SUNNYVALE, Calif.--(BUSINESS WIRE)--Silicon Image (NASDAQ: SIMG), a leading provider of multimedia connectivity solutions and services, announced that Qualcomm Technologies, Inc. has made a $7 million strategic investment in Silicon Image’s new subsidiary, Qterics, for a 7% ownership interest.
Qterics will be focused on enabling a wide variety of solutions and services for Internet-enabled consumer products including TVs, mobile handsets, tablets, routers, home automation devices, white goods and more. Qterics is comprised of the UpdateLogic services business combined with other related Silicon Image assets, including software and other intellectual property (IP). Current UpdateLogic General Manager, Kurt Thielen, will assume the role of President of Qterics.
“Qualcomm is committed to enabling technologies that support our ‘Internet of Everything’ initiatives. Our strategic investment in Qterics further promotes IoE advancements, including the development of solutions utilizing the AllJoyn open source software framework of the AllSeen Alliance for a truly interoperable Internet of Everything,” said Michael Wallace, SVP and General Manager, Qualcomm Internet Services.
In addition to the investment, Qualcomm and Silicon Image will explore opportunities to collaborate on promoting the AllJoyn open source software framework and developing new Internet of Everything (IoE) services.
“Qterics provides a unique offering for ‘Internet of Everything’ devices that has been largely overlooked by other players in the IoE space,” said Camillo Martino, chief executive officer of Silicon Image, Inc. “As the Internet of Everything grows, the task of providing device management services to these connected devices in a secure manner becomes exponentially more difficult. Qterics solves these challenges in a very elegant way by leveraging its highly scalable worldwide computing resources in the cloud.”
The vast expansion of Internet-enabled devices enables new applications and services, but only if the devices can be properly managed. UpdateLogic (now Qterics) is a leading provider of device management and remote access services already deployed in tens of millions of consumer electronics devices such as TVs, set-top-boxes, and tablets – which form a significant part of the Internet of Everything today.
About Qterics, Inc.
Qterics is a leader in device management solutions for Internet-enabled devices. The Qterics NetReady™ service platform enables device manufacturers and service providers to offer a superior customer experience through its secure and robust global device management system. OEMs and third party service providers can offer their customers a satisfying, virtual hands-on support experience for Internet-enabled devices such as TVs, mobile phones, tablets, Internet routers, home automation, gaming systems and the growing ecosystem of “Smart” devices and appliances. Qterics services are used by many leading CE manufacturers and have shipped on tens of millions of units worldwide. For more information, visit http://www.qterics.com/.
About Silicon Image, Inc.
Silicon Image (NASDAQ: SIMG) is a leading provider of multimedia connectivity solutions and services for mobile, consumer electronics and PC markets. Silicon Image’s semiconductor and intellectual property products feature wireless and wired technologies that deliver connectivity across a wide array of devices in the home, office and on the go. Silicon Image has driven the creation of the industry standards HDMI®, DVI™, MHL® and WirelessHD®, and offers manufacturers comprehensive standards interoperability and compliance testing services via its wholly-owned subsidiary, Simplay Labs. For more information, visit http://www.siliconimage.com/.
Forward-looking Statements
This news release contains forward-looking statements within the meaning of federal securities laws and regulations, including, but not limited to, statements regarding the growth in the IoE and the related technology ecosystem, the enabling applications and services and in the demand for device management and remote access services and statements regarding the availability, performance, functionality, features, benefits and applications of Qterics’ technology, products and services. These forward-looking statements involve risks and uncertainties, including the risk that the foregoing markets will not grow as anticipated, the risk that Qterics’ technology, products and services will not perform as anticipated or provide the functionality, features and benefits described in this news release, as well as the risks and uncertainties described from time to time in Silicon Image's filings with the Securities and Exchange Commission (SEC), which could cause the actual results to differ materially from those anticipated by these forward-looking statements. Silicon Image assumes no obligation to update any forward-looking statement.
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