Cortina Systems files IPO

by Mark LaPedus , TechOnline India - March 17, 2011

Communications chip maker Cortina Systems Inc. has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission for a proposed initial public offering of its common stock.

San Jose, California:

Communications chip maker Cortina Systems Inc. has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission for a proposed initial public offering of its common stock.

The number of shares to be offered and the price range for the offering have not yet been determined. But the company hopes to raise some $100 million in the IPO, according to reports.

J.P. Morgan Securities LLC and Barclays Capital Inc. are acting as the joint book-running managers for the offering. Needham & Company LLC, Oppenheimer & Co. Inc., Piper Jaffray & Co. and Roth Capital Partners LLC are acting as co-managers.

Founded in 2001, Cortina Systems (Sunnyvale, Calif.) is a provider of high-performance communications semiconductors. Cortina is a supplier of intelligent communication devices for the core, metro, access, enterprise and digital home network market segments. Last year, the company introduced the industry's smallest quad 10G EDC device. It also shipped the industry's first 10G EPON OLT integrated device.

In 2004, Cortina acquired Azanda Network Devices Inc., a company specializing in silicon solutions for traffic processing in metro, core and access markets. In 2006, it acquired certain assets of the Optical Networking Devices division of Intel Corp. In 2007, it acquired Immenstar Inc., a privately held provider of passive optical network devices. In 2008, it acquired Storm Semiconductor.

Cortina had 437 employees as of Dec. 31, 2010. In 2010, it generated revenue of $141.1 million and had a net loss of $10.7 million, according to a filing. This compares to sales of $127.5 million and a loss of $21.3 million in 2009.  

''We currently have over 800 customers, including leading global network equipment vendors such as Alcatel-Lucent, Cisco Systems, Inc., Ericsson AB, FiberHome Technologies Group, Fujitsu Limited, Juniper Networks, Inc., Nokia Siemens Networks and ZTE Corporation. Our solutions are installed in many leading global service provider networks, including Bharat Sanchar Nigam Ltd., or BSNL, China Mobile Limited, China Telecom Corp. Ltd., China Unicom (HK) Limited, Deutsche Telecom AG, KT Corporation, PCCW Limited, Telecom Italia Group, Telefónica S.A., Telstra Corporation Limited and Vodafone Group plc.,'' according to the filing.   









































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