NETsilicon buys embedded network technology from Pacific Softworks

NETsilicon, Inc., a leading provider of network-enabled microprocessing solutions for embedded systems, announced that it has acquired the strategic network technology assets of Newbury Park, CA-based software developer PSI Softworks Technology, a subsidiary of PASW, Inc., for 90,000 shares of NETsilicon common stock. Mirus Securities advised NETsilicon on the transaction.

Pacific makes the FUSION line of embedded network protocols – software that enables electronic devices to communicate over local and wide area networks. Its software is used in applications such as office automation equipment, wireless communication devices, navigation systems, cable set-top boxes, Web TV, medical imaging systems, aerospace and defense, networking equipment, and Internet communications. Pacific customers include AOL, Canon, Ericsson, Honeywell, Hewlett Packard, Intel, Motorola, Nortel, Philips, Samsung, and Siemens.

“Networking software is a key component of our NET+Works integrated solution for connecting devices and appliances to networks. Pacific’s sophisticated networking technology will give NETsilicon an important strategic advantage,” said Cornelius “Pete” Peterson, president and CEO, NETsilicon. “In addition, we see the opportunity for NETsilicon to expand into new markets as we continue to provide Pacific’s customers with innovative networking software solutions.”

NETsilicon’s products address the rapidly growing market for intelligent networked devices. According to a 2000 report by research firm International Data Corp. (IDC), the market for Internet Appliances will grow from 11 million units and $2.4 billion in 1999 to 89 million units and $17.8 billion by 2004.

The newly acquired operation will operate as the NETsilicon Softworks Group, remaining in Newbury Park, CA. Sales and ongoing development of the popular FUSION products will continue to be managed from Newbury Park, the company said.

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Mirus Securities (Member FINRA, SIPC) provides investment banking solutions to corporate clients in technology, business services, manufacturing, consumer products, health care, and the resort & hospitality industry. Since 1987, Mirus has provided corporate finance advisory services on engagements including mergers, acquisitions, divestitures, recapitalizations, and valuations. For additional information, visit www.merger.com.