Silicon Image (NASDAQ: SIMG), a leading provider of multimedia connectivity solutions and services, announced that Qualcomm Technologies, Inc. has made a $7 million strategic investment in Silicon Images new subsidiary, Qterics, for a 7% ownership interest.
Qterics will be focused on enabling a wide variety of solutions and services for Internet-enabled consumer products including TVs, mobile handsets, tablets, routers, home automation devices, white goods and more. Qterics is comprised of the UpdateLogic services business combined with other related Silicon Image assets, including software and other intellectual property (IP). Current UpdateLogic General Manager, Kurt Thielen, will assume the role of President of Qterics.
_Qualcomm is committed to enabling technologies that support our ´Internet of Everything initiatives. Our strategic investment in Qterics further promotes IoE advancements, including the development of solutions utilizing the AllJoyn open source software framework of the AllSeen Alliance for a truly interoperable Internet of Everything,î said Michael Wallace, SVP and General Manager, Qualcomm Internet Services.
In addition to the investment, Qualcomm and Silicon Image will explore opportunities to collaborate on promoting the AllJoyn open source software framework and developing new Internet of Everything (IoE) services.
_Qterics provides a unique offering for ´Internet of Everything devices that has been largely overlooked by other players in the IoE space,î said Camillo Martino, chief executive officer of Silicon Image, Inc. _As the Internet of Everything grows, the task of providing device management services to these connected devices in a secure manner becomes exponentially more difficult. Qterics solves these challenges in a very elegant way by leveraging its highly scalable worldwide computing resources in the cloud.î
The vast expansion of Internet-enabled devices enables new applications and services, but only if the devices can be properly managed. UpdateLogic (now Qterics) is a leading provider of device management and remote access services already deployed in tens of millions of consumer electronics devices such as TVs, set-top-boxes, and tablets _ which form a significant part of the Internet of Everything today.