SANTA CLARA, Calif. September 04, 2003 -- IXYS Corporation (Nasdaq: SYXI) announced today the completion of its acquisition of Microwave Technology, Inc.
Microwave Technology (MwT) designs, manufactures and markets high performance and high quality gallium arsenide (GaAs) field effect transistors, pseudomorphic high electron mobility transistors and microwave monolithic integrated circuits. Based on its unique device technologies, MwT designs, manufactures and markets radio frequency (RF) and microwave frequency amplifier modules and function blocks that operate from low MHz to 30 GHz for wireless telecom infrastructure, industrial, medical equipment and defense applications. MwT, a privately held company based in Fremont, California, has about 50 employees and had about $6 million in annual revenues during its fiscal year ended March 31, 2003.
In exchange for the outstanding shares and options of MwT, IXYS will issue approximately 800,000 shares of IXYS common stock. As a result of the merger, MwT is now a wholly owned subsidiary of IXYS.
"MwT fits our strategy of expanding our RF technology and products, as part of our new IXYS RF initiative. MwT earned a reputation for high performance and high quality GaAs devices and active microwave components here in Silicon Valley, based on its proprietary technology. We see great benefits in our continuing to serve the wireless telecom market and the medical market, and to penetrate more into the defense and aerospace markets,” said Nathan Zommer, CEO of IXYS Corporation. “With IXYS’ recent penetration into the RF market, mainly with silicon-based devices, it is important to note that the GaAs technology that MwT owns allows us to penetrate the higher frequency range all the way to about 30 GHz. We expect to continue to support and expand the products that MwT has been offering in the market, and to enjoy synergies in the medical and telecommunication markets."
Greg Zhou, General Manager of MwT, said, “With financial support from IXYS, strategic synergies and complementary technologies, products, applications, market channels and customer bases between the two companies, the MwT management team and employees are excited about the acquisition. We are committed to provide quality service to our existing and future customers through the development of new technologies and products and continued efforts on cost reduction.”
About IXYS
IXYS is a leading company in the design, development, manufacture and marketing of high performance power semiconductors and specialized integrated circuits. IXYS power semiconductors improve system efficiency and reliability by converting raw electricity at relatively high efficiency into the finely regulated power required by electronic products. IXYS focuses on the market for power semiconductors that are capable of processing greater than 500 watts of power. IXYS integrated circuits are focused on proprietary products that range from solid-state relays for the telecommunications market to flat panel driver ICs, power MOS drivers and other driver applications.