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PMC-Sierra Inc Announces Acquisition Of Integrated Device Technology Inc


Wednesday, 29 May 2013 04:01pm EDT 

PMC-Sierra, Inc announced that it has entered into a definitive agreement to acquire Integrated Device Technology Inc (IDT) Enterprise Flash Controller Business and certain PCI Express (PCIe) Switch assets for $100 million, subject to certain purchase price adjustments. IDT`s Enterprise Flash Controller Business accelerates PMC`s entrance into the rapidly growing enterprise solid-state drive (SSD) market with leading-edge PCIe flash controllers, including the world`s first NVM Express (NVMe) flash controller. PMC believes that it will be able to improve its time-to-market by approximately two years due to the early product leadership and a robust design win pipeline, including wins spanning tier one datacenter, original equipment manufacturer (OEM) and SSD customers. As part of the transaction, PMC will acquire IDT`s Enterprise Flash Controller Business, including all related intellectual property (IP), certain PCIe Switch technology and 75 patents overall. The Company expects to make employment offers to approximately 50 employees. 

Company Quote

15.24
1.71 +12.64%
12:41pm EDT