MOSAID will pay US$3.1 million for the company, and has offered to pay as much as US$900,000 more, based on the achievement of certain performance targets.
TriCN filed for protection under Chapter 11 of the United States Bankruptcy Code on Dec. 30, 2004.
"With revenues exceeding US$3 million in each of its last two years, TriCN has a solid reputation and an extensive customer base that can be leveraged with MOSAID's product line and financial strength, " MOSAID president and CEO George Cwynar said in a statement.
TriCN was founded in 1997 and has 11 employees. Its product portfolio consists of input/output components, which MOSAID plans to incorporate into its own line of memory controller chips. MOSAID intends to retain TriCN's sales and engineering teams intact and will continue developing TriCN's components as a separate product line, according to Peter Gillingham, vice president and general manager of MOSAID's intellectual property division.
"It gives us a kickstart in the market" for silicon-proven I/O, says Mr. Gillingham.
TriCN's customers range from fabless semiconductor companies to systems companies and independent device manufacturers.
MOSAID says the offer remains subject to a variety of conditions, including satisfactory due diligence, the approval of MOSAID's board and any necessary regulatory and judicial approvals. The company warns there is no assurance the transaction will be completed as proposed or at all.
