NanGate Completes Management Buy-Out
SUNNYVALE, Calif., Jan. 29, 2013 /PRNewswire/ -- NanGate Inc. today announced the completion of a management buy-out from the estate of NanGate A/S. The buy-out was structured as an asset purchase, which includes all intellectual property, and was effective December 2012. The company is now fully owned and controlled by its management and the headquarters is formally moved to Sunnyvale, CA.
NanGate Inc. will continue the product line of Electronic Design Automation tools for standard cell library development, migration and optimization. Key focus areas in 2013 are layout automation and productivity tools for the 20/16/14nm nodes.
"We are very pleased to complete this process," said Ole Christian Andersen, President and CEO. "After the VCs pulled out in August last year, management worked very closely with existing customers and partners to secure the continuation of the company. We took a hard look at our cost structure and were able to find new and improved solutions. As a result we now have a solid financial base without the need for external investment. After 8 years building and growing the company this is a major milestone for NanGate."
Moving forward Jens C. Michelsen, co-founder of NanGate, will be serving as COO and Jens P. Tagore-Brage will continue in his role as CTO. Alexandre Toniolo, who has been with the company for more than 7 years, will serve as VP of Business Development. "I like to focus on execution," said Jens Michelsen. "The new independent structure allows us to greatly increase our decision and execution powers to the benefit of the entire organization and our customers."
NanGate will continue to reach out to other EDA and semiconductor companies to establish and strengthen partnerships. The company expects to announce new partnerships in the first quarter of 2013.
NanGate, a provider of physical intellectual property (IP) and a leader in Electronic Design Automation (EDA) software, offers tools and services for creation and validation of physical library IP, and analysis and optimization of digital design. NanGate's suite of solutions includes Library Creator Platform, Design Optimizer and design services. NanGate's solution enables IC designers to improve performance and power by concurrently optimizing design and libraries. The solution, which complements existing design flows, delivers results that previously could only be achieved with resource intensive custom design techniques.
Visit NanGate online at www.nangate.com
For additional information:
Alexandre Toniolo, +1-650-924-5099
This press release was issued through eReleases® Press Release Distribution. For more information, visit http://www.ereleases.com.
SOURCE NanGate Inc.
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