Thursday, August 6, 2009
SMSC invests in Symwave
HAUPPAUGE, NY and LAGUNA NIGUEL, CA., – August 6, 2009 - SMSC (NASDAQ: SMSC), a leading semiconductor provider of Smart Mixed-Signal Connectivity™ solutions, and Symwave, Inc., a leading silicon supplier of system solutions for SuperSpeed USB devices, announced today a strategic relationship with the objective to accelerate delivery of superior end-to-end USB 3.0 solutions into high volume mobile, consumer and computing segments. Under the agreement, SMSC has made an initial cash investment of $4 million in Symwave, and SMSC’s President and Chief Executive Officer, Christine King, will join Symwave’s Board of Directors. As part of the relationship, SMSC has committed to an additional $1.3 million investment if required by Symwave and has obtained the right to acquire Symwave under certain conditions.