23 October 2003 San Jose, CA -- Cypress Semiconductor and Cascade Semiconductor have signed an agreement for Cypress to acquire wireless solutions specialist Cascade in a merger. Cascade, a company specialising in 1T Pseudo-SRAM products for wireless applications, has averaged quarterly revenues of approximately USD3 million.
Tony Alvarez, Cypress's executive VP for the Memory Products Division, said, "Cascade complements Cypress in many ways. First, it has volume shipments of 1T-Pseudo SRAM products at several accounts that are new to Cypress.
"It also adds to our product development capabilities in memories for the mobile phone segment. Finally, Cascade brings to Cypress experience in selling into the 'system-in-package' markets within the mobile handset industry.
"Cypress has developed very strong worldwide alliances with virtually every important channel in the wireless market," said Dr. Wenliang Chen, Cascade's co-founder and president.
"Also, the company has a large, world-class sales, marketing and applications organisation for our products. The combined portfolios will provide a line of mobile applications memories I believe will be second to none."
The closing of the merger, which is expected in Q4 2003, is subject to regulatory approvals and other customary conditions to closing. The transaction is expected to be accretive to Cypress's pro forma earnings starting in the first quarter of 2004.
Cypress Semiconductor is connecting from Last Mile to First Mile with high-performance solutions for personal, network access, enterprise, metro switch, and core communications-system applications. Cypress connects using a combination of wireless, wireline, digital, and optical transmission standards, including USB, Fibre Channel, SONET/SDH, Gigabit Ethernet, and DWDM.
The company makes physical layer devices, framers, and network search engines, along with a broad portfolio of high-bandwidth memories, timing technology solutions, and reconfigurable mixed-signal arrays.
Cascade is a privately held fabless semiconductor company that designs and markets low-power memory products to wireless communications market based in Beaverton, OR.