LSI Corporation

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Not to be confused with Lear Siegler Incorporated.
LSI Corporation
Trading name LSI CORP
Type Public
Traded as NASDAQLSI
S&P 500 Component
Industry Semiconductors
Storage
Networking
Founded Milpitas, California, 1981
Founder(s) Wilfred Corrigan
Bill O’Meara
Rob Walker
Mitchell "Mick" Bohn
Headquarters San Jose, California, USA, USA
Number of locations 26
Area served North America, China, Europe, Middle East, Africa, India, Japan
Key people Abhi Talwalkar, President and CEO
Gautam Srivastava, Senior Vice President Corporate Marketing
Jeff Richardson, COO
Products Server Storage, Flash Storage, Hard Disk Drives, Mobile Networks, Enterprise and Datacenter Networks
Revenue US$ 2.51 Billion (2012)[1]
Net income US$ 195.2 million (2012)[1]
Total assets US$ 2.35 billion (2012)[1]
Total equity US$ 1.15 billion (2012)[1]
Employees 5,080 (2012)[1]
Parent Avago Technologies
Website www.lsi.com

LSI Corporation is an electronics company based in San Jose, California that designs semiconductors and software that accelerate storage and networking in datacenters, mobile networks and client computing.[2][3][4]

In early 2014, Avago announced it will acquire LSI Corporation for $6.6 billion.[5] LSI Stockholders will vote on this proposed acquisition at a special meeting for stockholders on April 9, 2014.

History[edit]

1981-2004[edit]

In 1981, Wilfred Corrigan, Bill O'Meaa, Rob Walker and Mitchell "Mick" Bohn founded LSI under the name LSI Logic in Milpitas, California.[6][7] Wilfred Corrigan served as the CEO from 1981 until 2005.[8] LSI initially was funded by venture capitalists, including Sequoia Capital with $6 million.[7] In March 1982, a second round of financing brought in another $16 million.[7] LSI Logic went public with Nasdaq as LSI in May 1983 with the largest IPO to date of $153 million.[7]

In 1985, the firm entered into a joint venture with Kawasaki Steel - Japan's third largest steel manufacturer - to build a $100 million wafer fabrication plant in Tsukuba, Japan.[9]

In 1987, SEMATECH (from Semiconductor Manufacturing Technology) was incorporated partially in result of the 1984 National Cooperative Research Act, which reduced potential antitrust liabilities of research joint ventures.[10] SEMATECH is a research and development consortium to advance semiconductor and chip manufacturing.[10] LSI Logic was among the 14 founding members, but withdrew from Sematech in January 1992.[10][11][12]

In July 1991, LSI entered into an agreement with Sanyo Electric of Japan to make a set of chips that translate an HDTV signal into a television image.[13][14]

LSI Logic started developing its CoreWare technology in 1992.[15] In 1993, Sony Computer Entertainment chose LSI Logic as their ASIC partner, charged with fitting the PlayStation CPU on a single chip.[16] LSI’s CoreWare could do it, while other offers made to Sony needed two chips.[16] Sony also worked with LSI’s engineers develop the graphics engine, DMA controller, I/O and bus controllers.[16]

In 1995, LSI Logic acquired the remaining shares its Canadian subsidiary held, which amounted to 45%.[17] In 1997, Mint Technology, an engineering services company, was acquired by LSI.[17] In August 1998 it bought Symbios Logic from Hyundai Electronic for $760 million cash.[18][19] In February 1999, LSI acquired Seeq, adding physical-layer based Ethernet technology to LSI’s product line.[20] In May 2000, LSI acquired IntraServer for $70 million, with expectations to add their rapidly expanding customer base to LSI’s own.[15][21]

computer card
LSI 9211-8i host adapter

In November 2000, LSI acquired Syntax Systems, and in August 2001 the groups merged to become LSI Logic Storage Systems, and later Engenio Information Technologies.[19] In March 2001 LSI acquired C-Cube for $878 million in stock.[2][22] In that same quarter, LSI introduced Gflx, a flexible process technology.[23] In September 2001 LSI acquired a RAID adapter division from American Megatrends in a $221 million cash transaction.[24] Included in this deal, LSI received AMI’s MegaRAID software intellectual property, host bus adapter products and 200 RAID employees.[24]

LSI and Storage Technology Corporation (StorageTek) entered an alliance making StorageTek the distributor of their co-branded storage products in January 2002.[25] In August of 2002 LSI acquired Mylex from IBM, to expand its storage technologies.[26]

In November 2003, LSI sold its Tsukub, Japan facility to ROHM Company, Ltd.

The Engenio division of LSI filed for its own IPO in 2004, but withdrew citing adverse market conditions after the burst of the dot-com bubble.[19][27]

2005 to present[edit]

In 2005, Abhi Talwalkar joined the company as president and CEO, and was also appointed to the board of directors.[6][28][29][30][31] Talwalkar was an executive at Intel Corporation before joining LSI, and began a program of acquisitions and divestitures.[29][30][31][32]

In October 2005, LSI Logic opened a semiconductor design and engineering development center at the Dubai Silicon Oasis (DSO) Microelectronics Innovation Center.[33]

In 2006, LSI Logic sold the Gresham, Oregon design and manufacturing facility to ON Semiconductor. In October of that same year it agreed to an all-stock merger with Agere Systems worth about $4 billion.[34] In March 2007, LSI acquired SiliconStor Inc., a provider of semiconductor solutions for enterprise storage networks, for approximately $55 million in cash.[35] In April 2007, LSI completed its merger with Agere Systems Inc., who previously owned LSI’s Mobility Products Group, and rebranded the firm LSI Corporation.[36] Magnum Semiconductor Inc. a spin-off of Cirrus Logic Inc., acquired LSI’s consumer products business and 13 percent of LSI’s workforce in July 2007.[35][36] These lines included architectures named DoMiNo and Zevio, evolutions of the C-Cube Microsystems technology.[2][22] August 2007, LSI signed an agreement with STATS ChipPAC Ltd to sell its Pathumthani, Thailand semiconductor assembly and test operations for $100 million.[36] In October 2007, LSI acquired Tarari, a maker of silicon and software, for $85 million in cash.[35][36] Tarari’s products integrated into LSI’s NSPG organization.[36] In October 2007 LSI completed its sale of its Mobility Division to Infineon Technologies AG (Munich) for $450 million in cash.[36] Approximately 700 LSI employees transferred to Infineon in the deal.[36]

In July 2009, LSI agreed to acquire ONStor, Inc. for $25 million.[37] LSI put ONStor into its Engenio storage division, which is a NAS vendor.[37] LSI bought the 3ware RAID adapter business of Applied Micro Circuits Corporation in April that same year.[38]

In March 2011, LSI announced its sale of its Engenio external storage systems business to NetApp for $480 million in cash.[1] The sale of the Engenio division, which generated revenues of $705 million in 2010, completed in May.[1]

In January 2012, LSI completed the acquisition of SandForce, which produced flash memory controllers (for $370 million reported in October 2011).[39][40] LSI started producing its own PCIe (peripheral component interconnect express) cards for data center servers, using SandForce’s flash controller chips, under their new Nytro product line that April.[3][39][40][41][42] This included three different products: LSI Nytro WarpDrive Application Acceleration Cards, LSI Nytro XD Application Acceleration Storage Solution, and LSI Nytro MegaRAID Application Acceleration Cards.[41][43][44][45] LSI also introduced its Nytro Predictor software, a tool that helps determine which Nytro product works best with which applications.[39][41] At the SCSI Trade Association Technology Showcase in May 2012, LSI announced accelerated datacenter performance with its DataBolt bandwidth optimizer technology.[46][47] The new DataBolt technology is being introduced to a line of products including the Mini SAS HD connector.[47][48]

LSI hosted it’s sixth Accelerated Innovation Summit (AIS), in November 2013.[49]

Milpitas-based LSI Corp. was named a Thomson Reuters 2011 and 2013 Top 100 Global Innovator.[50]

On December 16, 2013, Avago (NASDAQ: AVGO) announced it would be acquiring LSI Corporation for $6.6 billion, in cash, with the sale to complete in the first half of 2014.[51][52]

Trading[edit]

Initially listed on the Nasdaq under the ticker symbol LLSI, LSI Logic transferred its listing to the New York Stock Exchange in October 1989 where it traded for over 20 years under the ticker symbol LSI. It transferred its listing back to the Nasdaq (Global Select Market) on December 19, 2012, under the same ticker symbol LSI.

References[edit]

  1. ^ a b c d e f g "LSI Corporation 10-K". Securities and Exchange Commission. 2012. Retrieved 28 January 2014. 
  2. ^ a b c Laurie J. Flynn (March 27, 2001). "Technology Briefing: Deals; LSI Logic To Buy C-Cube Microsystems". The New York Times. Retrieved October 20, 2013. 
  3. ^ a b "LSI Launches New Nytro PCIe Product Line". eWeek. Retrieved 28 January 2014. 
  4. ^ "LSI CEO on Defying the Tech Sector". CNBC. Retrieved 28 January 2014. 
  5. ^ Hyde, Jennifer (8 January 2014). "Avago Technologies Limited (NASDAQ:AVGO) Moves Forward With LSI Deal". Financials Trend. Retrieved 28 January 2014. 
  6. ^ a b "LSI CEO Abhi Talwalkar". Mercury News. Retrieved 29 January 2014. 
  7. ^ a b c d "Who's who at LSI Logic's 30th reuninon". EE Times. Retrieved 29 January 2014. 
  8. ^ "Wilfred Corrigan". Forbes. Retrieved 29 January 2014. 
  9. ^ "LSI Logic joined forces with Kawasaki Steel". Los Angeles Times. Retrieved 29 January 2014. 
  10. ^ a b c "Sematech: Purpose and Performance". Colloquium Paper. Retrieved 29 January 2014. 
  11. ^ "LSI Logic Quits Chip Consortium : Technology: The payoff for the Milpitas, Calif., firm, a founder of the Sematech organization, fell short of expectations". Los Angeles Times. Retrieved 29 January 2014. 
  12. ^ "LSI Is Leaving Sematech; First of Founders to Defect". New York Times. Retrieved 29 January 2014. 
  13. ^ "LSI, Sanyo Join on Advanced TV System". Los Angeles Times. Retrieved 29 January 2014. 
  14. ^ "LSI and Sanyo In Chips Deal". New York Times. Retrieved 29 January 2014. 
  15. ^ a b "History". Hoovers. Retrieved 29 January 2014. 
  16. ^ a b c "FastForward Sony Taps LSI Logic for PlayStation Video Game CPU Chip". FastForward. Retrieved 29 January 2014. 
  17. ^ a b "1998 LSI Corporation 10-K". Securities and Exchange Commission. Retrieved 29 January 2014. 
  18. ^ Corey Grice (August 7, 1998). "Short Take: LSI to take third-quarter charge". CNet news. Retrieved October 21, 2013. 
  19. ^ a b c Engenio Information Technologies (July 27, 2004). "Prospectus". Form S-1/A. US Securities and Exchange Commission. Retrieved October 21, 2013. 
  20. ^ "LSI Logic to acquire Seeq". EE Times. Retrieved 29 January 2014. 
  21. ^ "LSI to buy IntraServer for $70 mln". Cnet News. Retrieved 29 January 2014. 
  22. ^ a b Tiffany Kary (March 26, 2001). "C-Cube shares rocket on LSI Logic deal". CNet news. Retrieved October 20, 2013. 
  23. ^ "2001 LSI Corporation 10-K". Securities and Exchange Commission. Retrieved 29 January 2014. 
  24. ^ a b Natalie Weinstein (September 4, 2001). "LSI completes buy of RAID unit". CNet news. Retrieved October 21, 2013. 
  25. ^ "2003 LSI Corporation 10-K". Retrieved 29 January 2014. 
  26. ^ Tiffany Kary (July 2, 2002). "LSI to buy Big Blue unit". CNet news. Retrieved October 20, 2013. 
  27. ^ Engenio Information Technologies (August 16, 2004). "Request to withdraw registration". Letter. US Securities and Exchange Commission. Retrieved October 21, 2013. 
  28. ^ "Data is the Future for LSI CEO Abhi Talwalkar". Institutional Investor. Retrieved 29 January 2014. 
  29. ^ a b "Abhi Talwalkar : Academy of Distinguished Engineers - 2006". Oregon State University. Retrieved 29 January 2014. 
  30. ^ a b "Abhi Talwalkar". Wall Street Transcript. Retrieved 29 January 2014. 
  31. ^ a b "Abhijit Y. Talwalkar". NNDB. Retrieved 29 January 2014. 
  32. ^ "Abhi Talwalkar". International Conference. Retrieved 29 January 2014. 
  33. ^ "LSI Logic Setting Up Design Center in Dubai". Inside Chips. Retrieved 29 January 2014. 
  34. ^ "LSI Logic CEO Abhi Talwalkar: Chipping Away". Chief Executive. Retrieved 29 January 2014. 
  35. ^ a b c "LSI Corporation 10-K 2009". Securities and Exchange Commission. Retrieved 29 January 2014. 
  36. ^ a b c d e f g "Avago Technologies to Acquire LSI Corporation for $6.6 Billion in Cash". Press release (LSI.com). December 16, 2013. Retrieved December 16, 2013. 
  37. ^ a b Chris Mellor (July 23, 2009). "LSI buys struggling ONStor: ONStor investors curse their own prescience". The Register. Retrieved October 20, 2013. 
  38. ^ "LSI Corporation 10-K 2010". Securities and Exchange Commission. Retrieved 29 January 2014. 
  39. ^ a b c "LSI launches Nytro Architecture PCIe flash family". TechTarget. Retrieved 29 January 2014. 
  40. ^ a b "LSI launches Nytro application acceleration cards". Computer World. Retrieved 29 January 2014. 
  41. ^ a b c "LSI Goes All Flashy". Network Computing. Retrieved 29 January 2014. 
  42. ^ "LSI's Nytro MegaRAID Brings SSD Caching to SAS RAID Cards". AnandTech. Retrieved 29 January 2014. 
  43. ^ "LSI Gives Flash Storage App Acceleration Market a Nytro Boost". InfoStor. Retrieved 29 January 2014. 
  44. ^ "LSI Nytro PCIe SSD, Cache and RAID Family of Storage Solutions Launched". Storage Review. Retrieved 29 January 2014. 
  45. ^ "LSI Reveals PCIe-Based Nytro Enterprise Storage Solutions". HotHardware. Retrieved 29 January 2014. 
  46. ^ "LSI Announces DataBolt Technology to Accelerate Datacenter Performance". SSD Review. Retrieved 29 January 2014. 
  47. ^ a b "The First Glimpse of 12 Gbps SAS". IT Business. Retrieved 29 January 2014. 
  48. ^ "LSI takes advantage of PCiE 3.0 with 12 Gbps DataBolt". ZDNet. Retrieved 29 January 2014. 
  49. ^ "LSI's Accelerating Innovation Summit Highlights the Datacenter in the "Datacentric Era"". Storage Review. Retrieved 29 January 2014. 
  50. ^ "Top 100 Global Innovators". Thomson Reuters. Retrieved 29 January 2014. 
  51. ^ "Avago to Buy LSI for $6.6 Billion". Deal Book. Retrieved 29 January 2014. 
  52. ^ "In Chip Deal, Singapore’s Avago to Acquire LSI for $6.6 Billion". All Things D. Retrieved 29 January 2014. 

External links[edit]