GigOptix agreed to acquire Magnum Semiconductor for approximately $55 million.
Magnum, which is based in Milpitas, California, aupplies ICs, SoCs, software, and IP for the professional video broadcast and IoT camera markets. The privately-held company claims approximately $19 million in revenue in FY 2015.
GigOptix also announced that it is changing its name to GigPeak, Inc., and that it will continue to trade on the NYSE MKT exchange under the symbol “GIG.”
The company said its corporate rebranding reflects its broadening scope, uniting GigOptix’s high-speed enterprise networking connectivity portfolio with Magnum’s expertise in video broadcasting, compression, and analytics.
“We have a long and proven track record of acquiring and integrating cutting edge technology companies in the most financially prudent manner. The acquisition of Magnum Semiconductor, our eighth acquisition since inception, is another important step in realizing our initial 2007 roadmap vision and strategic plan to expand GigOptix through inorganic and organic growth. With the addition of Magnum Semiconductor, we have taken a meaningful step in expanding our product portfolio to further enhance our mission of enabling high-speed and high-quality information streaming end-to-end over the network, from the core to the consumer,” said Dr. Avi Katz, GigOptix’s Founder, Chairman of the Board of Directors and Chief Executive Officer.
