SMSC Announces Agreement to Acquire Tallika Corp.

HAUPPAUGE, N.Y.--(BUSINESS WIRE)--SMSC (NASDAQ: SMSC) today announced that it has signed an agreement to acquire Tallika Corporation (Tallika), a team of approximately 50 highly skilled engineers located in design centers in Chennai, India and Phoenix, Arizona. This team will bring to SMSC a broad set of capabilities, including SoC and software development. The Tallika and SMSC teams have previously worked together on various projects including transceiver development, chip design and pre-silicon verification. SMSC has agreed to pay approximately $3.4 million to purchase Tallika. The acquisition is expected to be non-dilutive and to close in August 2009.