The acquisition is expected to result in the following benefits to MoSys:
Founded in Ames, Iowa in 2003, MagnaLynx specializes in high-performance, low-power SerDes design services and IP cores for network communications and high performance computing applications.
"Becoming the leader and a prime innovator in high-speed SerDes technology as applied to board level serial chip-to-chip communications is a critical part of our growth strategy, for both our IP business and our recently announced Bandwidth Engine(TM) family of ICs. In June last year, we acquired Prism Circuits, and today I am pleased to announce the addition of the MagnaLynx team to the expanding MoSys family," said Len Perham, MoSys' president and CEO. "In addition to expanding our overall SerDes engineering team, MagnaLynx brings us unique expertise and technology in low-power techniques for high-speed SerDes and considerable experience in enabling serial chip-to-chip communications."
Scott Irwin, MagnaLynx founder and chairman said, "We started MagnaLynx with the vision of bringing revolutionary, high-speed, low-power serial chip-to-chip communications capability to the market. By joining forces with MoSys, it will dramatically accelerate our ability to achieve that vision. The team and I are very excited to join MoSys and look forward to contributing both to the MoSys' IP business and the Bandwidth Engine IC products."
The total purchase price is expected to be approximately $5.0 million, including a milestone-based earn-out payment in 2011.
This press release may contain "forward-looking statements" about MoSys, including, without limitation, expected benefits from the acquisition of MagnaLynx, benefits and performance expected from use of MoSys' embedded memory and I/O technologies and Bandwidth Engine ICs, MoSys' execution and results, market size, growth of MoSys' business and future markets and future business prospects.
Forward-looking statements are based on certain assumptions and expectations of future events that are subject to risks and uncertainties. Such statements are made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Actual results and trends may differ materially from historical results or those projected in any such forward-looking statements depending on a variety of factors. These factors include, but are not limited to:
and other risks identified in MoSys' most recent reports on forms 10Q and 10-K filed with the Securities and Exchange Commission, as well as other reports that MoSys files from time to time with the Securities and Exchange Commission. MoSys undertakes no obligation to update publicly any forward-looking statement for any reason, except as required by law, even as new information becomes available or other events occur in the future.
About MoSys, Inc.
MoSys, Inc. (NASDAQ: MOSY) develops serial chip-to-chip communications solutions that deliver unparalleled bandwidth performance for next generation networking systems and advanced system-on-chip (SoC) designs. MoSys' IP portfolio includes DDR3 PHYs and SerDes IP that support data rates from 1 - 11 Gigabits per second (Gbps) across a variety of standards. In addition, MoSys offers its flagship, patented 1T-SRAM(R) and 1T-Flash(R) memory cores, which offer a combination of high-density, low power consumption, high speed and low cost advantages for high-performance networking, computing, storage and consumer/graphics applications. MoSys IP is production-proven in more than 225 million devices. MoSys is headquartered in Sunnyvale, California. More information is available on MoSys' website at http://www.mosys.com.
About MagnaLynx Inc.
MagnaLynx Inc., headquartered in Ames, Iowa, was formed in 2003 to develop leading edge high-speed serial interface technology focused on chip-to-chip applications.
MoSys, 1T-SRAM and 1T-Flash are registered trademarks of MoSys, Inc. Additionally,, the MoSys logo and Bandwidth Engine are registered trademarks of MoSys, Inc.
SOURCE: MoSys, Inc.