UK's CSR to buy Zoran Corp for $679 million

CSR, the UK-based chip maker today said that it will buy US group Zoran Corporation, an imaging and video technology company, for $679 million in an all share deal to create a global leader in connectivity, location imaging and audio company.

Founded in 1981, Sunnyvale, California-based Zoran is a provider of digital solutions for the digital entertainment and digital imaging markets.

Zoran's leading technologies combined with strong expertise in IC design, algorithm development, and system integration allows it to deliver complete solutions for original equipment manufacturers (OEMs) producing innovative consumer electronics products.

Zoran develops and manufactures chips that are used in a wide range of consumer electronics including DVD players, DVD recorders, HDTV, digital cameras and set-top boxes.

In 2003, Zoran acquired Oak Technology and expanded its product portfolio with chips for use in inkjet printers, laser printers, printer/scanner combination devices, and industrial imaging equipment.

Zoran was the first to market its single chip IC implementing six-channel Dolby Digital surround-sound audio for home and movie theater applications.
As of 1 February 2011, it employed approximately 1,550 people and in the year to 31 December 2010 generated gross profits of $186.1 million on revenues of $357.3 million.