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Virage Logic scouts for global M&As with $25 m kitty
Ashu Kumar
New Delhi : California-based embedded-memory core manufacturer, Virage Logic is planning to invest more than $25 million for global expansion through mergers and acquisitions (M&As). The company, which is listed on Nasdaq, raised $50 million from the US market. "We have set aside more that 50 per cent of this amount for investments in M&As," said Mr Alok Singh, vice-president and general manager, India operations, Virage Logic. Virage would be looking for companies engaged in similar businesses primarily operating in the US market, but the company may also acquire firms in India and the Far East, said Mr Singh.The company, which has three enigneering centres in the US, has recently opened offices in India and Armenia. The company has already invested Rs 5 crore in India and intends to invest another Rs 8 crore in the next fiscal. Most of the funds earmarked for India will be utilized for acquiring Indian companies operating in the Dynamic Ram (D-RAM) segment. "Virage is currently operating in the middle segment of the memory market and we want to add low-end D-RAM to our vertical portfolio. India and the Far East will be the right places to find the companies operating in this segment," said Mr Singh. The company is planning to start its sales and marketing activities in Asia. Currently, the company operates only in the US market.According to Mr Singh, Virage is supplying memory cores to companies like IBM, AMD, Philips, Toshiba, etc. Mr Singh said that the company is also planning to double the strength of its Indian operations, from 25 design engineers to 50 engineers by the end of next year. Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.
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