WIND--Wind River Acquires ICESoft
Embedded Internet Browser Expands Consumer Business Unit Solutions for Internet Appliances
ALAMEDA, Calif.--(BUSINESS WIRE)--Aug. 27, 2000--Wind River Systems, Inc. (Nasdaq:WIND - news), a leader in embedded development software and services for the Internet era, and ICESoft AS, of Bergen, Norway, today announced that Wind River has acquired ICESoft, a developer of innovative embedded Internet browsing technologies for intelligent devices. Through the acquisition, Wind River will enable manufacturers of consumer electronic products -- including Internet appliances such as web pads and screen phones, Digital TVs, set-top boxes and web-based business terminals -- to incorporate web browsing and secure transaction functionality into their products.
Wind River acquired ICESoft for US$25 million in cash. The transaction will be accounted for as a purchase, and it is expected to be moderately dilutive to earnings this fiscal year, and accretive to earnings by the end of next fiscal year.
``The era of smart, connected devices is just beginning,'' said Tom St. Dennis, president and chief executive officer of Wind River. ``Already millions, and very soon even billions, of devices will be connected to the Internet. Many of these devices will need Internet browsing capabilities. ICESoft provides a world-class technology that will enable us to bring to market the industry's most complete Internet appliance solution.''
St. Dennis added, ``Wind River is committed to identifying the very best technologies, no matter where they may be located, and then bringing those technologies into our product offerings. The fact that ICESoft is a strong, innovative Norwegian company is certainly an added bonus for us. It further demonstrates Wind River's commitment and strength in developing core technology in the European Community and the broader worldwide markets.''
In an era when time-to-market is critical for ``smart'' device manufacturers, engineers at ICESoft have listened closely to their customers. ``We have continuously updated and improved our unique browsing technology since we released our first product three years ago,'' said ICESoft co-founder Petter Bjorstad. ``The new features and capabilities of the latest third-generation ICE Browser were driven by feedback from our customers. Their input helped us to refine what is now the finest embedded Internet browser available.''
In the last two years, ICESoft has served over 150 enterprise customers. The company has secured fifteen design wins, including five Internet appliance designs, and five digital TV and set-top box projects. ``Becoming a part of Wind River is a natural progression for ICESoft,'' added Bjorstad. ``Our Java-based technology is a natural fit with Wind River's market-leading embedded Java capabilities. Together, we already successfully serve a large and growing global base of mutual customers.''
Jeremy Cook, ICESoft co-founder and head of the core development team, will assume the position of development manager of Wind River's new Internet Applications development team within Wind River's Consumer business unit. This business unit, led by vice president and general manager Jean-Claude Sarner, develops solution-level products such as the recently-released Tornado® for Internet Appliances product line. ICESoft will continue to operate from Bergen, Norway.
``By including ICESoft's browser technology in Wind River's consumer product solutions, we strengthen our global commitment to help companies bring digital consumer electronics to market even faster than before,'' said Sarner. ``Our customers have been telling us that best-of-breed browser technology from ICESoft would naturally complement our own embedded Java prowess. We are excited to have the ICESoft team and their technologies onboard.''
About ICESoft
ICESoft AS, www.icesoft.no, was founded in 1997 to develop Internet browsing software for custom user interfaces in distributed and parallel computer applications. The initial browser product line was launched in 1997, with subsequent updated releases in 1998 and 1999. ICESoft is headquartered in Bergen, Norway.
About ICE Browser
The ICE Browser, ICESoft's flagship product, was first developed in Bergen by the core development team led by Jeremy Cook, co-founder of ICESoft. The XML-based browser is written in the Java programming language, and can be integrated into any Java application. Because of its compact size, standards support, ease of use, stability, robustness, and rich feature set, demand for ICE Browser quickly grew. The most recent revision, ICE Browser 5.0 supports the latest in web standards, including XML 1.0, HTML 4.0, and JavaScript 1.1, and is fully e-business capable.
About Wind River
Wind River, www.windriver.com, is a worldwide leader in embedded software. Wind River provides software development tools, real-time operating systems, and advanced connectivity for use in products throughout the Internet, telecommunications and data communications, digital imaging, digital consumer electronics, networking, medical, computer peripherals, automotive, industrial measurement and control, and aerospace/defense markets. Wind River is how smart things think. Founded in 1983, Wind River is headquartered in Alameda, California, with operations in sixteen countries worldwide.
This news release contains forward-looking statements that involve risks and uncertainties that could cause actual results or outcomes to differ materially from those contemplated by the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the risks inherent in acquisitions of technologies and businesses, including the integration of separate workforces, the timing and successful completion of technology and product development through production readiness, integration of such technologies and businesses into Wind River Systems, unanticipated expenditures, changing relationships with customers, suppliers and strategic partners and other factors described in the company's most recent Form 10-K and other periodic filing with the Securities and Exchange Commission.
Note to Editors: Wind River Systems, the Wind River logo, and Tornado are registered trademarks of Wind River, Inc. All other names mentioned are trademarks, registered trademarks or service marks of their respective companies. |
