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PMC-Sierra announced its acquisition of Extreme Packet Devices on March 3, 2000, at an announced value of approximately US$415 million in PMC shares. The deal was completed in April 2000. Extreme Packet Devices was a Canadian semiconductor startup developing high-speed traffic-management technology; its planned X-1 chipset later ran into delays, and PMC appeared to shut down the effort in 2001.
When did PMC-Sierra acquire Extreme Packet Devices?
PMC-Sierra announced the transaction on March 3, 2000, and its SEC filing records the acquisition as completed in April 2000. The Ontario Securities Commission’s account says PMC, a newly formed subsidiary, and Extreme Packet Devices signed the acquisition agreement on March 2, 2000. PMC-Sierra’s 2002 Form 10-K; Ontario Securities Commission decision
- Early 1999: Extreme Packet Devices was founded as a system-on-chip semiconductor startup, according to contemporaneous EE Times coverage.
- March 2, 2000: The acquisition agreement was signed.
- March 3, 2000: PMC-Sierra announced the transaction.
- April 2000: PMC-Sierra’s filing records the acquisition as completed.
- April 2001: EE Times reported that PMC appeared to have shut down the EPD effort after problems with its planned chipset.
How much did PMC-Sierra pay?
PMC-Sierra announced a transaction value of approximately US$415 million, payable in PMC shares, rather than cash. Its 2002 Form 10-K later reported that approximately 2,000,000 exchangeable shares were issued in the completed acquisition and that the transaction incurred $5.8 million in merger-related costs. Those figures describe different aspects of the deal: the announced share value, the exchangeable shares used in the legal structure, and the recorded transaction costs. EE Times’ March 2000 announcement coverage; PMC-Sierra’s 2002 Form 10-K
What did Extreme Packet Devices make?
Extreme Packet Devices (EPD) was a privately held, fabless semiconductor company based in Kanata, Ontario. At the time of the announcement it had more than 60 employees. It was developing chips for high-speed IP and ATM traffic management and packet processing, with a focus on 10-Gbit/s operation for OC-48 and OC-192 multiservice switches and routers. EE Times’ March 2000 announcement coverage
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The aim was to help network equipment handle voice, video and data over high-capacity platforms while supporting Quality of Service (QoS)—the management of traffic so different services can receive appropriate treatment. PMC-Sierra described the acquisition as a way to add complementary broadband-chip expertise. Its later SEC product description offers useful context: packet and cell processors inspect packets and perform management functions, while traffic managers schedule and queue packets as they move through switches. PMC-Sierra’s 2002 Form 10-K
Why did the X-1 product effort falter?
EPD’s planned X-1 was a three-piece chipset intended for OC-192 traffic management. By April 2001, EE Times reported that the product had been delayed and was having difficulty meeting its goals, and that PMC appeared to have shut down the EPD operation. The available reporting supports describing the effort as discontinued or apparently shut down; it does not establish that the technology reached a commercial market.
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PMC-Sierra CFO John W. Sullivan said the traffic-management device was late, expected design wins were “peeling away as people sought other options,” and the group had shrunk from about 60 employees to about 13. His account points to execution and timing problems: delays weakened customer commitments while competitors or alternative solutions became more attractive. EE Times’ April 2001 report
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the acquisition figures do—and do not—show
The announced US$415 million share value should not be confused with the number of exchangeable shares ultimately recorded or with the $5.8 million in merger-related costs. The workforce figures likewise refer to different points in time: more than 60 employees at announcement, versus about 13 remaining when Sullivan discussed the troubled product effort in 2001. Together, the records show a substantial strategic bet on network traffic-management technology, followed by a product effort that struggled to meet its timetable and retain design wins.
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