Tvia, Inc., a provider of multimedia display processors for the advanced television and emerging display markets, announced today that it has entered into an agreement to sell its software business and software-related assets to MediaTek, headquartered in Taiwan, in exchange for $10 million in cash, subject to milestones and closing conditions. Alliant Partners represented Tvia in this transaction.
Tvia's software business and related software assets include its Home IT, advanced digital video broadcasting (DVB), MPEG4 software player, SDK software, and software drivers. As part of the acquisition of these assets, MediaTek anticipates the hire of approximately ninety software-related personnel, formerly Tvia employees, located primarily in China.
Eli Porat, president and chief executive officer of Tvia, remarked, "We are enthusiastic with the benefits this transaction brings to Tvia. We are now able to intensely focus on product development in emerging display applications, such as progressive TVs (PTV) and LCD-TVs. We believe that improving our cash position, and reducing our burn rate, will further increase our ability to more rapidly achieve profitability."