O'Melveny Represents Exar in Aquisition of Stretch, Inc.January 15, 2014 FOR IMMEDIATE RELEASE
SILICON VALLEY ─ January 15, 2014 ─ O’Melveny & Myers LLP represented Exar Corporation, a leading provider of high-performance analog mixed-signal and data management solutions, in its acquisition of Stretch, Inc., which provides software configurable processors supporting the video surveillance market. The transaction closed on January 14, 2014.
The O’Melveny team was led by partner Paul Scrivano and associate Noah Kornblith.
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The following press release was issued by Exar Corporation:
Exar Acquires Stretch Incorporated
Stretch Software Configurable Processor Enhances Presence in Surveillance
FREMONT, Calif., Jan. 14, 2014 /PRNewswire/ -- Exar Corporation (NYSE: EXAR) a leading provider of high-performance analog mixed-signal and data management solutions announced that it has acquired Stretch, Inc., a provider of software configurable processors supporting the video surveillance market. The transaction, which closed today, will provide Exar with the technology to deliver an end-to-end high-definition solution for both digital and analog transmission of data from the camera to the DVR or NVR in surveillance applications.
"Stretch brings several important attributes to Exar. First, the team is excellent and hails from world-class companies where best practices are developed. Second, the Stretch S6000 series and S7000 series products provide Exar a unique platform to integrate complex and high-value discrete components and improve time to market for customers," commented Exar President and CEO Louis DiNardo. "And perhaps most importantly, the Stretch software configurable processor can support our need for digital processing on both the transmitter and receiver side of uncompressed high-definition composite video transmission up to 1000 meters without the need for expensive repeaters. Coupled with our high-performance analog products we are now positioned to deliver best in class solutions for a wide variety of camera, transmission, and recording technologies in the high growth video surveillance market," concluded Mr. DiNardo.
Craig Lytle, President and CEO of Stretch, will report directly to Mr. DiNardo as Senior Vice President of System Products. Mr. Lytle commented, "Stretch has built a leading position in the video surveillance market and we are both excited and committed to furthering the Exar effort. We have industry-leading customers who have been committed to our products for years. The combination of Exar and Stretch technology with Exar's financial strength and sales reach will be a powerful combination."
Exar Corporation designs, develops and markets high-performance, analog mixed-signal integrated circuits and advanced sub-system solutions for the Networking & Storage, Industrial & Embedded Systems, and Communications Infrastructure markets. Exar's product portfolio includes power management and connectivity components, high-performance analog and mixed-signal products, communications products, and network security and storage optimization solutions. Exar has locations worldwide providing real-time customer support. For more information about Exar, visit http://www.exar.com.
Stretch, Inc. is the world leader in software configurable processors, the first to embed programmable logic within the processor. Using familiar C/C++ programming tools, system developers automatically configure Stretch's off-the-shelf processors to achieve extraordinary performance, easy and rapid development, significant cost savings, and flexibility to address diverse markets and changing application needs. Stretch devices are used in video processing, machine vision and wireless applications worldwide. For more information, visit http://www.stretchinc.com.