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May 15, 2006
PLM and cPDm Update
Please note that contributed articles, blog entries, and comments posted on EDACafe.com are the views and opinion of the author and do not necessarily represent the views and opinions of the management and staff of Internet Business Systems and its subsidiary web-sites.
Jack Horgan - Contributing Editor


by Jack Horgan - Contributing Editor
Posted anew every four weeks or so, the EDA WEEKLY delivers to its readers information concerning the latest happenings in the EDA industry, covering vendors, products, finances and new developments. Frequently, feature articles on selected public or private EDA companies are presented. Brought to you by EDACafe.com. If we miss a story or subject that you feel deserves to be included, or you just want to suggest a future topic, please contact us! Questions? Feedback? Click here. Thank you!

Introduction


Analysts agree that the leaders in Product Lifecycle Management (PLM) are the leading high end mechanical CAD vendors (Dassault Systemes, UGS and PTC), the leading ERP vendor (SAP), and two independent dedicated vendors (MatrixOne and Agile). There is no EDA vendor among the major players. Nor is Autodesk a player. The most recent event of significance in the PLM arena was the March 2nd announcement of merger agreement by which Dassault would acquire MatrixOne for approximately $408 million. For its most recent fiscal year ended July 2, 2005, MatrixOne reported total revenues of $124.1 million. Cash and cash equivalents totaled $98.6 million at December 31, 2005. Bernard Charlès,
Dassault Systèmes' President and Chief Executive Officer, commented, "The acquisition of MatrixOne will extend our reach, enabling us to bring the value of PLM to a significantly expanded audience across a broader range of industries. The combination will enable a new level of collaboration and will leverage the best-in-class technologies, products and skills of both companies." The acquisition was completed on May 11, 2006. The all cash purchase price was $410 million in the aggregate, before reflecting cash balances and estimated tax benefits.


Analyst firm Daratech estimates PLM revenue in 2005 at $10.4 billion (13% over 2004) and projects revenue in 2006 to be $11.95 billion. For 2006 they estimate end user sales related to Dassault to be around $2.8 billion, related to UGS at around $2.4 billion and related to PTC at $1.15 billion. Research firm CIMdata reports that the overall PLM grew 8.7% to reach $18.1 billion in 2005 and will continue climbing for the next five years to reach $26.3 billion by 2010 for a 7.7% CAGR. The large difference between the estimates is due to inclusion versus exclusion of segments like EDA.


PLM can be divided into two major segments. The first is authoring tools and related services. This segment includes CAD/CAM/CAE (Computer Aided Design, Computer Aided Engineering and Computer Aided Manufacturing) tools. These tools create and modify data. The second segments deals with Product Data Management (PDM), communication, collaboration and visualization. These tools manage the storage (vaulting and archiving) and the distribution and sharing of data. This segment can be referred to as collaborative Product Data management (cPDm).


It is difficult to get a handle on cPDm revenue and make comparisons between the vendors because the biggest vendors generate most of their revenue from other segments and do not necessarily breakout detailed cPDm figures. Further, the vendors have different business models with third parties accounting for varying share of product and service revenue. For example IBM is the prime service provider (estimated revenue $300 million) for Dassault's ENOVIA product line as well as the marketing and sales arm for this product line.


CIMdata reports that the cPDm portion of the PLM market exceeded previous forecasts for growth and reached $6.1 billion in 2005, representing an increase of approximately 14.7% over 2004. They expect the cPDm segment to continue its strong growth to $6.8 billion in 2006 and reach $11.6 billion by 2010 for a CAGR of 13.9%. CIMdata estimates that the combination of IBM and Dassault resulted in about $600 million in end user spend on cPDm, UGS in around $500 million, SAP in ~$480 million and PTC in ~$250 million and MatrixOne and Agile in under $200 million.


The following sections give an overview of the major players in the cPDm arena.


SAP is the world's largest business software company and the third-largest independent software supplier overall. For 2005 SAP had total revenue of €8.5 billion, software license revenue of €2.78 billion, and net income of €1 billion. SAP reports 33,200 customers, and 88,700 Installations. SAP has been the unquestioned ERP leader for years. In terms of software revenue SAP is now number 1 in SCM, CRM, and PLM.


SAP has been very successful in leveraging its huge ERP customer installed base to branch out into CRM, SCM, SRM and most recently PLM markets. SAP Introduced SAP PLM in February 2000 built upon existing PDM and Project Management modules. SAP divides its mySAP PLM offerings into the following categories:


Life-Cycle Data Management Program and Project Management
Life-Cycle Collaboration and Analytics Quality Management
Asset Life-Cycle Management Environment, Health & Safety

While the first two categories form the core of most PDM product suites, the last four are unusual. The company claims 3,600 businesses are using mySAP PLM.


The table below shows the reported financial performance of SAP and its PLM segment.


$M 2001 2002 2003 2004 2005
PLM 186 157 176 207 200
PLM %SW Rev 7.6% 6.9% 8.2% 8.8% 7.2%
PLM Delta 8% -15.7% 12.3% 17.4% -3.2%
SW Rev 2,452 2,291 2,147 2,361 2,782
Total Rev 6,974 6,968 7,937 9,317 10,555
NI 552 478 1,217 1,626 1,855
Table SAP 5 year Financial Performance

mySAP PLM accounts for 12% of SAP software revenue, about a third that of the CRM and SCM sectors and a seventh of ERP sector.


SAP reports software license revenue on a product segment basis. Software maintenance revenue is only reported on an aggregate basis across all product lines. The latter has been slightly greater than software license revenue on an annual basis. For 2005 Maintenance revenue was 37% of total revenue versus 33% for software. Using this ratio total PLM revenue (software license + maintenance) would be about twice PLM software revenue or $400 million for 2005.


PTC


PTC was founded as Parametric Technology in 1985. PTC revolutionized the CAD industry by providing inexpensive, interactive variational solid modeling on early computer workstations in its Pro/E product line. Based on a two year lead in technology and extremely aggressive sales tactics, PTC "zoomed" over some 13 years to nearly a $1 billion in annual revenue.


Despite this success, PTC management concluded by the late 90's that CAD was no longer a high growth industry. PTC turned to product data management where it saw great potential for professional services revenues. In June of 1998 PTC introduced a product suite using acquired systems from Windchill Technology. In its subsequent quarterly earnings releases and conference calls PTC began reporting the figures and touting the successes of Windchill even when Windchill accounted for less than 10% of total PTC revenue.


In 2000 PTC formed two major business units: "Windchill Solutions" and "MCAD Solutions", to be better able to focus on the Windchill side. PTC's Windchill revenue did in fact increase dramatically from $13 million in 1998 to $214 million in 2001. Unfortunately for PTC, MCAD revenue decreased by an even greater amount. By diverting resources from the MCAD side, PTC arguably lost MCAD technical advantage, customer loyalty and market share. For several years PTC revenues have slid in both sides of the business. PTC rebounded somewhat on the CAD side with their introduction of Wildfire.


Enterprise 2001 2002 2003 2004 2005
License     58 60 71
Maintenance     35 47 56
Sub Tot SW 127 94 92 107 127
Services 90 84 81 72 90
Total 217 177 174 179 218
YoY Delta 23.5% -18.5% -2.0% 3.3% 21.4%
% Tot Rev 23.2% 23.9% 25.8% 27.2% 30.2%
Total Rev 938 742 672 660 721
Table PTC cPDm 5 Year Financials

PTC reports cumulative seat sales of Windchill at 386,900 versus 339,800 sales of Pro/Engineer.


UGS PLM Solutions


UGS PLM Solutions, formerly EDS PLM Solutions, is the result of EDS's acquisition of Unigraphics from McDonnell Douglas in 1991 and ten years later, its acquisition of SDRC (Structural Dynamics Research Corporation) in August 2001. The latest acquisition and the subsequent purchase of outstanding public shares of Unigraphics cost EDS approximately $1 billion.


In the last quarter before its acquisition SDRC reported total revenue of $121 million and Metaphase PDM related revenue of $47 million, a rise of 22% year-over-year. Metaphase accounted for 38% of total SDRC revenue. At that time there were 400,000 seats of Metaphase, growing at about 40,000 per quarter. Metaphase had originally been a joint venture between SDRC and CDC. SDRC bought out CDC and in early 2000 acquired Sherpa Systems, the early PDM industry leader with an installed base of around 90,000.


EDS re-branded the product lines of the two companies. SDRC's Metaphase became Teamcenter Enterprise and UGS's iMAN became Teamcenter Engineer. EDS embarked on a program to provide interoperability between the product suites for the two companies. EDS garnered substantial service revenue from this relationship.


On March 14, 2004 a private equity group of Bain Capital, Silver Lake Partners and Warburg Pincus announced it had reached a definitive agreement with EDS to purchase UGS PLM Solutions, EDS' product lifecycle management subsidiary, for $2.05 billion in cash. The transaction, in which each private equity firm is an equal investor, represents the largest private equity investment ever made in a technology company.


Since UGS is not publicly traded they do not published detailed financial reports such as 10Q and 10K. From company presentations they have made, we know that UGS had revenue of $1.15 billion in 2005 up 18% year-over-year over from the $1.019 in 2004. cPDm revenue was up 58% including acquisitions and up 37% without acquisitions. In 2004 cPDm revenue grew 35%. cPDm software revenue grew 25% in 2004.


UGS claims 46,000 customers and nearly 4 million licensed seats. They employ 6,800 people.


Community & Collaboration Manufacturing Process Management
Compliance Management Program & Product Management
Engineering Process Management Systems Engineering
Enterprise Knowledge Management Sourcing Management
MRO Lifecycle Visualization
Table UGS cPDm Modules

On May 3, 2006 Microsoft and UGS announced a multiyear, global strategic alliance to "change the game" of how companies create innovative products by delivering the full suite of UGS software solutions on the Microsoft platform.


Agile


Agile Software was founded in March 1995. Agile netted $67 million in its IPO in August 1999 and another $275 million in a secondary offering in December 1999. At the height of the dot.com boom, Ariba offered to acquire Agile for $2.55 billion. The deal was called off when Ariba's stock plummeted and the value of the offer was reduced to $414 million.


On August 11, 2003 Agile completed the acquisition of Eigner for ~$20 million ($2.85 million in cash). Back in November 2001 venture capitalists had invested $17 million in Eigner & Partner, a German PDM firm. The company's name was changed to Eigner and its HQ relocated to Massachusetts. A new management team was recruited with the then-likely intention to take the company public in the US market. Eigner had ~250 customers (800 deployments and 250,000 seats) to complement Agile's 850 customers. Agile said the combined annual revenues of the two companies would be approximately $100 million.


$M F01 F02 F03 F04 F05
Total Rev 87,059 77,771 70,509 96,305 116,987
% Delta   -11.9% -10.3% 26.8% 17.7%
NI (125,336) (34,543) (36,131) (24,095) (125,336)
Table Agile 5 Year Financial Performance

Note: F2001 included a one time $55 million impairment charge and $36 million in goodwill amortization.


In the last reported quarter Agile had $33 million in total revenue. Of this figure $13.4 was from license revenue and $19.4 million from service and maintenance. Maintenance accounts for over 60% of the last number.


On January 23, 2006 Agile announced that Jay B. Fulcher, Agile's president and chief operating officer, has been appointed chief executive officer effective May 1, 2006. Mr. Fulcher has also been named a member of Agile's board of directors. Agile's current CEO, Bryan D. Stolle, will remain as chairman of the board. Mr. Fulcher has been Agile's president and COO since October 2002.


In its most recent quarter Agile reported 69% of revenue from North America compared to 31% in Europe and Asia. Revenue from high tech was 52% compared to 58% for all others. The company has 736 employees.


In February 2005 Agile announced it has acquired Cimmetry Systems, Incorporated of Montreal, Canada for approximately $41.5 million in cash. Founded in 1988, Cimmetry Systems is a provider of collaborative visualization solutions including AutoVue, with well over 9,500 customers worldwide across several industries including manufacturing, electronics, AEC and industrial markets. Cimmetry solutions support over 450 native formats


Agile markets and sells primarily through a direct sales force. They have local sales offices in the United States and in Austria, Canada, China, Germany, Japan, Taiwan, Switzerland and the United Kingdom.


Agile claims over 10,000 customers including Arthrocare, Ball Aerospace, Bally Gaming, B/E Aerospace, Conexant, CooperVision, Digirad, Draeger Medical, Eastman Kodak, Foxlink, GN Resound, W.L. Gore, Grandstream Networks, Harman, Herbalife, Hewlett Packard, Intier, Logitech, Metaldyne, NEC Computers, NACCO, nVIDIA, Overland Storage, Phoenix, Plexus, Powerwave, Siemens, Spirent, Synthon, Synthes,
Texas Instruments and V-ZUG.


Agile offers products for:


Product Collaboration Product Governance & Compliance
Engineering Collaboration Product Data Management
Product Portfolio Management Customer Needs Management
Product Cost Management Configuration Management
Product Quality Management MRO
Table Agile Product Offerings

It will be interesting to see how Agile performs as the last remaining major independent cPDm vendor.


MatrixOne


In 1983 MatrixOne began as Adra Systems, a mechanical CAD/CAM firm offering a workstation clone of CADAM, a popular mainframe system being sold by IBM. Adra subsequently acquired PDM technology developed internally by a large end user. When introduced by Adra to the general market, this PDM technology sported a novel user interface well ahead of then-available commercial PDM products like Sherpa and Metaphase. The first commercial version of Adra's business collaboration software shipped in November 1993.


Adra management renamed the company MatrixOne in October 1997 and in May 1998 sold off its legacy CAD business. In June 1999 MatrixOne introduced the eMatrix product line. In March 2000 the company completed a successful initial public offering with net proceeds of $132 million.


Over the last five years MatrixOne has lost a cumulative total of $89 million. The firm had a dramatic climb but stalled in 2002 and has only recently recovered.


  2001 2002 2003 2004 2005
SW License 78,294 45,289 38,006 38,747 47,300
Service 61,144 73,660 67,015 70,830 76,754
Tot Rev 139,438 118,949 105,021 109,577 124,054
YoY Delta 87.8% -14.7% -11.7% 4.3% 13.2%
NI 4,467 (33,024) (28,202) (12,406) (20,321)
Table MatrixOne 5 Year Financial Performance

Software license revenue for the last three fiscal years has averaged about 36% of total revenue while service (maintenance, professional services and training) accounted for the remaining 64%. Maintenance and professional services each accounted for accounted for about 49% of total services revenue.


In F2005 North America accounted for about 55% of total revenue, Europe 33% and AP 12%. In terms of industry segments aerospace/defense accounted for 12% of total revenue, automotive 23%, consumer products 6%, high Technology 49% and industrial 10%. The firm has 488 employees, 54 active partners and 850 customers.


The Matrix10 offering is a comprehensive and flexible PLM environment that consists of four components: the Matrix PLM Platform, Business Process Applications, Enterprise Integration offerings, and MatrixOne Accelerators. The Matrix PLM Platform serves as the foundation for the Matrix10 PLM environment and includes the MatrixOne PLM Modeling Studio. The Business Process Applications allow companies to improve the way they collaborate with internal and external teams. The Enterprise Integration offerings enable data sharing between the Matrix10 PLM environment and third-party enterprise applications and tools, including MCAD, ERP and EDA systems. The Accelerator offerings bundle
Business Process Applications with specific industry language and terminology, data models and schema, pre- defined work processes and reports, and role-based user interfaces to speed deployment and ease user adoption.


MatrixOne heavily leverages partnerships with System Integrators such as Accenture, CGEY, Bearing Point, and Fujitsu. IBM Global Services is also a partner. On October 22, 2003 MatrixOne announced an OEM agreement with Cadence, a leading EDA vendor. Under this exclusive agreement, Cadence will embed MatrixOne technology into advanced PLM solutions that will be marketed and supported directly by Cadence.


In June 2004 MatrixOne acquired Synchronicity Software, Inc. for consideration valued at approximately $18 million in stock and cash. Synchronicity is a leading provider in electronic design management, team collaboration and IP reuse solutions for the global electronics industry. At the time Synchronicity had more than 120 electronics industry customers, including 13 of the top 15 semiconductor companies. The company was private and had raised $31.5 million. In addition to venture capital investors Intel Capital, Cadence Design Systems and Synopsys were strategic investors. In its last fiscal year Synchronicity generate $12 million in revenue with a 60/40 split between software licensing
and maintenance/service. The user base was around 25,000 seats. The purchase price was 1.5 times revenue but less than the cumulative outside investment.


Editor:


I previous interviewed Dennis Harmon, now CEO of Zenasis Technologies, who had been CEO of Synchronicity. The following is an excerpt from that interview.
Would you give us a more expanded view of what Synchronicity was up to?

Synchronicity was basically building a product to help design engineers communicate and share information in real time over the Internet. What we built from a product perspective was the ability for companies with large geographically dispersed design teams to effectively work together in an environment where the location of the data was transparent to the users. For example, Intel was one of our largest customers and actually an investor in the company. They used Synchronicity technology and are not created by one group in one building. You'll get cores from different companies. You'll get IP from different companies. You will have design teams dispersed throughout the world working 24
hours a day on chip design. Our technology basically underlayed the EDA environment and provided a means for EDA data to be shared in an effective and efficient manner.
Who was Synchronicity's competition?

Strangely enough there was very little competition from a commercial perspective. The real competition for Synchronicity was internally developed solutions - people putting together scripts, PERL scripts, PDS and various other forms of configuration management tools. Of course the challenge was that it kind of fell apart as soon as you introduce an external partner, for example if you wanted to work with the ARM core team inside your design team. We were probably the only commercial solution and in fact Synchronicity is still the only commercial solution focused on semiconductor design. The uniqueness of that is that we understood all of the EDA data models, i.e. Cadence data base and
Synopsys data base. We natively handled very complex data bases. There were some other small companies that did parts of what we did but not in the way we did it.
I am sure you know that the three major high end mechanical CAD vendors (Dassault Systemes with Catia, Unigraphics and PTC with Pro/E) generate significant revenue from PDM (Product Data Management) products and services. There are also MatrixOne and Agile who are focused on PDM and have revenues in excess of $100 million. How come there is no parallel in the EDA industry?

Laugh! That's a great question. It has always boggled our minds. If you think about it in the software industry, which we are in, we take seriously the challenge of managing product lifecycles and managing the process which is very interactive, very team intensive process of developing software. We have very sophisticated tools from companies like Rational Software which is a very large firm and now part of IBM that manages the information to control our software development process. With the mechanical CAD vendors as you mentioned there is the very same thing. Very large companies developing very sophisticated products manage the product lifecycle and the very interactive process of doing mechanical design through computer information tools. Why in the world the electronics industry has not grasped onto that was a confusion point to us. It provided us an opportunity to grow into quite a large company. MatrixOne has taken that over and they are extending it from their traditional markets which were outside the semiconductor space into that space. I think that's good news for the semiconductor industry in general. More specifically it is good news for very large design teams that have to deal with this very thorny problem of managing data across their network. Lots of different people touching it. I have talked to many vice presidents and directors of engineering about chip
tape outs that have failed not because of any sophisticated timing problem or sophisticated P&R problem but had failed simply because they used the wrong data. It's amazing!
SoCs have millions of gates in comparison to airplanes and cars that have thousands or tens of thousands components. However, unlike automotive and aerospace components, gates are not individually designed and manufactured. Auto and aerospace companies increasingly sell products assembled from products of their suppliers. Further, in these industries there are numerous variants or models based upon the same core design differing in the addition, deletion or substitution of components. In the semiconductor world variants are most often generated through software or firmware. PCB are more like autos and planes in these regards but differ in terms of scale making cPDm capabilities less
necessary.


Dassault Systemes


Dassault Systemes has two cPDm product lines: Enovia, a high-end enterprise offering, and SmarTeam, a less expensive and narrower offering for SMBs and engineering departments. The Enovia product line dates back to IBM's Product Manager, acquired by DS in early 1998. SmarTeam is an Israeli company, in which DS acquired a majority interest in June 1997.


Enovia products are sold exclusively by IBM and IBM business partners with DS receiving 50% royalty payment. Enovia has been most successful with very large CATIA users in the aerospace and automotive sectors. SmarTeam is sold through the IBM channel and a VAR reseller channel. In July 2003 SmarTeam announced a distribution agreement with Avatech Solutions, one the largest integrators of Autodesk software with 18,000 clients. SmarTeam claims 2,800 customers. In July IBM introduced PLM Express that bundles SmarTeam, CATIA, WebSphere and IBM hardware for medium sized businesses.


Dassault long standing (over 2 decades) relationship with IBM for sales and marketing has been evolving. According to the firm's 20F report more than half of Dassaults's revenue comes from licensing products through IBM, 59% in 2003. Initially, IBM had responsibility for and performed all the S&M activities. Dassault ported its software to IBM middleware like Webservices and DB2. IBM Global Services undertook major implementation contracts. IBM began to contract back to Dassault for various training and support activities. In 2004 Dassault became a Master Agent for IBM in France and Belgium whereby they manage and provide marketing support to the French and Belgian network of IBM
Business Partners. In June 2005 the two firms announced that Dassault will be responsible for operation of the sales channel of IBM PLM Business Partners in the SMB market in selected European countries and in the U.S.


In July 2004 Dassault announced the creation of SMARTEAM Europe, a new business unit dedicated to the sales, marketing, technical support and service of its SMARTEAM Collaborative PLM Solution in Europe.


Dassault reports its financial data in euros. The table below uses an average conversion factor from euros to US dollars provided by Dassault.


$M 2001 2002 2003 2004 2005
Tot Rev 709 728 853 988 1171
NI 84 118 153 193 217
PDM Rev 63 78 107 126 151
% Total 8.8% 10.7% 12.5% 12.8% 12.9%
Table Dassault Systemes 5 Year Financial Performance

Dassault Systemes plus MatrixOne


Dassault expects operational synergies to yield at least $8 million in 2006 and $25 million in 2007. MatrixOne has a largely direct sales model versus Dassault's reliance on IBM, IBM business partners at the high end and VARs at the low end. By customer segment MatrixOne revenue breakdown is High Tech 49%, Automotive 23%, Aerospace/defense 12%, Industrial 10%% and Consumer Products 6%. Dassault sees MatrixOne strengths in semiconductor, medical, apparel and E&E as complementary. In attempting to explain how three distinct PDM/CPC product lines Enovia, Smarteam and MatrixOne fit together Dassault has a chart something like the one shown below. The chart graphs two types of
complexities.


Chart

In previous acquisitions like SolidWorks and SmarTeam Dassault acquired companies offering less expensive and narrower product lines, so called mid-range products. It could be argued that this was a defensive move to protect their high end products or to hedge their bets. They have given the earlier acquisitions considerable independence and have not moved to merge the products or channels of these acquisitions with their high end offerings. MatrixOne brings with it a high end direct sales force and relationships with numerous system integrators.


The challenge will be managing three somewhat overlapping product lines and sales channels. It will be interesting to see to what extent Dassault leverages this opportunity to become more even more independent of IBM. Competitors like UGS will be sure to attempt to exploit fear, uncertainty and doubt (fud) regarding future strategy and direction in much the same way competitors attacked UGS when they merge with SDRC.


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EVE Announces Strong Growth as it Closes Fiscal Year 2006. EVE reported strong growth in bookings of 40% over the previous year. EVE has reached profitability that, on top of the recent $6 million in funding, provides the means for further expansion. Highlights of fiscal year 2006 include the introduction of EVE's third-generation ZeBu (for Zero Bugs) verification platform family that boasts a top speed of 200MHz. Fourteen customers have purchased this latest generation of ZeBu.


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  • National Semiconductor Sets Signal Integrity Benchmark With New High-Speed Buffer and Multiplexer Family
  • AnalogicTech Extends BatteryManager(TM) Product Family With Tiny USB/AC Adapter Battery Charger IC
  • SMIC and Aurora Systems in Volume Production of Digital LCOS Panel Chips
  • Virage Logic Announces Resignation of CFO -- Chairman Dan McCranie to Serve as Interim CFO
  • PMC-Sierra Completes Acquisition of Passave, a Leading Provider of System-on-Chip Solutions for Fiber to the Home Access Market
  • SafeNet Reports First Quarter 2006 Financial Results
  • Tripath Reports Second Quarter Net Revenue of $3.5 Million Up 28% Compared to March 2005
  • Teridian Launches New High-Performance Embedded Ethernet Controller
  • California Micro Devices Reports March Quarter and Fiscal 2006 Financial Results
  • Aware, Inc. Reports 2006 First Quarter Financial Results
  • AnalogicTech Reports Q1 2006 Revenue of $18.3 Million, Up 28% Year-Over-Year
  • STMicroelectronics Introduces Versatile High-Definition Set-Top-Box Platforms at MEDC 2006
  • Virage Logic Reports Second-Quarter Fiscal 2006 Results


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    -- Jack Horgan, EDACafe.com Contributing Editor.


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