February 21, 2001–Shelton, Connecticut–TranSwitch Corp. today announced the acquisition of privately held Horizon Semiconductors, Inc., a specialized design for test and diagnostics engineering service company. Horizon’s design for test expertise will be used to support the product development efforts going on in all of TranSwitch’s design centers in North America, Europe, and Asia.
In connection with the acquisition, TransSwitch issued 43,507 shares of its common stock, a portion of which will be released upon the attainment of certain goals, and paid approximately $454,000 in cash. Horizon will operate as a subsidiary of TranSwitch and be relocated from Newton, MA to TranSwitch’s Boston Design Center in Stoneham, MA.
Horizon brings to TranSwitch a highly skilled staff of engineers with extensive design experience in built-in self-test of large, complex ASIC and VLSI semiconductor devices. “The Horizon team is excited and looking forward to joining forces with TranSwitch, a world leader in the communications semiconductor industry,” says Zahi Abuhamdeh, president and CEO of Horizon.