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Marvell announced on February 6, 2003, that it had agreed to acquire the remaining shares and employee stock options of RADLAN Computer Communications Ltd. for announced consideration valued at $49.7 million. Marvell already owned 9% of the Israel-based networking software company. The deal closed on June 27, 2003, and later SEC filings document additional RADLAN-related share issuances, so $49.7 million was not the transaction’s final lifetime cost.
When did Marvell buy RADLAN?
Marvell announced a definitive acquisition agreement on February 6, 2003. The company completed the acquisition on June 27, 2003, after which RADLAN became a wholly owned subsidiary and continued operating in Tel Aviv. Marvell’s announcement described the planned transaction; the closing date and subsidiary status are reported in its later filing with the SEC.
How much did Marvell pay?
The announced value for the remaining RADLAN shares and employee stock options was $49.7 million, in a combination of cash and Marvell common stock. That valuation used Marvell’s closing share price on February 5, 2003, the day before the announcement. It should be read as the announced deal value, not as an all-in total for every later payment or issuance.
The agreement also allowed for up to approximately 1.0 million additional Marvell shares if performance goals were met, and included 0.5 million warrants exercisable at $18.41. Marvell’s 2006 Form 10-K records consideration at closing as 2,635,284 shares valued at $24.0 million, 313,926 vested options valued at $2.9 million, and warrants for 1,086,366 shares valued at $7.5 million. It also records later RADLAN-related issuances: $47.4 million of shares on October 6, 2003, and $19.6 million tied to milestones on December 8, 2003. These later figures are reported in the filing’s accounting disclosures and are distinct from the $49.7 million announced valuation. Marvell’s 2006 Form 10-K
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What did RADLAN make?
RADLAN was an Israel-based provider of embedded networking software. Its OpENS infrastructure software covered network functions including Layer 2, Layer 3 and Layer 4 switching and routing. Rather than a consumer product, it was software intended to work within networking equipment and communications systems. Marvell’s deal announcement
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why was the acquisition important to Marvell?
Marvell said it could combine its networking chipsets with RADLAN’s software to offer integrated solutions for enterprise, access, wireless and storage-area-network (SAN) markets. The strategic fit was the pairing of silicon with the software infrastructure needed to use it in networking products.
Marvell president and CEO Dr. Sehat Sutardja described the aim as bringing its mixed-signal integrated circuits together with RADLAN’s networking drivers, interfaces and software modules. RADLAN CEO Jacob Zankel likewise emphasized deploying OpENS across Marvell communications products for those customer markets. These were the companies’ stated rationales for the deal, rather than a guarantee of particular product outcomes. Marvell’s announcement
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