Monday, March 14, 2011

Intel (INTC) Acquires Assets of SySDSoft, Egyptian Software Co.

Intel (NASDAQ:INTC) announced it has acquired the assets of Egyptian software company which develops software for communications networks.

Arvind Sodhani, president of investment arm Intel Capital said, "The acquisition shows Intel's continued long-term strategic commitment to the region and its appreciation of its young, growing talent pool."

It is the first of this type of acquisition made by Intel in the region, added Sodhani.

The purpose of the acquisition was to increase the ability of Intel to develop 4G network wireless products.

Terms of the deal weren't disclosed, and the company said they bought the majority of, but not all of the assets of SySDSoft.

Intel hired approximately 100 computer scientists and electrical engineers from the company.

Intel was trading at $20.70, down $0.17, or 0.79 percent, as of 12:33 PM EDT.

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