NVIDIA Announces Acquisition of MediaQ
NVIDIA Leverages MediaQ’s Expertise in Low Power and Wireless to Bring Rich Multimedia Features to the Wireless Mobile Segment
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FOR IMMEDIATE RELEASE:
SANTA CLARA, CA—AUGUST 4TH, 2003—NVIDIA Corporation (Nasdaq: NVDA), the worldwide leader in visual processing solutions, today announced that it has signed a definitive agreement to acquire MediaQ, Inc., the leading provider of graphics and multimedia technology for wireless mobile devices.
Under the terms of the agreement, NVIDIA will acquire privately-held MediaQ for $70 million in total consideration, which NVIDIA expects to pay predominantly in cash. The acquisition, which is expected to be completed in the third quarter of NVIDIA's fiscal year 2004, has been approved by the board of directors of each company and is subject to the satisfaction of regulatory requirements and other customary closing conditions.
Founded in 1997, MediaQ's core technologies enhance visual display capabilities, improve connectivity, and minimize chip and system-level power consumption. The company enhances its semiconductor product offerings with a comprehensive set of software, including drivers for major mobile operating systems (Microsoft PocketPC, Microsoft SmartPhone, Palm, Symbian) and APIs that improve OEM time to market. Key market segments are 3G and 2.5G handsets, PDAs, LCD displays, and other mobile devices. MediaQ customers include leading handset and PDA manufacturers, such as Mitsubishi, Siemens, DBTel, Dell, HP, Palm, Philips, Sharp, and Sony.
“We are delighted to join forces with NVIDIA,” said Elie Antoun, chief executive officer and president, MediaQ. “MediaQ’s customers will benefit from NVIDIA’s vast technology and engineering resources, manufacturing prowess, and global support infrastructure.”
More details will be provided during NVIDIA’s quarterly conference call to be held on August 7, 2003.
Certain statements in this press release, including any statements relating to the Company's performance expectations for NVIDIA's family of products and expectations of continued revenue growth, are forward-looking statements that are subject to risks and uncertainties that could cause results to be materially different than expectations. Such risks and uncertainties include, but are not limited to, manufacturing and other delays relating to new products, difficulties in the fabrication process and dependence of the Company on third-party manufacturers, general industry trends including cyclical trends in the PC and semiconductor industries, the impact of competitive products and pricing alternatives, market acceptance of the Company's new products, and the Company's dependence on third-party developers and publishers. Investors are advised to read the Company's Annual Report on Form 10-K and quarterly reports on Form 10-Q filed with the Securities and Exchange Commission, particularly those sections entitled "Certain Business Risks," for a fuller discussion of these and other risks and uncertainties.
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