We have some news.Silicon Valley Research to Acquire Quality I.C.
SAN JOSE, Calif.--Silicon Valley Research, Inc. (NASDAQ:SVRI) announced today that it has entered into a letter of intent to acquire Quality I.C., Inc. of Austin, Texas for stock and cash.
Quality I.C. is a six year old private company providing Integrated Circuit (IC) design consulting services. Terms were not disclosed pending the execution of a definitive agreement, expected to be completed within 60 days.
James Benouis, BSEE University of Texas at Austin, President of Quality I.C. will become President, Chief Operating Officer of SVR and Robert R. Anderson will continue as Chairman and Chief Executive Officer. Mr. Anderson stated, "Quality I.C. brings important IC Design knowledge to SVR, including a series of software programs, which improve the usability of SVR's tools.
"We plan to expand Quality IC's consulting business to SVR's San Jose and Tokyo offices and to combine SVR's and Quality IC's Austin operations. We are very pleased to have Mr. Benouis join SVR as President to lead us into an expanded business environment."
Mr. Benouis stated, "The combination of SVR's proven technology with Quality I.C.'s successful IC design consulting creates exciting possibilities. Design Services is the fastest growing segment in the EDA industry and is expected to generate $1 billion by the year 2000. As designs progress to deep submicron and their complexity increases, physical design methodologies will become a more challenging part of the design flow. With its powerful tool technology and quality design services SVR is poised to enable customers to meet this challenge."
Founded in 1979, Silicon Valley Research develops, markets and supports innovative IC physical design software for floorplanning, placement, routing, custom layout and parasitic extraction of deep submicron Application Specific Integrated Circuits (ASICs), Application Specific Standard Products (ASSPs), mixed signal ICs and microprocessors.
The advanced technology in SVR's production-proven tools result in denser, higher yielding, high performance chips. Headquartered in San Jose, Calif., the company has sales offices and distributors in the United States, Europe and Asia.
The preceding paragraphs include forward-looking statements about the possible acquisition of Quality I.C. and the combination of the two companies.
All forward-looking statements involve risks and uncertainty, and actual results of the company could vary materially from the forward-looking statements as a result of factors including, without limitation, successful product introduction and acceptance of the company's products and increased competition.
Further information on potential factors which may affect the company's financial results are included in the company's Quarterly Reports on Form 10-Q and the company's Annual Report on Form 10-K.
CONTACT: Silicon Valley Research, Inc.
Robert Anderson, 408/361-1011
bob@svri.com
"Copyright(c) 1998, Business Wire"
"Provided by Dow Jones & Company, Inc." |
