Virata Corporation
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| Public (Inactive Acquired) | |
| Industry | Fabless semiconductor company |
| Founded | 1998 |
| Headquarters | Santa Clara, California |
| Products | Helium Argon Solos ISOS |
Virata Corporation is an inactive acquired company that was a major contributor to the "Cambridge Phenomenon" or Silicon Fen high-tech cluster in the United Kingdom. Case studies and research papers have been created to illustrate the role of social networking in the creation of Virata's success. There is also research available on the role the company played in Silicon Valley venture networks.
It was formed in June 1993 as Advanced Telecommunication Modules Ltd, a company incorporated in the UK, as a spin-off from Olivetti Research Laboratory in Cambridge. The founders included by Dr Hermann Hauser and Professor Andy Hopper. ATML was a manufacturer of ATM products and a player in the "ATM to the desktop" market.
In September 1997, due to slow uptake in the ATM systems business, the company opted for a new business strategy focusing on semiconductor design and licensing. There was a substantial headcount reduction at that time.
In February 1998, the Company changed its name to Virata Limited. The choice of name derived from a product family name used by ATML, but it was also derived from an Italian verb meaning "to change course" as used in the nautical context of "tacking" - making progress against a prevailing headwind.
Financial backing for the ATML and Virata Ltd business came in the form of five rounds of VC funding, raising a total of $71 million. An IPO and Secondary Offering would come later.
In July 1998, Virata acquired RSA Communications, a company based in Raleigh, North Carolina.
The company description circa 1999 was: "Virata delivers highly-integrated semiconductors and communications software to Internet access equipment suppliers targeting DSL and broadband wireless devices. Virata's systems expertise, products and support services simplify development; maximize opportunity for differentiation and speed time-to-market."
A typical product is the Helium 210-80 launched in August 2001.
On August 31, 1999 the company was incorporated in Delaware as Virata Corporation and the company headquarters became Bunker Hill Lane, Santa Clara, California 95054.
On September 3, 1999 the corporation filed a Form S-1 to register with the Securities and Exchange Commission (SEC). It embarked thereafter on an Initial Public Offering (IPO) that culminated on November 17, 1999 when Virata offered 5 million shares at $14 on the NASDAQ exchange. The company ticker was "VRTA". The IPO raised $81 million and on the first day the price increased from $14 to $27 per share. On March 21, 2000, the Board of Directors approved a two-for-one split of Virata's common stock.
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