60 million to $ 62 million, up approximately 50 percent from gigoptix' s $ 40. 4 million in revenue in 2015. the company will also expand its product portfolio and expand current gigoptix markets from $ 1 billion to nearly $ 5 billion by adding the broadcasting, iot and consumer markets .
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none i can think of. the company is on life support. there is no upside .
the ceo micro - managed the company into the ground and has no vision. he came on board in around 2008, inheriting revenues of around $ 80m, number of staff of around 250 and 4 office locations. in 2015 revenue had dropped to around $ 15m with sub $ 5m outlook for 2016, staff was reduced to about 50 and number of locations to 2. key staff left out of frustration with him and customers got equally disillusioned with him. he' s now trying to re - invent the company for the 3rd time (dvd recorder chips to broadcast chips to ip camera chips), but the company has to raise funding in a tough climate with a ceo that has no credibility left and is trying to build a chip for a market it cannot compete in .
it' s too late to turn the ship around. the only viable option is to sell off the company .
a year of changes. there was a new president and human resource manager brought in and a company acquired .
easy commute from fremont. given latitude (time and space) to do my work
over all, it is a good place to work, with regarding to people and technology .
you can learn a lot about video compression from algorithm team, if you are lucky enough to work with them .
company' s directions kept changing which created all kinds of issues, especially time and money .
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revenue in the range of $ 60 million to $ 62 million, up approximately 50% from $ 40. 4 million in fy 2015
“we have researched the market for a long time to identify the best - in - class video broadcasting, compression and analytics technology company that will allow us to complement our leading edge high - speed connectivity product portfolio for the telecom and datacom enterprise networking. this combination of products and technologies enable us to address both the speed of data transmission and the amount of bandwidth the data consumes within a network, driven in particular by video, which is a major source of data center traffic. we are poised to provide powerful solutions to enhance the footprint utilization and reduce total cost of ownership of existing network pipes from the core to the end user. gigpeak’s broad portfolio of cutting - edge products will serve the enterprise networking and broadcasting oems, as well as the iot and consumer markets, ” said dr. raluca dinu, gigoptix’s executive vice president of global customer operations .
matthew wright, managing director at silicon valley bank, added, “this is an exciting time for gigoptix. we' re delighted to partner with the company to provide debt funding for this transaction, enabling the team to accelerate growth going forward, expand their addressable market and add compelling talent and technology. ”
conference call today, april 4, 2016, at 2: 00 p. m. et
gigoptix will host a conference call today, april 4, 2016, at 2: 00 p. m. et / 11: 00 a. m. pt to discuss this agreement. to access the conference call, please dial (719) 325 - 2495. no passcode is needed. a live webcast and accompanying presentation of the conference call will be available in the investors section of gigoptix’s website at urltoken. a slide presentation to be used on the conference call will be posted to the investor relations page of gigoptix’s website. the replay dial - in number is (858) 384 - 5517, and the passcode is 7814276 .
further details of the transaction and arrangement are set out in gigoptix’s current report on form 8 - k filed with the securities and exchange commission on april 4, 2016 .
gigpeak’s founder, chairman of the board of directors and chief executive officer, dr. avi katz, joined by gigpeak’s executives and the company’s 2015 hall - of - fame nominated employees, will ring the nyse opening bell® on wednesday, april 6, 2016. a live stream of the opening bell® can be viewed at urltoken .
gigoptix’s product portfolio provides high - speed and low - power solutions in markets such as fiber - optics telecom, wireless backhaul, datacom and consumer electronics, mil - aero, instrumentation, and medical equipment, for applications such as linecards and transponders, active optical cables and pluggables, point - to - point wireless radios, military warfare, avionics electronics, gps systems, and diverse medical equipment, such as ultrasound imaging, x - ray, mri, ct scan, and defibrillators .
for more than 30 years, silicon valley bank (svb) has helped innovative companies and their investors move bold ideas forward, fast. svb provides targeted financial services and expertise through its offices in innovation centers around the world. with commercial, international and private banking services, svb helps address the unique needs of innovators. learn more at urltoken .
gigoptix, inc. dr. raluca dinu, 408 - 522 - 3117 evp global customer operations rdinu @ urltoken or investor relations darrow associates, inc. jim fanucchi, 408 - 404 - 5400 ir @ urltoken
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magnum semiconductor inc. is a video compression technology company . the headquarters of the company is in milpitas , california . the company has an engineering branch at waterloo , ontario , canada . magnum semiconductor was formed in 2003 as a spinout of the cirrus logic video division which developed mpeg video recording and enabled consumer dvd recorders . investors included august capital , and investcorp technology partners . in may 2007 , a second round of $ 27 million in funding was announced , led by investor growth capital , with new investors wk technology fund , ktb ventures , and gold hill capital . magnum acquired the consumer products division of lsi corporation in june 2007 , including domino and zevio video compression technology . the lsi division had started with the acquisition of c-cube microsystems , the first company to offer real time mpeg1 and mpeg2 compression . the company 's products target both professional and consumer markets . magnum offers hardware , software , reference platforms , and engineering support for digital video recording , playback and management of audio/video content . the magnum platforms also enable sharing entertainment via optical disc , flash disk and home networking . magnum 's consumer products are found in video recorder products of consumer electronic manufacturers . in february 2008 gopal solanki , from nvidia , took over as the chief executive from jack guedj . a $ 12 million from nxt capital venture finance was announced in october 2012 . in april 2016 , magnum was acquired by gigoptix , with the combined company rebranded as gigpeak . gigpeak was based in san jose , california , and listed on the new york stock exchange with symbol gig . 
magnum semiconductor inc. is a video compression technology company. the headquarters of the company is in milpitas, california. the company has an engineering branch at waterloo, ontario, canada. magnum semiconductor was formed in 2003 as a spinout of the cirrus logic video division which developed mpeg video recording and enabled consumer dvd recorders. investors included august capital, and investcorp technology partners. in may 2007, a second round of $ 27 million in funding was announced, led by investor growth capital, with new investors wk technology fund, ktb ventures, and gold hill capital. magnum acquired the consumer products division of lsi corporation in june 2007, including domino and zevio video compression technology. the lsi division had started with the acquisition of c-cube microsystems, the first company to offer real time mpeg1 and mpeg2 compression. the company's products target both professional and consumer markets. magnum offers hardware, software, reference platforms, and engineering support for digital video recording, playback and management of audio/video content. the magnum platforms also enable sharing entertainment via optical disc, flash disk and home networking. magnum's consumer products are found in video recorder products of consumer electronic manufacturers. in february 2008 gopal solanki, from nvidia, took over as the chief executive from jack guedj. a $ 12 million from nxt capital venture finance was announced in october 2012. in april 2016, magnum was acquired by gigoptix, with the combined company rebranded as gigpeak. gigpeak was based in san jose, california, and listed on the new york stock exchange with symbol gig.
magnum semiconductor inc. is a video compression technology company. the headquarters of the company is in milpitas, california. the company has an engineering branch at waterloo, ontario, canada. magnum semiconductor was formed in 2003 as a spinout of the cirrus logic video division which developed mpeg video recording and enabled consumer dvd recorders. investors included august capital, and investcorp technology partners. in may 2007, a second round of $ 27 million in funding was announced, led by investor growth capital, with new investors wk technology fund, ktb ventures, and gold hill capital. magnum acquired the consumer products division of lsi corporation in june 2007, including domino and zevio video compression technology. the lsi division had started with the acquisition of c-cube microsystems, the first company to offer real time mpeg1 and mpeg2 compression. the company's products target both professional and consumer markets. magnum offers hardware, software, reference platforms, and engineering support for digital video recording, playback and management of audio/video content. the magnum platforms also enable sharing entertainment via optical disc, flash disk and home networking. magnum's consumer products are found in video recorder products of consumer electronic manufacturers. in february 2008 gopal solanki, from nvidia, took over as the chief executive from jack guedj. a $ 12 million from nxt capital venture finance was announced in october 2012. in april 2016, magnum was acquired by gigoptix, with the combined company rebranded as gigpeak. gigpeak was based in san jose, california, and listed on the new york stock exchange with symbol gig.