Exccess Venture Fund acquires Magnum Semiconductor
GigPeak, a specialist in semiconductor ICs and software solutions for high-speed connectivity and high-quality video compression over the Network and the Cloud, has closed its acquisition of Exccess Venture Fund holding Magnum Semiconductor.
Magnum Semiconductor is a provider of silicon ICs, SoCs, software, and IP for the professional video broadcast and IoT camera markets.
This marks the third consecutive exit for Exccess Venture Fund. Exccess Venture Fund, located in St. Charles, Illinois historically looks for companies that have rapidly growing multibillion-dollar addressable markets, game-changing technology, ability to achieve market dominance and a management team that has demonstrated the ability to execute.
The cash and stock transaction was valued at approximately USD54 million net based upon the average closing price of GigOptix stock for the trailing 30 day period that ended 1 April 2016.
GigOptix has now been renamed GigPeak. The renaming represents the broadening scope and capabilities of GigPeak, which brings together GigOptix’s high-speed enterprise networking connectivity portfolio with Magnum’s expertise in video broadcasting, compression, and analytics.
"With the acquisition of Magnum Semiconductor the Exccess Venture Fund has had three successful exits. Two have been IPOs and this most recent an acquisition of one of our portfolio companies. Overall this is the fifth successful exit for Exccess as a company," says Darren Niemann, managing partner at Exccess Venture Fund.