NVIDIA Enter Wireless Mobile Market
NVIDIA today announced that it has signed a definitive agreement to acquire MediaQ, Inc., the leading provider of graphics and multimedia technology for wireless mobile devices.
NVIDIA today announced that it has signed a definitive agreement to acquire MediaQ, Inc., the leading provider of graphics and multimedia technology for wireless mobile devices.Under the terms of the agreement, NVIDIA will acquire privately-held MediaQ for $ 70 million in total consideration, which NVIDIA expects to pay predominantly in cash. More details will be provided during NVIDIA’s quarterly conference call to be held on August 7, 2003.
“We are delighted to join forces with NVIDIA,” said Elie Antoun, chief executive officer and president, MediaQ. “MediaQ’s customers will benefit from NVIDIA’s vast technology and engineering resources, manufacturing prowess, and global support infrastructure.”
“This acquisition supports NVIDIA’s strategy of extending our platform reach and accelerates our entry into the wireless mobile markets,” added Jen-Hsun Huang, chief executive officer, NVIDIA. “The world class team at MediaQ has made significant penetration and created strong relationships with key technology leaders in the areas of handsets, LCD displays, and PDAs, all essential ingredients in the 3G mobile multimedia revolution. The MediaQ acquisition extends NVIDIA’s competencies in ultra low power design methodologies and system-on-chip designs, as well as in the Microsoft Pocket PC, Microsoft SmartPhone, Palm, and Symbian operating systems.”