Press release

13 October 2003

Imagination Technologies and Frontier Silicon Extend Strategic Partnership

Frontier Silicon announces significant investment from Apax Partners' Funds and Alta Berkeley

London, UK: Imagination Technologies, a leader in system-on-chip intellectual property (SoC IP), announces that it has signed a new licensing and development agreement with Frontier Silicon, a fabless semiconductor business.

This will give Frontier Silicon access to a wide range of hardware and software technologies, for digital radio, digital television and multimedia products, from Imagination’s PowerVR, Ensigma and Metagence divisions. The companies will also be working together to develop the next generation of DAB digital radio / audio and multimedia processor.

Under the terms of this new significant multi-use license agreement Imagination Technologies is receiving license and development income, starting during the second half of FY2003. Imagination Technologies receives royalty revenues when Frontier Silicon ships integrated circuits (ICs) incorporating Imagination’s IP.

Frontier Silicon, which has rapidly grown to become the market leader in DAB ICs and modules, is now Imagination Technologies’ strategic partner in the DAB digital radio market. Frontier Silicon’s Chorus chip accounts for ~80% of DAB sales worldwide and its customers include leading brands such as Bush, Goodmans, Grundig, Ministry of Sound, PURE Digital and TEAC. Frontier Silicon has shipped over 300,000 Chorus DAB IC’s and modules to date.

In a further significant development today Frontier Silicon announced that Apax Partners and Alta Berkeley, two of the world’s leading technology private equity investment groups, have provided significant investment to reinforce Frontier Silicon’s leadership position in DAB and build the resources needed to accelerate its continued growth and entry into new markets. Frontier Silicon’s Board will be strengthened with the appointment of three senior Non-Executive Directors, Pete Magowan (Partner, Alta Berkeley and formerly VP of Sales and Marketing of ARM Holdings), Jonathan Brooks (formerly CFO of ARM Holdings) and Michael Risman (Director of Apax Partners and Non-Executive Director of Dialog Semiconductor).

Imagination Technologies will receive licence and development fee payments, as well as loan stock in Frontier Silicon up to a value of £1.25m. Imagination Technologies holds a 17% equity stake in Frontier Silicon.

Says Hossein Yassaie, CEO, Imagination Technologies: “”;We are delighted that Frontier Silicon is entering its second phase of growth with additional investment and significantly enhanced resources. This increased resource and the new major agreement with Imagination Technologies provide it with the armoury it requires to continue its outstanding success. We have made Frontier our strategic partner for the DAB market where its rapid growth to the number one position has seen it outstripping many longer established rivals.””;

Says Anthony Sethill, CEO, Frontier Silicon: “”;Partnership with Imagination has enabled Frontier Silicon to grow very rapidly and as part of a strategic partnership we have now secured our access to future generations of Imagination’s market leading technology. We have also put in place a joint development programme for next generation digital radio/audio IC’s between the two companies.””;

Editor’s Notes
Imagination Technologies’ IP already enables Frontier Silicon’s Chorus (DAB) and Logie (DVB-T) processors. Imagination is also developing a DVB-S processor for Frontier Silicon.

For further information, please contact:
Imagination Technologies Group plc
Tel: 01923 260511
Hossein Yassaie, CEO
Trevor Selby, CFO

Media contacts

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United Kingdom

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Tel: +44 (0)1923 260 511

jo.ashford@imgtec.com
Tel: +44 (0)1923 260 511

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