Virage Logic to Acquire In-Chip Systems

5/7/2002 - Virage Logic Corp. (Nasdaq:VIRL), a global leader in embedded memory, today announced that it has entered into a definitive agreement to acquire In-Chip Systems, Inc., a privately held provider of logic platforms for system-on-chip (SoC) applications. The addition of In-Chip's technology to Virage Logic's family of SoC products will strengthen the company's leading position in the semiconductor intellectual property (SIP) market, especially for high-volume consumer applications. Valued at less than $20 million, the acquisition purchase price is to be paid for in stock and cash, with some payments to be made over time. No material impact on the combined company's near-term financial outlook is expected. The acquisition is subject to customary closing conditions and is expected to close later this month.

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