I don't think I seen this posted:
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BROADCOM CORPORATION ADDS R&D CAPABILITY IN INDIA THROUGH ARMEDIA, INC. ACQUISITION
IRVINE, Calif. - June 1, 1999 - Broadcom Corporation (Nasdaq: BRCM), a leading developer of integrated circuits enabling high-speed broadband communications to and throughout the home and business, today announced that it has acquired Armedia, Inc., a developer of advanced semiconductor products in Bangalore, India.
Armedia's team of 38 engineers, with 31 located in Bangalore, will provide Broadcom high quality and experienced engineering talent as well as a base for access to the large and growing cable market in India. Bangalore has established a reputation as the "Silicon Valley of India" and is home to over 200 high technology companies, with talent available in all aspects of VLSI design, software and systems development. Broadcom issued 702,000 shares of its Class B Common Stock in exchange for all shares of Armedia Preferred and Common Stock, including shares issuable upon exercise of employee stock options and other rights. The merger transaction was approved by the Boards of Directors of both companies and by Armedia's stockholders. It will be accounted for as a pooling of interests.
"India is already recognized as a world leader in the production of video
content and distribution, which ultimately drives a large potential market for
Broadcom's products," said Dr. Henry T. Nicholas III, President and CEO of
Broadcom. "Broadcom is the U.S. market leader in broadband communications with
our broadband cable and telephone line technology for television set-tops and
high-speed modems. The addition of Armedia allows us to grow our research and
development capabilities and will at the same time help us become a leading
supplier of integrated circuits for broadband communication solutions in the
large and rapidly growing Indian market."
Tushar A. Dave, Armedia's President & CEO, said, "Armedia is thrilled to team up
with one of the world leaders in broadband communication solutions. We believe
recent changes in Indian Government policies allowing cable operators to provide
Internet services and, in the future, telephony services, opens up a large
potential market for Broadcom's chip products. We expect to be able to bring
Broadcom's world-class broadband solutions to the Indian market and to play a
key role in facilitating development of India's next-generation communication
infrastructure."
Armedia, Inc. is a Delaware corporation with an Indian subsidiary. Armedia's
Bangalore employees will comprise the core of Broadcom's new Indian subsidiary,
to be known as Broadcom India Pvt. Ltd. Armedia's U.S. employees will join
Broadcom's existing Silicon Valley operations in San Jose, Calif.ABOUT ARMEDIA
Armedia, Inc. is a developer of high performance digital video decoders. Its
digital video technology has been licensed to leading electronics companies.
Armedia has the capability to develop complete solutions, including integrated
circuits, software and system reference designs.ABOUT BROADCOM
Broadcom Corporation is a leading provider of highly integrated silicon
solutions that enable broadband digital transmission of voice, data and video
content to and throughout the home and within the business enterprise. Using
proprietary technologies and<PAGE> 3
advanced design methodologies, the Company designs, develops and supplies
integrated circuits for a number of the most significant broadband
communications markets, including the markets for cable set-top boxes, cable
modems, high-speed office networks, home networking, direct broadcast satellite
and terrestrial digital broadcast, and digital subscriber line (xDSL). Broadcom
is headquartered in Irvine, Calif., and may be contacted at 949-450-8700 or at
www.broadcom.com. |
