March 29, 2005 – MagnaChip Semiconductor today announced that it has signed a definitive agreement to acquire IC Media Corp., a developer of CMOS image sensors, for an undisclosed amount. The transaction remains subject to certain closing conditions.
IC Media is a fabless semiconductor manufacturer, focused on the CMOS image sensor market. Founded in 1998, the privately held company introduced its first single-chip imaging device, the ICM-105A, in Fall 2000. The company is a volume supplier of leading small pixel geometry, high-resolution CMOS image sensors for cell phones, digital still cameras, PC cameras, and other mobile imaging applications, with shipments to date of VGA, 1.3Mp, 2Mp and 3Mp CMOS image sensors.
IC Media has 90 employees worldwide and is headquartered in Santa Clara, CA, with offices in Arizona, Taiwan, China and Japan.
Robert Krakauer, excecutive VP of Strategic Operations and CFO of MagnaChip Semiconductor, said, “This acquisition will accelerate several strategic initiatives for the Company, including our drive to be the leader in the camera phone market, to build a strategic design center in the US to better support our customers, and to provide us a base to attract additional design engineers.”