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2. Outline
3. Development Cost Source: Infinitedge
IP/Soc - March 2010
Trends Favor Larger Companies Who are Increasing their Focus on Vertical Markets, Partnerships, Outsourced Services and External Integrated Platforms for Embedded Systems Development IC Development Costs Worldwide Design Starts 4. Transformation of Semiconductor Industry Source: Infinitedge Putting the Toothpast Back in the Tube!Outbound
IP/Soc - March 2010 5. Growing Use of Semiconductor IP Source: Infinitedge Growth In the Number of SIP Blocks Per Design Putting the Toothpast Back in the Tube!IP/Soc - March 2010 > 50% of Todays Semiconductor Is Third Party IP (Avg of 50 Blocks) 6. Real Life for IP Providers
7. Outline
8. Patenting Intellectual Property
9. Intellectual Property
10.
Patent Value 11. Patenting: the rules
12. Patent War
13. Patent War: Asia - USA ? Data extracted from D&R News Services 14. Legal Suits 15. Court Decision Examples Subject Court Decision
16. Court Decision Examples Subject Court Decision
17. A Worst case : Aptix Story
18. A Worst case : Aptix Story Sad End
19. Outline
20. Long Term and Exit
21. Acquisitions reported in D&R News 22. Average Age when companies are bought 23. Embedded Systems Evolution Drives Acquisitions Source: InfinitEdge 1990 2000 2010 1980 Discrete Analog Discrete Software Tools MPUs CPUs Discrete RF Wired -> Wireless Drives Demand for Integrated RF EDA Enables Custom IC Design ASIC ASSP IP Industry Evolves Programmable Fabrics Emerge FPGA Digital IP EDA FPGA Tools Analog IP RF IP Multi-Cores Cloud Computing Drives Demand for Compute Power Multi-Core Tools LINUX Commercial RTOS Programmability Required to Reduce SKU Count & Differentiate KiloFlops MegaFlops GigaFlops Performance Re-aggregation of Software and Semiconductor 24. Embedded Systems Evolution Drives Acquisitions: Arc & Virage $42M Virage Logic ($47M) Arc ($24M) Configurable processor IP Sonic Focus ($1.2M) Digital Sound IP VAutomation IP Precise Software Real-time OS MetaWare C compiler Alarity Firmware Teja ($900K) Multiprocessor software Tenison Technology ($500K) SoC design software InChip Logic IP Ingot Systems Design services Impinj Memory IP NXP (CMOS IP Group) IP Infrastructure 2002 - 2007 - 2008 - 2009 - $5M $6.5M $3.5M $1.6M $5.2M $20M 25. Embedded Systems Evolution Drives Acquisitions: Synopsys Synopsys ($1.35B) Coware Codesign EDA Software Virage Logic Memory IP MOSAID Memory IP CHIPit Business Unit (ProDesign) Verification Solutions Cadis EDA Software Viewlogic Systems EDA Software Co-Design Automation EDA Software inSilicon Connectivity IP Numerical Technologies Design For Manufacturing (DFM) Accelerant Networks Connectivity IP Analog Design Automation EDA Software Monterey Design Systems EDA Software Cascade Semiconductor Solutions Digital IP Integrated Systems Engineering Infrastructure Software LEDA Design Mixed Signal IPNassda Corp. IC Planning HPL Technologies Design For Manufacturing (DFM) Virtio Corp. Virtual Emulation Sigma-C Lithography Simulation ArchPro EDA Sotware Sandwork Design Verification Software Synplicity FPGA EDA Software VaST Virtual Prototyping MIPS C.I / MIPS Analog IP 1994 - 2003 - 2004 - 2006 - 1997 - 2002 - 2007 - 2008 - 2009 - 2010 - 2005 - ChipIdea Analog IP $147M $22M $289M $223M 26. Embedded Systems Evolution Drives Acquisitions: Cadence & Mentor $315M $90M Cadence ($880M) DenaliMemory IP Mentor Graphics ($800M ) Sierra Design Automation High-performance P&Rsolutions Embedded Alley Android and Linuxsystems Descon PDM Agility Design Solutions C Synthesis Palmchip Parallel and Serial ATA IPs Verisity Verification process automation Silicon Perspective Virtual prototyping Clear Shape Design for manufacturing (DFM) $315M ChipEstimate IC planningAptix Rapid prototyping 2000 - 2005 - 2008 - 2010 - 2001 - 2004 - 2007 - 2009 - 27. Conclusion
28. D&R Service Network
Yvon Gris French Patent Attorney Biography: Yvon Gris started his career in 1974 as a physicist researcher at LETI, a CEA laboratory located in Grenoble, France. Yvon became a technical expert in the field of electronics and physics related to micro and nano technologies. He is mentioned as inventor of several dozen inventions, which led to more than 134 patents applications. During last decade he worked as a patent manager at STMicroelectronics. During this period he has been graduated in french patent attorney qualification. Yvon Gris has founded is own firm named "Cabinet Gris". 29. D&R Service Network
Luc Saucier Senior International Lawyer Biography: Luc Saucier, a Fulbright scholar, earned LL.M. degrees both from Columbia University and the University of Paris. He is admitted to the New York and Paris bars. Prior to establishing his own practice, Luc Saucier was an Equity Partner at Paul Hastings. 30. D&R Service NetworkDR. DAVID YOUNG Chief Executive & Founder of Shield Biography From a start in strategy consulting in 1981, Dr. Young moved into pan-European M&A. He spent four years in Paris before transferring to New York in 1985, where he joined Goldman Sachs' M&A Group. From 19891994, he built Wasserstein Perella's German business, with a developing focus on pharmaceuticals and chemicals He subsequently headed the European Healthcare M&A group of Merrill Lynch. 'Lift Off! Selling your business for more than it's worth, honestly ' 31. Fast-paced controlled auction process within four months Business and process review Weeks 1-6 Prepare marketing materials Weeks 1-6 Broad marketing approach (10-30) Weeks 6-10 Selected buyer due diligence (Max. 6) Weeks 11-15 Confirmatory due diligence and negotiations(2-3) Weeks 16-18 Preparations Marketing Due diligence Negotiations 1.Clarify objectives/ constraints of all parties 2. Help secure maximum managementcooperation 3.Evaluate buyers andprepare buyer list 4. Gather intelligence onpotential buyers'motivations/concerns 5. Work with managementto "groom" business forsale Understand business Financial adjustments Quantify improvementand growth potential 6. Assist in anticipating/ clearing saleimpediments 7. Perform preliminaryvaluation frombuyers' standpoint 8. Advise on vendor duediligence 9. Devise buyer-drivenmarketing strategy 10. Test marketing? 1. Develop key sellingpoints2. Review withmanagement andvendors 3. Produce marketingmaterials Teaser(presentation?) Descriptive memo Managementpresentation 4. Prepare procedureletter 5. Finalise buyer list 1. Teaser presentations 2. Send ConfidentialityAgreement 3. Send Descriptivememorandum andprocedure letter 4. Continue gatheringmarket feed-back 5. Assist in preparationand rehearsal ofmanagementpresentations, Q&A 6. Receive preliminaryindications of interest 1. Evaluate final bidsand SPA mark-upsto help selectfinalists 2. Coordinateconfirmatory duediligence 3. Help negotiateremaining deal/contractualpoints 4. Handle exclusivityrequests 5. Expedite signing 1. Rank bids based onprice, terms andconditions 2. Organise due diligenceincluding managementpresentations, data roomand plant visits 3. Coordinate responses tobuyers questions 4. Distribute draft Sale &Purchase Agreement(SPA) 5.Receive final bindingbids from short-listedbidders 6.Confirm financingarrangements 32. Due diligence investigation Anticipate buyers' concerns Risk analysis Address value detractors Anticipate due diligence findings Consider vendor due diligence Avoid contradictions andnegative surprises by preparingdetailed Q&A Control due diligence process Prepare and coordinateinformation flow Beware of "bid high, buy low"tactics: avoid negativenewsflow Preserve competitive pressure Influence buyers' pricing Armour - plate standalone andsynergy projections Restate to present true,sustainable earnings Quantify growth avenues Highlight sources of strategic value Educate buyers about "right"pricing approach Assist buyers' decision making Catalyst in internal process Anticipate people issues Develop constructive relationships Add credibility to process Data/Process clarity Guarantee fair treatment Contribute reputation forobjectivity/ integrity Protect downsideMaximise upside