Pixelworks to Acquire ViXS Systems

Pixelworks, Inc., a provider of visual processing solutions and Toronto-based ViXS Systems Inc., a media processing, encoding and transcoding solutions supplier, announced have entered into a definitive agreement under which Pixelworks will acquire all of the outstanding common shares of ViXS in an all-stock transaction consisting of approximately 3.7 million shares of Pixelworks common stock valued at approximately US$20.2 million.

Pixelworks expects that the transaction will:

• Strengthen its patent portfolio with addition of more than 470 issued and pending worldwide patents held by ViXS;
• Broaden its product offerings and diversify revenue across end markets;
• Provide incremental scale and R&D to pursue expanded technology development;
• Create an opportunity to offer premium visual processing and end-to-end video delivery solutions;
• Advance ViXS’ Industry Leading “Cord Cutter” OTA platform for viewing broadcast video content;

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