Silicon Image Completes Acquisition of UpdateLogic, Inc.
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/.
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.
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