LONDON – Wireless chip and technology firm Qualcomm Inc. has agreed to take over the video IC design teams from Integrated Device Technology Inc. and related assets and to include chips from IDT in its reference designs as part of a closer working relationship between the companies.
The deal covers the Hollywood Quality Video (HQV) and Frame Rate Conversion (FRC) video processing IC design teams, the product lines and certain related assets from IDT (San Jose, Calif.) and both companies have agreed to "explore opportunities to include IDT's broad portfolio of mixed-signal products into Qualcomm reference designs."
Qualcomm (San Diego, Calif.) did not reveal the size of the all-cash transaction, which is expected to close in the next few weeks. However, according to an IDT Securities & Exchange Commission filing Qualcomm will pay $60 million, subject to adjustment.
"This transaction enables IDT to intensify our focus on our core timing, interface and analog-intensive mixed-signal solutions for growing applications in cloud computing, wireless infrastructure and consumer mobility. In addition, it enables a new working relationship with Qualcomm," said Ted Tewksbury, CEO at IDT, in a statement issued by Qualcomm. "Working with Qualcomm gives us the opportunity to expand our business in next-generation smart media devices, and puts us in a stronger position to solve complex system-level problems by offering our customers tighter integration and increased performance."
"Hollywood Quality Video is a well-recognized, award-winning technology that provides Qualcomm with a leadership position in the video processing space," said Steve Mollenkopf, executive vice president and group president, Qualcomm, in the same statement.
"When combined with Qualcomm's high-performance Snapdragon processor, integrated HQV technology will raise the quality bar for media consumption on smartphones, tablets and other smart media devices. We look forward to working with IDT in the future."
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