Silicon Image Launches New Subsidiary to Focus on Internet of Everything Services, Qualcomm Participates with Strategic Inves...
December 04 2014 - 4:55PM
Business Wire
Collaboration Accelerates Development of New
Internet of Everything Services
Silicon Image (NASDAQ: SIMG), a leading provider of multimedia
connectivity solutions and services, announced that Qualcomm
Technologies, Inc. has made a $7 million strategic investment in
Silicon Image’s new subsidiary, Qterics, for a 7% ownership
interest.
Qterics will be focused on enabling a wide variety of solutions
and services for Internet-enabled consumer products including TVs,
mobile handsets, tablets, routers, home automation devices, white
goods and more. Qterics is comprised of the UpdateLogic services
business combined with other related Silicon Image assets,
including software and other intellectual property (IP). Current
UpdateLogic General Manager, Kurt Thielen, will assume the role of
President of Qterics.
“Qualcomm is committed to enabling technologies that support our
‘Internet of Everything’ initiatives. Our strategic investment in
Qterics further promotes IoE advancements, including the
development of solutions utilizing the AllJoyn open source software
framework of the AllSeen Alliance for a truly interoperable
Internet of Everything,” said Michael Wallace, SVP and General
Manager, Qualcomm Internet Services.
In addition to the investment, Qualcomm and Silicon Image will
explore opportunities to collaborate on promoting the AllJoyn open
source software framework and developing new Internet of Everything
(IoE) services.
“Qterics provides a unique offering for ‘Internet of Everything’
devices that has been largely overlooked by other players in the
IoE space,” said Camillo Martino, chief executive officer of
Silicon Image, Inc. “As the Internet of Everything grows, the task
of providing device management services to these connected devices
in a secure manner becomes exponentially more difficult. Qterics
solves these challenges in a very elegant way by leveraging its
highly scalable worldwide computing resources in the cloud.”
The vast expansion of Internet-enabled devices enables new
applications and services, but only if the devices can be properly
managed. UpdateLogic (now Qterics) is a leading provider of device
management and remote access services already deployed in tens of
millions of consumer electronics devices such as TVs,
set-top-boxes, and tablets – which form a significant part of the
Internet of Everything today.
About Qterics, Inc.
Qterics is a leader in device management solutions for
Internet-enabled devices. The Qterics NetReady™ service platform
enables device manufacturers and service providers to offer a
superior customer experience through its secure and robust global
device management system. OEMs and third party service providers
can offer their customers a satisfying, virtual hands-on support
experience for Internet-enabled devices such as TVs, mobile phones,
tablets, Internet routers, home automation, gaming systems and the
growing ecosystem of “Smart” devices and appliances. Qterics
services are used by many leading CE manufacturers and have shipped
on tens of millions of units worldwide. For more information, visit
http://www.qterics.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 markets. 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 forward-looking statements within the
meaning of federal securities laws and regulations, including, but
not limited to, statements regarding the growth in the IoE and the
related technology ecosystem, the enabling applications and
services and in the demand for device management and remote access
services and statements regarding the availability, performance,
functionality, features, benefits and applications of Qterics’
technology, products and services. These forward-looking statements
involve risks and uncertainties, including the risk that the
foregoing markets will not grow as anticipated, the risk that
Qterics’ technology, products and services will not perform as
anticipated or provide the functionality, features and benefits
described in this news release, as well as the risks and
uncertainties described from time to time in Silicon Image's
filings with the Securities and Exchange Commission (SEC), which
could cause the actual results to differ materially from those
anticipated by these forward-looking statements. Silicon Image
assumes no obligation to update any forward-looking statement.
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.Sherrie Gutierrez,
408-616-4017Sherrie.Gutierrez@siliconimage.comorINVESTOR
CONTACT:Silicon Image, Inc.Alex Chervet,
408-616-4153Alex.Chervet@siliconimage.comorRacepoint GlobalAllison
DeLeo, 415-694-6711adeleo@racepointglobal.com
(MM) (NASDAQ:SIMG)
Historical Stock Chart
From Sep 2024 to Oct 2024
(MM) (NASDAQ:SIMG)
Historical Stock Chart
From Oct 2023 to Oct 2024