SAN JOSE, Calif., Feb. 6, 2008 (PRIME NEWSWIRE) -- Power Integrations (Nasdaq:POWI), the leader in high-voltage analog integrated circuits for power conversion, today announced that it has acquired Potentia Semiconductor, a developer of innovative controller chips for high-power AC-DC power supplies. Potentia's engineering team, based in Ottawa, Canada, will form the core of a new analog design group for Power Integrations focused primarily on high-power applications.
"Potentia is an excellent addition to our team," said Balu Balakrishnan, president and CEO of Power Integrations. "Like Power Integrations, Potentia is focused on developing innovative power-conversion ICs and system designs that reduce the size, complexity and energy usage of power supplies. Their design capabilities and intellectual property will accelerate our efforts to address high-power applications and significantly expand our addressable market."
Power Integrations paid approximately $5.5 million in cash for Potentia, including closing costs. The acquisition closed on December 31, 2007. Power Integrations' financial results for the fourth quarter of 2007 include a one-time charge of $1.4 million for purchased in-process research and development expenses.
About Power Integrations
Power Integrations, Inc. is the leading supplier of high-voltage analog integrated circuits used in power conversion. The company's breakthrough technology enables compact, energy-efficient power supplies in a wide range of electronic products, in both AC-DC and DC-DC applications. The company's EcoSmart(r) energy-efficiency technology, which dramatically reduces energy waste, has saved consumers and businesses around the world more than an estimated $2.7 billion on their electricity bills since its introduction in 1998. For more information, visit the company's website at www.powerint.com.
Note Regarding Forward-Looking Statements
The statement in this press release relating to Polaris accelerating Power Integrations' efforts to address high-power applications is a forward-looking statement, reflecting management's current belief. This forward-looking statement is based on current information that is, by its nature, subject to change. Due to risks and uncertainties associated with the company's business, actual results could differ materially from those projected or implied by management's forward-looking statement. These risks and uncertainties include, but are not limited to: challenges associated with integrating an acquired company such as retention of the acquired company's employees; and challenges inherent to the integration and development of complex technologies such as integrated circuits for power conversion. These and other risk factors are more fully explained in the company's most recent quarterly report on Form 10-Q, filed with the Securities and Exchange Commission on November 9, 2007. The company is under no obligation (and expressly disclaims any obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.