Intel has entered into a definitive agreement to purchase privately held Softcom, which sells semiconductor products to OEMs in the networking and communications market.
The transaction will be a cash one and Tony Stelliga, Softcom's president and chief executive, will continue working at the chip giant as its general manager.
He will report to Mark Christensen, vice president and general manager of Intel's Network Communications Group, but Softcom will be operated as a separate subsidiary.
Softcom was set up in 1996 and received venture capital funding from Sequoia Capital, Sevin Rosen Funds, US Trust Company of New York, Orion Capital and Star Ventures.
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