Exccess Venture Fund
"Overall this is the fifth successful exit for Exccess Venture Fund as a company," said Darren Niemann, managing partner at Exccess Venture Fund.
St. Charles, IL (PRWEB) August 12, 2016
GigPeak, Inc (NYSE MKT:GIG), a lead innovator of semiconductor ICs and software solutions for high-speed connectivity and high-quality video compression over the Network and the Cloud, announced it had closed its acquisition of Exccess Venture Fund holding Magnum Semiconductor, Inc., a privately-held Milpitas, California-based provider of silicon ICs, SoCs, software, and IP for the professional video broadcast and IoT camera markets.
This marks the third consecutive successful exit for Exccess Venture Fund. Exccess Venture Fund, located in St. Charles, IL historically looks for companies that have rapidly growing multibillion-dollar addressable markets, game-changing technology, ability to achieve market dominance and a management team that has demonstrated the ability to execute. Magnum Semiconductor, Inc was an excellent fit for the Exccess Venture Fund portfolio and the investment was deemed successful.
The cash and stock transaction was valued at approximately $54 million net based upon the average closing price of GigOptix stock for the trailing thirty day period that ended April 1, 2016.
GigOptix, Inc. has now been renamed GigPeak, Inc. The renaming represents the broadening scope and capabilities of GigPeak, which brings together GigOptix’s leading high-speed enterprise networking connectivity portfolio with Magnum’s world-class expertise in video broadcasting, compression, and analytics to create a lead innovator of semiconductor ICs and software solutions for high-speed connectivity and high-quality video compression over the Network and the Cloud.
"With the acquisition of Magnum Semiconductor the Exccess Venture Fund has had three successful exits. Two have been IPO's and this most recent an acquisition of one of our portfolio companies. Overall this is the fifth successful exit for Exccess as a company," said Darren Niemann, managing partner at Exccess Venture Fund.
About GigPeak, Inc.
GigPeak, Inc. (NYSE MKT: GIG) is a lead innovator of semiconductor ICs and software solutions for high-speed connectivity and high-quality video compression over the Network and the Cloud. The focus of the company is to develop and deliver products that enable lower power consumption and faster data connectivity, more efficient use of network infrastructure, broader connectivity to the Cloud, and reduce the total cost of ownership of existing network pipes from the core to the end user.
About Exccess Venture Fund
Exccess Venture Fund, a St. Charles, IL company, is a venture capital firm focused on growth-stage technology companies. Exccess Venture Fund co-invest growth capital into companies that are backed by leading early-stage venture capital firms.
Remaining portfolio companies in Exccess Venture Fund, LLC include eASIC Corporation and Ooma.
Darren Niemann is the managing partner and can be reached at pr(at)exccessventurefund(dot)com. For more information visit: http://www.exccessventurefund.com