MILPITAS, Calif., Nov. 21 /PRNewswire-FirstCall/ -- LSI Logic Corporation today announced it has acquired Metta Technology, Inc. for approximately $7 million in cash.
Metta Technology, Inc., a privately held company with principal offices in Pune, India, develops multimedia system-on-chip technology and related software for consumer electronics products.
"Through the acquisition of Metta Technology, we are increasing our focus on delivering the advanced, feature-rich solutions required by next generation digital video and edutainment products," said Umesh Padval, executive vice president, Consumer Products Group, LSI Logic. "We are excited to add the significant experience of the Metta team to LSI and anticipate it will improve our competitiveness as we address these growing consumer opportunities."
Under terms of a definitive agreement, LSI has acquired all outstanding Metta Technology capital stock. Additionally, LSI has retained the Metta Technology workforce consisting of approximately 60 employees, who joined the LSI Consumer Products Group upon closing of the transaction.
The transaction, which was completed in the current quarter, is not expected to have a material impact to operations going forward.
Safe Harbor for Forward Looking Statements: This news release contains forward-looking statements, which include the following: the anticipated benefits of the transaction, the ability to integrate and retain the Metta employees, the continued growth in the consumer market, the improvement of our competitive stance in the consumer market, the expectation of no material impact to operations going forward; and the expected future product offerings of LSI. These forward-looking statements are based on the opinions and estimates of management at the time the statements are made and are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. Factors that could cause actual results to differ materially from those set forth in the forward-looking statements include, but are not limited to: risks that LSI may not realize the anticipated benefits of the transaction; risks that LSI may not be able to retain the Metta employees; risks that the consumer market may not continue to grow; risks that operations may be materially impacted going forward; and risks that LSI may not be able to integrate the operations or employees of Metta successfully. For additional information, readers are referred to the documents filed by LSI Logic with the SEC, and specifically the risk factors set forth in the company's most recent reports on Form 10-K, 10-Q and 8-K. LSI Logic is not obligated to update these forward-looking statements to reflect events or circumstances after the date of this document.
About LSI Logic
LSI Logic Corporation is a leading provider of silicon-to-systems solutions that are used at the core of products that create, store and consume digital information. LSI offers a broad portfolio of capabilities including custom and standard product ICs, host bus and RAID adapters, storage area network solutions and software applications. LSI products enable leading technology companies in the Storage and Consumer markets to deliver some of the most advanced and well-known electronic systems in the market today. More information is available at http://www.lsi.com/ .
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