Marvell Completes Acquisition of Innovium
Marvell Technology has successfully completed its acquisition of Innovium, Inc., a prominent provider of networking solutions for cloud and edge data centers, as of October 5, 2021.
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Rhea-AI Summary
Marvell Technology has successfully completed its acquisition of Innovium, Inc., a prominent provider of networking solutions for cloud and edge data centers, as of October 5, 2021. This acquisition enhances Marvell's position in the fast-growing switch market with cloud-optimized solutions. The move aims to extend Marvell's leadership in the cloud infrastructure domain, allowing for immediate participation in this expanding market segment.
Positive
- Acquisition of Innovium strengthens Marvell's position in the cloud infrastructure market.
- Gains access to cloud-optimized networking solutions, addressing a rapidly growing market segment.
Negative
- None.
Details
News Market Reaction – MRVL
The recorded move for MRVL in the trading session of this news was +3.13%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
SANTA CLARA, Calif., Oct. 5, 2021 /PRNewswire/ -- Marvell Technology, Inc. (NASDAQ: MRVL), a leader in infrastructure semiconductor solutions, today announced that it has completed its acquisition of Innovium, Inc., a leading provider of networking solutions for cloud and edge data centers.
The acquisition of Innovium and its complementary offerings further extends Marvell's leadership in the cloud, and allows Marvell to immediately participate in the fastest growing segment of the switch market with a cloud-optimized solution.
About Marvell
To deliver the data infrastructure technology that connects the world, we're building solutions on the most powerful foundation: our partnerships with our customers. Trusted by the world's leading technology companies for 25 years, we move, store, process and secure the world's data with semiconductor solutions designed for our customers' current needs and future ambitions. Through a process of deep collaboration and transparency, we're ultimately changing the way tomorrow's enterprise, cloud, automotive, and carrier architectures transform—for the better.
For further information, contact:
Ashish Saran
Vice President, Investor Relations
408-222-0777
ir@marvell.com
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SOURCE Marvell
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