Acquisition Furthers Qualcomm’s Efforts to Support the Increasing Demand for 3G CDMA Wireless Devices WorldwideSAN DIEGO
Qualcomm Incorporated (Nasdaq: QCOM), pioneer and world leader of Code Division Multiple Access (CDMA) digital wireless technology, today announced it has signed a definitive agreement to acquire Spike Technologies, Inc., a leading semiconductor design services company, headquartered in Milpitas, California, with a design center in Bangalore, India. The addition of Spike’s engineering resources strongly complements Qualcomm’s commitment to provide third-generation (3G) CDMA customers and partners with design, sales and technical support around the world. Qualcomm will pay approximately $19 million in cash for the acquisition of Spike Technologies, Inc. and affiliated companies. Completion of the transaction is subject to regulatory approval and certain other closing conditions.
Spike Technologies, founded in 1994 by Nikhil Modi and Pradeep Vajram, has successfully established itself as a high-quality semiconductor design services company known for improving clients’ time to market. The key areas of Spike’s service expertise are in physical design for deep submicron process technologies, circuit development, and design and verification engineering for pre-silicon design debug and analysis. Qualcomm continues to expand its capability to bring high quality new products to market faster and to supply growing demand through second sourcing.
Spike Technologies will be integrated into Qualcomm CDMA Technologies (QCT) and help Qualcomm further address the increasing demand for faster time to market of more feature-rich products in 90 nanometer (nm) and below process technologies. This acquisition supports Qualcomm’s commitment to helping its customers and partners address increasing demand for more advanced features on wireless 3G CDMA devices worldwide.
“The acquisition of Spike Technologies underscores Qualcomm’s drive to expand the markets and engineering resources for our products worldwide and to deliver a broad series of chipset platforms for the wireless industry,” said Dr. Sanjay K. Jha, executive vice president and president of Qualcomm CDMA Technologies. “Spike Technologies brings additional semiconductor chip design and development and software expertise to Qualcomm, and will strongly complement the ongoing work our existing hardware and software engineering teams provide around the world.”
Qualcomm Incorporated (www.qualcomm.com) is a leader in developing and delivering innovative digital wireless communications products and services based on the Company’s CDMA digital technology. Headquartered in San Diego, Calif., Qualcomm is included in the S&P 500 Index and is a 2003 FORTUNE 500® company traded on The Nasdaq Stock Market® under the ticker symbol QCOM.
Except for the historical information contained herein, this news release contains forward-looking statements that are subject to risks and uncertainties, including the Company’s ability to successfully design and have manufactured significant quantities of CDMA components on a timely and profitable basis, the extent and speed to which CDMA is deployed, change in economic conditions of the various markets the Company serves, as well as the other risks detailed from time to time in the Company’s SEC reports, including the report on Form 10-K for the year ended September 28, 2003, and most recent Form 10-Q.
Qualcomm is a registered trademark of Qualcomm Incorporated. All other trademarks are the property of their respective owners.
September 30, 2004September 30, 2004