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A portuguesa CHIPIDEA foi comprada há 1 ano (Agosto de 2007) pela MIPS, do Silicon Valley, por $147 milhões em cash.

Agora fazem um write-off da quase totalidade desse investimento (ie, consideram-o como um prejuízo irrecuperável) ...

Chipidea deal haunts MIPS

It's never a good sign when a company stumbles on its very first step in an ambitious plan to grow by making acquisitions. In announcing a $103.1 million write-off, microrpocessor designer MIPS Technologies Inc. [Nasdaq:MIPS] did just that.

Nearly all of the charge, announced as part of its latest quarterly results, is associated with MIPS' $147 million acquisition last year of Portuguese Chipidea Microelectronica SA, a privately held company that, like its corporate parent, licenses chip intellectual property to semiconductor and electronics companies.

MIPS said that after evaluating the goodwill and intangible assets associated with the acquisition, it "concluded that a significant reduction in value was required given the softening overall market for IP and delays experienced in realizing expected synergies."

The writeoff contributed to the chipmaker's $108.5 million loss for the period. It also announced job cuts as part of a broad restructuring

The Chipidea deal, MIPS' first after it hired Mark Tyndall as vice president of business development to find acquisition targets, contained a $5 million earnout payable in 2009 if Chipidea hit certain performance targets. Hard to imagine the target's shareholders seeing any of that money.

O fundador, Prof. José Franca, demitiu-se da MIPS.

Chipidea founder quits a year after MIPS Technologies merger

San Francisco Business Times - by Steven E.F. Brown
Wednesday, September 3, 2008

A year after MIPS Technologies Inc. bought Chipidea Microelectrónica S.A., the founder of that company, José Franca, has quit to resume his academic career.

Mountain View-based MIPS (NASDAQ: MIPS), started in 1998, sells technology used in the semiconductor industry. It bought Portugal’s Chipidea on Aug. 27, 2007 for $147 million in cash.

MIPS lost $108.5 million in the fourth quarter and $131.8 million for the year, and plans job cuts to save money. The company’s massive loss came from a write down of goodwill associated with the Chipidea buy.

Though Franca stayed a year, in its previous quarterly regulatory filing in May, MIPS still listed his departure as a possible risk factor for its business, citing “the possible adverse impact to us if we were to lose key Chipidea personnel, such as Jose Franca, founder and CEO, whose ongoing employment with us could be important to our ability to continue to advance the Chipidea technology and to effectively market and sell its products.”

MIPS used all of its available cash and short term investments to buy Chipidea, which it said “dramatically reduces our liquidity.” It started making $1 million monthly payments on debt related to the deal in April, and the principal balance of that debt was due in August.

José de Albuquerque Epifânio da Franca earned his undergraduate degree in electrical engineering in 1978 at the Technical University of Lisbon and his Ph.D. at the Imperial College of Science and Technology in London in 1985. He started Chipidea in early 1997.