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Technology Stocks : 8x8 (EGHT) -- Ignore unavailable to you. Want to Upgrade?

To: xbrent who wrote (804)	1/24/2000 1:46:00 PM
From: tech101	Respond to of 1927

STMicroelectronics Signs Deal with 8X8 Inc Monday January 24, 11:48 am Eastern Time NEW YORK, Jan 24 (Reuters) - STMicroelectronics NV (NYSE:STM - news), the No. 2 chipmaker in Europe, and 8x8 Inc. (NasdaqNM:EGHT - news) of Santa Clara, Calif.,on Monday formed a partnership to develop and market semiconductor products for voice applications over the Internet, the companies said. Under the agreement, STMicroelectronics will license 8x8's software and digital technology for Voice over Internet Protocol (VoIP) applications. In return, ST will buy 3.7 million shares of 8x8 common stock at $7.50 a share, totaling $27.75 million, the companies said. The companies said the technology allows many users to share a single wire rather than having to use a dedicated line, unlike traditional circuit-switched technology. ``8x8 has optimized its VoIP technology for consumer broadband devices, its (8x8's) technology is efficient, commercially proven and is an excellent complement to ST's broadband access and microcontroller expertise,' said Alain Dutheil, ST's corporate vice president. ST said the partnership will help ST expand its existing range of chips for cable and digital subscriber line (DSL) modems with multi-line VoIP capability. Paul Voois, 8x8's chairman and CEO, said, ``ST's market presence will expand and accelerate the deployment of 8x8's VoIP technology.' Shares of France-based STMicroelectronics were up 1/13 to 169-5/16 on the New York Stock Exchange. Shares of 8X8, a digital telecommunications technology company, were up 1-3/4 at 11-1/4 on the Nasdaq market.