Asset acquisition will 'raise quality bar for media consumption' says Qualcomm

Under the new agreement, IDT's design team will be transferred and mixed signal products will be incorporated into the next generation mobile technology specialist's reference designs. According to Dr Ted Tewksbury, president and chief executive at IDT, the transaction will enable the company to intensity its focus on growing applications in cloud computing, wireless infrastructure and consumer mobility. "In addition," he said, "it enables a new working relationship with Qualcomm. Working with Qualcomm gives us the opportunity to expand our business in next generation smart media devices and puts us in a stronger position to solve complex system level problems by offering our customers tighter integration and increased performance." Steve Mollenkopf, executive vice president and group president, Qualcomm, pictured, added: "Hollywood Quality Video is a well recognised, award winning technology that provides Qualcomm with a leadership position in the video processing space. Media consumption continues to cross device boundaries and create growing expectations for high quality viewing experiences. When combined with Qualcomm's high performance Snapdragon processor, integrated HQV technology will raise the quality bar for media consumption on smartphones, tablets and other smart media devices." The transaction has received appropriate corporate approvals and is anticipated to close in the coming weeks, subject to the completion of certain closing conditions.