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Silicon Image Completes Acquisition of UpdateLogic, Inc.
|By Business Wire
|May 6, 2014 05:08 PM EDT
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
“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,
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.
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