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Qualcomm Buying Assets from IDT

SAN DIEGO and SAN JOSE, Calif. — Integrated Device Technology, Inc. (IDT®; NASDAQ: IDTI) and Qualcomm Incorporated (NASDAQ: QCOM) today announced the signing of a definitive agreement to transfer the design team of IDT's Hollywood Quality Video™ (HQV™) and Frame Rate Conversion (FRC) Video Processing product lines and certain related assets to Qualcomm.

In addition, under the terms of the agreement, both companies will explore opportunities to include IDT's broad portfolio of mixed-signal products into Qualcomm reference designs. The all-cash transaction has received appropriate corporate approvals and is anticipated to close in the coming weeks, subject to the completion of certain closing conditions.

“This transaction enables IDT to intensify our focus on our core timing, interface and analog-intensive mixed-signal solutions for growing applications in cloud computing, wireless infrastructure and consumer mobility. In addition, it enables a new working relationship with Qualcomm,” said Dr. Ted Tewksbury, president and chief executive officer at Integrated Device Technology. “Working with Qualcomm gives us the opportunity to expand our business in next-generation smart media devices, and puts us in a stronger position to solve complex system-level problems by offering our customers tighter integration and increased performance.”

“Hollywood Quality Video is a well-recognized, award-winning technology that provides Qualcomm with a leadership position in the video processing space,” said Steve Mollenkopf, executive vice president and group president, Qualcomm. “Media consumption continues to cross device boundaries and create growing expectations for high-quality viewing experiences. When combined with Qualcomm's high-performance Snapdragon processor, integrated HQV technology will raise the quality bar for media consumption on smartphones, tablets and other smart media devices. We look forward to working with IDT in the future.”

{complink 4505|Qualcomm Inc.}
{complink 2646|Integrated Device Technology Inc. (IDT)}

1 comment on “Qualcomm Buying Assets from IDT

  1. Wale Bakare
    September 10, 2011

    I wish both Qualcomm and IDT successful transaction. I hope this will add a boost to supply chain channel.

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