Transmeta, a company that once hoped to rival Intel and Advanced Micro Devices to power portable computers, announced Monday that it would sell itself to Novafora for $255.6 million in cash. Novafora said it hopes to use Transmeta's people and technology in its video processing chips.
"Transmeta's innovative technology and the expertise of its employees are valuable additions to Novafora," Novafora CEO Zaki Rakib said in a statement.
The deal to sell itself puts at an end the company's efforts to figure out what to do with its technology, which was once a top-secret effort to unseat Intel in the low-power PC market.
"We believe the deal is a win for all our stockholders," Transmeta President Les Crudele said in a statement. "We have spent the past several months extensively exploring our strategic options and believe that the agreement with Novafora best serves the interest of our stockholders."
"Transmeta's innovative technology and the expertise of its employees are valuable additions to Novafora," Novafora CEO Zaki Rakib said in a statement.
The deal to sell itself puts at an end the company's efforts to figure out what to do with its technology, which was once a top-secret effort to unseat Intel in the low-power PC market.
"We believe the deal is a win for all our stockholders," Transmeta President Les Crudele said in a statement. "We have spent the past several months extensively exploring our strategic options and believe that the agreement with Novafora best serves the interest of our stockholders."
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