SANTA CLARA, Calif.,
July 6, 2018 /PRNewswire/
-- Marvell Technology Group Ltd. (NASDAQ: MRVL) today
announced the completion of its acquisition of Cavium, Inc. The
combination creates a leading semiconductor company focused on the
infrastructure market, offering customers a portfolio of storage,
processing, networking, wireless connectivity and security products
whose breadth and depth are unmatched in the industry.
"The next wave of semiconductor growth will be fueled by
advancements in the data economy," said Matt Murphy, Marvell's President and Chief
Executive Officer. "Applications such as AI, 5G, Cloud, automotive,
and edge computing all require engineering solutions that combine
high bandwidth, very low power consumption, and leadership in
complex system on a chip solutions. As a combined company, we
now offer industry-leading IP, a broad portfolio of infrastructure
solutions, and a talented team of innovators ready to tackle our
customers' toughest challenges. We're excited to get started."
Appointment of Three New Directors to Marvell's Board of
Directors
Marvell also announced that Syed
Ali, Brad Buss and Dr.
Edward Frank have been appointed to
the Marvell Board of Directors, effective immediately after the
closing of the acquisition.
Syed Ali was a co-founder of
Cavium and served as its President, Chief Executive Officer and
Chairman of the Board of Directors since the company's launch in
2000. He received a B.E. (Electrical Engineering) from Osmania
University in Hyderabad, India,
and an M.S.E from the University of Michigan.
Brad Buss served as a director of
Cavium since July 2016. Mr. Buss also
served as CFO of SolarCity from 2014 to 2016 and CFO of Cypress
Semiconductor from 2005 to 2014. He currently serves on the board
of directors of Tesla Motors and Advance Auto Parts. A graduate of
McMaster University with a B.A.
(Economics), Mr. Buss earned a B.A. (Honors) in Business
Administration from the University of
Windsor.
Dr. Edward Frank served as a
director of Cavium since July 2016. A
co-founder of startup Cloud Parity, Dr. Frank served as its CEO
until September 2016. Earlier, he
served as Vice President of Macintosh Hardware Systems Engineering
at Apple from 2009 to 2013 and, prior to Apple, worked at Broadcom
Corporation from 1999 to 2009 where he was Corporate Vice President
of Research and Development. Dr. Frank also serves on the
boards of directors of Analog Devices and Quantenna. He holds a
B.S.E.E. and M.S.E.E. from Stanford
University and a Ph.D. in Computer Science from Carnegie Mellon University. In 2018. Dr. Frank was
elected to the National Academy of Engineering for his
contributions to the development and commercialization of wireless
networking products.
Contribution from Cavium to Marvell's 2nd Quarter of Fiscal
2019
During its fiscal Q2 2019 earnings conference call, Marvell will
provide an update on Cavium's contribution to its second fiscal
quarter and third fiscal quarter combined guidance. Details
regarding the date and time of the call will be provided later.
About Marvell
Marvell first revolutionized the digital storage industry by
moving information at speeds never thought possible. Today, that
same breakthrough innovation remains at the heart of the company's
storage, processing, networking, security, and connectivity
solutions. With leading intellectual property and deep system-level
knowledge, Marvell's semiconductor solutions continue to transform
the enterprise, cloud, automotive, industrial, and consumer
markets. To learn more, visit: www.marvell.com.
Cautionary Statement Regarding Forward-Looking
Statements
This document contains certain forward-looking statements within
the meaning of the federal securities laws with respect to the
merger transaction between Cavium and Marvell, including the
anticipated benefits to shareholder and customers of the closing of
the transaction and the combination of the companies. These
forward-looking statements generally are identified by the words
"believe," "project," "expect," "anticipate," "estimate," "intend,"
"strategy," "future," "opportunity," "plan," "may," "should,"
"will," "would," "will be," "will continue," "will likely result,"
and similar expressions. Forward-looking statements are
predictions, projections and other statements about future events
that are based on current expectations and assumptions and, as a
result, are subject to risks and uncertainties. Many factors could
cause actual future events to differ materially from the
forward-looking statements in this document, including but not
limited to: (i) the failure to realize the anticipated
benefits of the transaction, including integrating the businesses
of Cavium and Marvell, (ii) the effect of the announcement of
the closing on Cavium's business relationships, operating results,
and business generally, (iii) risks that the merger disrupts
current plans and operations of Cavium or Marvell and potential
difficulties in Marvell or Cavium employee retention as a result of
the transaction, and (iv) the ability of Marvell to successfully
integrate Cavium's operations and product lines. The foregoing
review of important factors should not be construed as exhaustive.
You should carefully consider the foregoing factors and the other
risks and uncertainties that affect the businesses of Marvell and
Cavium described in the "Risk Factors" section of their respective
Annual Reports on Form 10-K, Quarterly Reports on
Form 10-Q and other documents filed by either of them
from time to time with the SEC. These filings identify and address
other important risks and uncertainties that could cause actual
events and results to differ materially from those contained in the
forward-looking statements. Forward-looking statements speak only
as of the date they are made. Readers are cautioned not to put
undue reliance on forward-looking statements, and Marvell and
Cavium assume no obligation and do not intend to update or revise
these forward-looking statements, whether as a result of new
information, future events, or otherwise. Neither Marvell nor
Cavium gives any assurance that the combined company will achieve
its expectations.
For Further Information Contact:
Marvell Media Relations
Kristin Hehir
Senior Manager, Public Relations
408-222-8744
kristinh@marvell.com
Hanna Kang
Senior Manager, Public Relations
408-222-3780
hhkang@marvell.com
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SOURCE Marvell Technology Group Ltd.