LSI Logic Corporation (NYSE: LSI) announced it has acquired Metta Technology, Inc. for approximately $7 million in cash. Metta Technology, Inc., a privately held company with principal offices in Pune, India, develops multimedia system-on-chip technology and related software for consumer electronics products.
“Through the acquisition of Metta Technology, we are increasing our focus on delivering the advanced, feature-rich solutions required by next generation digital video and edutainment products,” said Umesh Padval, executive vice president, Consumer Products Group, LSI Logic. “We are excited to add the significant experience of the Metta team to LSI and anticipate it will improve our competitiveness as we address these growing consumer opportunities.”
Under terms of a definitive agreement, LSI has acquired all outstanding Metta Technology capital stock. Additionally, LSI has retained the Metta Technology workforce consisting of approximately 60 employees, who joined the LSI Consumer Products Group upon closing of the transaction.
The transaction, which was completed in the current quarter, is not expected to have a material impact to operations going forward.
About LSI Logic
LSI Logic Corporation (NYSE: LSI) is a leading provider of silicon-to-systems solutions that are used at the core of products that create, store and consume digital information. LSI offers a broad portfolio of capabilities including custom and standard product ICs, host bus and RAID adapters, storage area network solutions and software applications. LSI products enable leading technology companies in the Storage and Consumer markets to deliver some of the most advanced and well-known electronic systems in the market today.
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