Thrusday, March 30, 2007.
LOS ANGELES — Gemstar-TV Guide International, Inc. (NASDAQ: GMST), a leading media, entertainment and technology company, announced today that it has acquired privately-held Aptiv Digital, a Burbank, California-based company that provides software solutions for television set-top boxes.
Gemstar-TV Guide acquired all the outstanding shares of Aptiv Digital for approximately $16 million in cash, after taking into account certain disbursements made at closing and a customary working capital adjustment. The company expects the transaction to be accretive to its earnings beginning in 2007.
Rich Battista, Gemstar-TV Guide’s chief executive officer said, “The addition of Aptiv’s products, services and capabilities will be highly complementary as we pursue our mission to provide leading edge products and services in the area of video guidance across multiple platforms, both here in the United States and abroad.”
He continued, “With Aptiv, we gain a solid engineering team with vast experience in the development of world-class products. This talented team will provide additional creativity and vision to help us develop the next generation of interactive television services.”
Aptiv’s president and chief executive officer, Neil Jones, and its chief technology officer, Haig Krakirian, will continue to manage the day-to-day operations of the Aptiv business. Mr. Jones will report to Tom Carson, president of Gemstar-TV Guide’s North American IPG group; Mr. Krakirian will continue to report to Mr. Jones, and also to Steve Shannon, Gemstar-TV Guide’s executive vice president, product development and technology. Mr. Shannon is charged with the development of TV Guide’s next generation guidance products.
About Aptiv Digital, Inc.
Aptiv Digital (http://www.aptivdigital.com) was founded in 1996 as Pioneer Digital Technologies. In 2005, Pioneer Digital was spun-off to its management team who formed Aptiv Digital. Their products are interactive navigation software systems that include the Passport, Passport DCT, and Passport Echo interactive program guides, which have been ported to both Motorola and Scientific Atlanta platforms.
Aptiv Digital continues to set the industry standard for intuitive software and unparalleled support services. Industry proven, and deployed in North America, South America, and the Caribbean, Passport™, Passport DCT™ and Passport Echo™ provide comprehensive solutions for the cable and video markets. For more information, visit http://www.aptivdigital.com.
About Gemstar-TV Guide
Gemstar-TV Guide International, Inc. (the “Company”) (NASDAQ: GMST) is a leading media, entertainment and technology company that develops, licenses, markets and distributes products and services targeted at the video guidance and entertainment needs of consumers worldwide. The Company’s businesses include: television, digital media and publishing properties; interactive program guide services and products; and technology and intellectual property licensing. Additional information about the Company can be found at http://www.gemstartvguide.com.