By Nick Flaherty www.flaherty.co.uk
Following the trend set by Intel's acquisition of anti-virus software developer McAfee, Broadcom is to acquire a leading security software developer based in Israel.
With SC Square Ltd., Broadcom is acquiring an expert team of engineers focused on security, which Broadcom says is an essential ingredient across its embedded platforms. The acquisition is part of Broadcom's strategy to acquire innovative technologies and high quality teams with a solid track record of execution.
In connection with the acquisition, Broadcom expects to pay approximately $41.9m in cash to acquire all of the outstanding shares of capital stock and other equity rights of SC Square.
.. as the board adds new (ish) faces
Long term Broadcom chief technology officer and co-founder Dr Henry Samueli is to re-join the board of the company after a three year break and after a lawsuit over the backdating of share options was settled last month.
Dr. Samueli, who co-founded Broadcom in 1991, previously served on Broadcom's Board as Co-Chairman from April 1998 to May 2003 and as Chairman from May 2003 to May 2008.He is joined by Dr. Maria Klawe, President of Harvey Mudd College, a private liberal arts college in Claremont, Calif., whose focus is on engineering, science and mathematics. Prior to joining Harvey Mudd, she served as Dean of Engineering and Professor of Computer Science at Princeton University from 2003 to 2006. From 1988 to 2002, she held several positions at the University of British Columbia including Dean of Science, Vice President of Student and Academic Services and head of the Department of Computer Science. She has also worked at IBM Research in California, the University of Toronto and Oakland University in Michigan. Dr. Klawe received her bachelor's degree and doctorate in mathematics from the University of Alberta, Canada.
"The addition of these two eminent technologists, educators and innovators to our Board will serve Broadcom well for years to come," said Scott McGregor, Broadcom's president and chief executive officer. "Henry has been instrumental in developing and implementing Broadcom's innovation and technology strategy which has catapulted the company to its leadership position in semiconductors for wired and wireless communications," McGregor said. "Dr. Klawe is also an important addition to our Board given the critical importance to our business of scientific and engineering innovation. Dr. Klawe's understanding of scientific research and the science, technology, engineering and math (STEM) talent pipeline, as well as her experience in the management and operations of large organizations will be invaluable to our Board."