SMSC Buys Amsterdam-Based Wireless Audio

HAPPAUGE, N.Y. (AP) -- Semiconductor maker Standard Microsystems Corp. said Monday it has purchased a Dutch wireless product company for $22 million.

Wireless Audio IP makes wireless products for personal computers, home theater, headphones, televisions and other products. The initial cash payment will be supplemented with up to $3 million if the company achieves certain performance goals.

SMSC said the company's digital audio products compliment its Kleer brand wireless audio products. The two companies will collaborate on developing processor and audio networking items. Together, they are expected to contribute about $15 million in revenue in its current fiscal year.

In April, SMSC posted revenue of $83 million for its fiscal fourth quarter.

"The growth potential in the wireless audio market is significant as this technology is no longer just a unique application for audio enthusiasts," said SMSC President and CEO Christine King. "We believe we are well positioned to build our market position now that we have assembled the technology and talent of two of the industry's leading designers of wireless audio."

Wireless Audio also has offices in Singapore and China.
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