NVidia to Acquire MediaQ
NVidia today announced that it has signed a definitive agreement to acquire MediaQ, the a provider of graphics and multimedia technology for wireless mobile devices. Media Q is a member of the Palm OS Ready program and had recently announced a new multimedia centric ARM processor.
Under the terms of the agreement, NVIDIA will acquire privately-held MediaQ for $70 million paid 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 the typical regulatory requirements.
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 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 is a member of the Palm OS Ready Program, which is targeted at providing Palm OS licensees with silicon solutions ready to run the Palm OS. The company's chips have also been used in some Sony Clie models. The company announced in April that it would create a new processor for handhelds. MediaQ will implement the ARM922T core in a low-power system-on-chip design.
“This acquisition supports NVIDIA’s strategy of extending our platform reach and accelerates our entry into the wireless mobile markets,” added Jen-Hsun Huang, chief executive officer, NVIDIA. “The world class team at MediaQ has made significant penetration and created strong relationships with key technology leaders in the areas of handsets, LCD displays, and PDAs, all essential ingredients in the 3G mobile multimedia revolution. "
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