Silicon Image Completes Acquisition of UpdateLogic, Inc.
May 06 2014 - 5:08PM
Business Wire
Silicon Image® (NASDAQ:SIMG), a
leading provider of multimedia connectivity solutions and services,
today announced that it has completed the acquisition of privately
held UpdateLogic®, Inc., a leading provider of Device Management
Services (DMS) for Internet-connected consumer products such as
Smart TVs, Blu-ray Disc™ players and set-top boxes that feature
Over-the-top (OTT) streaming media content and services.
The acquisition of UpdateLogic expands Silicon Image’s
connectivity technology portfolio from ICs and IP into software and
services. UpdateLogic’s secure Internet Protocol-based connectivity
and device management services include Digital Rights Management
key provisioning, software management and remote support solutions
for Internet-connected devices.
“This acquisition is well aligned with our vision of seamlessly
connecting consumers to their devices,” said Camillo Martino, chief
executive officer of Silicon Image, Inc. “The addition of
UpdateLogic to our portfolio will expand our business model to
include recurring revenue streams from software services.”
“UpdateLogic’s device management solutions are a great fit for
Silicon Image’s customers who represent the world’s leading
consumer electronics and mobile device manufacturers,” said Kurt
Thielen, chief executive officer of UpdateLogic, Inc. “The ability
to effectively control, maintain and support their products in the
field is a key component in a manufacturer’s ability to provide
excellent customer service.”
UpdateLogic offers a complete device management system for
supporting and optimizing consumer electronic and mobile devices.
Its comprehensive suite of services, offered under the NetReady™
brand name, enables Internet-connected devices to be provisioned,
updated, supported, managed and controlled remotely. This provides
manufacturers more precision in their software distribution process
and improved remote customer support options, leading to cost
savings related to product returns and on-site customer
support.
“Sharp would like to congratulate Silicon Image on the
acquisition of UpdateLogic. Silicon Image’s leadership in the
creation of global standards gives us confidence that this
acquisition will strengthen and improve its device management
service,” said Fujikazu Nakayama, senior executive managing
officer, chief officer of the products business group at Sharp
Corporation. “We look forward to the future advancement of Silicon
Image using the newly acquired device management platform.”
UpdateLogic will function as a wholly-owned subsidiary of
Silicon Image and will continue to operate under its existing
name.
The acquisition will not have a material impact on Silicon
Image’s reported results for 2014.
About UpdateLogic, Inc.
UpdateLogic® is the leader in device management solutions for
Internet-enabled devices. UpdateLogic’s NetReady™ service platform
enables device manufacturers and service providers to offer a
superior customer experience through its secure and robust device
management system. OEMs and third party service providers can offer
their customers a satisfying, virtual hands-on support experience
for NetReady-enabled devices such as mobile phones, tablets, TVs,
set-top boxes, Blu-ray players, gaming consoles and the growing
ecosystem of “Smart” devices and appliances. NetReady’s
comprehensive services include DRM key provisioning, software and
firmware updates, remote support and device data retrieval and
analytics. UpdateLogic services are used by many leading CE
manufacturers and its embedded software is integrated into the
software platforms of most consumer electronics System-on-Chip
(SoC) platforms. For more information, visit
http://www.updatelogic.com/.
About Silicon Image, Inc.
Silicon Image (NASDAQ: SIMG) is a leading provider of multimedia
connectivity solutions and services for mobile, consumer
electronics and PC applications. Silicon Image’s semiconductor and
intellectual property products feature wireless and wired
technologies that deliver connectivity across a wide array of
devices in the home, office and on the go. Silicon Image has driven
the creation of the industry standards HDMI®, DVI™, MHL® and
WirelessHD®, and offers manufacturers comprehensive standards
interoperability and compliance testing services via its
wholly-owned subsidiary, Simplay Labs. For more information, visit
http://www.siliconimage.com/.
Forward-looking Statements
This news release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, including but
not limited to, statements regarding the expected benefits to our
customers, and the company’s plans following the closing of the
acquisition. These forward-looking statements involve certain risks
and uncertainties that could cause actual results to differ
materially from those indicated in such forward-looking statements,
including, but not limited to, the ability of Silicon Image to
successfully integrate UpdateLogic’s operations, the ability to
realize anticipated synergies and cost savings of the proposed
acquisition, and such other risks as identified in Silicon Image’s
Annual Report on Form 10-K for the fiscal year ended December 31,
2013, and Silicon Image’s most recent Quarterly Reports on Form
10-Q, each as filed with the SEC, which contain and identify
important factors that could cause the actual results to differ
materially from those contained in the forward-looking statements.
Silicon Image assumes no obligation to update any forward-looking
statement contained in the press release.
Silicon Image and the Silicon Image logo are trademarks,
registered trademarks or service marks of Silicon Image, Inc. in
the United States and/or other countries. All other trademarks and
registered trademarks are the property of their respective owners
in the United States and/or other countries.
MEDIA CONTACTS:Silicon Image, Inc.Gabriele Collier,
408-616-4088gabriele.collier@siliconimage.comorRacepoint
GlobalAllison DeLeo,
415-694-6711adeleo@racepointglobal.comorINVESTOR
CONTACT:Silicon Image, Inc.Alex Chervet,
408-616-4153alex.chervet@siliconimage.com
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