Silicon Optix, developer of high-definition video processors, has sold out almost entirely to Integrated Device Technology (IDT) for an undisclosed amount. The sale includes the transfer of intellectual property and engineering teams in addition to its Emmy-winning products (it was awarded for producing sharp picture quality).
San Jose, Calif.-based IDT, which specializes in semiconductor solutions for the digital media industry, says the acquisitions -- including two flagship brands, HQV and Reon -- will complement its existing video and display products to add extra value for customers.
The transaction comes as somewhat of a surprise, considering that Toronto-based Silicon Optix was able to raise $120 million in venture capital backing since 2001. It seemed like the company was plenty flush with cash, with the support of a pack of investors including Canaan Partners, InterWest Partners, RBC Capital, Polaris Venture Partners and others.