Magma was also named to the 2006 Deloitte Technology Fast 500, recognizing the fastest-growing technology, media, telecommunications and life sciences companies in the United States and Canada.
Magma CEO Rajeev Madhavan credits the company's 1,132 percent revenue growth from 2001 to 2005 to successful execution on a plan to develop new products with a technology advantage, enabling the company to grow its total addressable market. "Since 2001, Magma has introduced more than 25 products that address key challenges of digital and analog IC design. Recently we announced plans to increase investment in R&D that will allow us to further penetrate the IC design space," Madhavan said. "We're pleased to be named to Deloitte's Technology Fast 50 list again this year because it acknowledges our strategy for success."
"To rank on Deloitte's Technology Fast 50, companies must have phenomenal revenue growth over five years," said Mark Jensen, national director of the Venture Capital Services Group for Deloitte & Touche LLP. "Magma has proven to be one of the fast-growth success stories in Silicon Valley, and we applaud their dedication to making their vision a reality."
To qualify for the Technology Fast 50, companies must have had operating revenue of at least $50,000 in 2001 and $5,000,000 in 2005; be headquartered in North America; and be a company that owns proprietary technology or proprietary intellectual property that contributes to a significant portion of the company's operating revenue, or devotes a significant proportion of revenue to the research and development of technology.
Winners of the 16 regional Technology Fast 50 programs in the U.S. and Canada are automatically entered in Deloitte's Technology Fast 500 program, which ranks North America's Top 500 fastest-growing technology, media, telecommunications and life sciences companies. For more information on Deloitte's Technology Fast 50 or Technology Fast 500 programs, visit www.fast500.com.
This year's Silicon Valley Technology Fast 50 program is co-presented by Deloitte & Touche USA LLP and Silicon Valley Bank, Cooley Godward Kronish LLP, Korn/Ferry International and Porsche Motorsports.
Magma's software for integrated circuit (IC) design is recognized as embodying the best in semiconductor technology. The world's top chip companies use Magma's EDA software to design and verify complex, high-performance ICs for communications, computing, consumer electronics and networking applications, while at the same time reducing design time and costs. Magma provides software for IC implementation, analysis, physical verification, characterization and programmable logic design, and the company's integrated RTL-to-GDSII design flow offers "The Fastest Path from RTL to Silicon"(TM). Magma is headquartered in Santa Clara, Calif. with offices around the world. Magma's stock trades on Nasdaq under the ticker symbol LAVA. Visit Magma Design Automation on the Web at www.magma-da.com.
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Deloitte & Touche USA LLP is the US member firm of Deloitte Touche Tohmatsu. In the US, services are provided by the subsidiaries of Deloitte & Touche USA LLP (Deloitte & Touche LLP, Deloitte Consulting LLP, Deloitte Financial Advisory Services LLP, Deloitte Tax LLP and their subsidiaries), and not by Deloitte & Touche USA LLP.
Magma is a registered trademark and "The Fastest Path from RTL to Silicon" is a trademark of Magma Design Automation Inc. All other product and company names are trademarks and registered trademarks of their respective companies.
Except for the historical information contained herein, the matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. Further discussion of these and other potential risk factors may be found in Magma's public filings with the Securities and Exchange Commission (www.sec.gov). Magma undertakes no additional obligation to update these forward-looking statements.
Magma Design Automation
Monica Marmie, 408-565-7689
Director, Marketing Communications