Qualcomm Inc. said on Sept. 7 that it will buy a video processing business from San Jose-based Integrated Device Technology Inc. Qualcomm will pay $60 million and assume certain liabilities, according to a Securities and Exchange Commission filing.
Under the cash deal, Qualcomm will take on IDT assets as well as the design teams for IDT’s Hollywood Quality Video and Frame Rate Conversion Video Processing product lines.
The transaction involves IDT Canada Inc. and Qualcomm Canada Inc., according to the SEC filing.
Qualcomm also said the companies will explore ways to include IDT technology in Qualcomm reference designs.
IDT reported $536 million in revenue during its 2010 fiscal year. Its Nasdaq symbol is IDTI. Qualcomm trades on the Nasdaq as QCOM.
— Brad Graves