Magma Named to Silicon Valley`s Fastest-Growing Software and IT Companies in Deloitte`s Technology Fast 50 Program for Fourth Consecutive Year
Released on: October 31, 2007, 4:21 am
Press Release Author: PRHUB
Industry: Software
Press Release Summary: Magma ® Design Automation Inc., a provider of semiconductor design software, has been named to Deloitte\'s prestigious Technology Fast 50 Program for Silicon Valley , for the fourth consecutive time. Magma is recognised as the fastest-growing technology, media, telecommunications and life sciences companies by Deloitte&Touche .
Press Release Body: Magma Named to Silicon Valley\'s Fastest-Growing Software & IT Companies in Deloitte\'s Technology Fast 50 Program for Fourth Consecutive Year
Strategic product development, new markets lead to 254 percent revenue growth
Bangalore, Oct. 31, 2007 - For the fourth consecutive year, Magma® Design Automation Inc. (Nasdaq: LAVA), a provider of semiconductor design software, has been named to Deloitte\'s prestigious Technology Fast 50 Program for Silicon Valley, a ranking of the fastest growing technology, media, telecommunications and life sciences companies in the region by Deloitte & Touche USA LLP, one of the nation\'s leading professional services organizations. Rankings are based on the percentage revenue growth over five years from 2002-2006.
Magma was also named to the 2007 Deloitte Technology Fast 500, recognizing the fastest-growing technology, media, telecommunications and life sciences companies in the United States and Canada .
Magma CEO Rajeev Madhavan credits the company\'s 254 percent revenue growth from 2002 to 2006 to c ontinued successful execution on a plan to develop new products with a technology advantage, both in existing and new markets. Since 2002, Magma has introduced more than 30 products that address key challenges of digital and analog IC design, helping leading semiconductor companies to improve productivity and reduce design and manufacturing costs.
\"We\'re not only strengthening product positioning in our established markets, but we also continue to enter new markets, such as fab analysis and design for test, that will allow us to sustain our strong growth ,\" Madhavan said. \" We\'re pleased to be named to Deloitte\'s Technology Fast 50 list for the fourth straight year because it acknowledges our consistently effective strategy for success.\"
\"Deloitte\'s Silicon Valley Technology Fast 50 companies have shown the strength, vision and tenacity to succeed in today\'s very competitive technology environment,\" said Mark Jensen, partner and national director, Venture Capital Services, Deloitte & Touche LLP. \"We applaud the successes of Magma and acknowledge it as one of the very few to accomplish such a fast growth rate over the past five years.\"
Magma\'s increase in revenue of 254 percent from 2002 to 2006 resulted in a No. 32 ranking in the Software & Information Technology category of the Technology Fast 50 for Silicon Valley.
To qualify for the Technology Fast 50, companies must have had operating revenues of at least $50,000 in 2002 and $5 million in 2006; be headquartered in Silicon Valley; and o wn proprietary technology or intellectual property that contributes to a significant portion of the company\'s operating revenues, or devote a significant proportion of revenue to the research and development of technology.
Companies from the 16 regional Technology Fast 50 programs in the United States and Canada are automatically entered in Deloitte\'s Technology Fast 500 program, which ranks North America\'s top 500 fastest growing technology, media, telecommunications and life sciences companies. For more information on Deloitte\'s Technology Fast 50 or Technology Fast 500 programs, visit www.fast500.com.
This year\'s Silicon Valley Technology Fast 50 program is co-presented by Deloitte & Touche USA LLP and Silicon Valley Bank, Cooley Godward Kronish LLP, Korn/Ferry International, and Woodruff-Sawyer & Co.
About Magma
Magma\'s software for designing integrated circuits (ICs) is used to create complex, high-performance chips required in cellular telephones, electronic games, WiFi, MP3 players, DVD/digital video, networking, automotive electronics and other electronic applications. Magma\'s EDA software for IC implementation, analysis, physical verification, circuit simulation and characterization is recognized as embodying the best in semiconductor technology, enabling the world\'s top chip companies to \"Design Ahead of the Curve\"T while reducing design time and costs. Magma is headquartered in San Jose , Calif. with offices around the world. Magma \'s stock trades on Nasdaq under the ticker symbol LAVA. Visit Magma Design Automation on the Web at www.magma-da.com.
About Deloitte
Deloitte refers to one or more of Deloitte Touche Tohmatsu, a Swiss Verein, its member firms and their respective subsidiaries and affiliates. As a Swiss Verein (association), neither Deloitte Touche Tohmatsu nor any of its member firms has any liability for each other\'s acts or omissions. Each of the member firms is a separate and independent legal entity operating under the names \"Deloitte\", \"Deloitte & Touche\", \"Deloitte Touche Tohmatsu\" or other related names. Services are provided by the member firms or their subsidiaries or affiliates and not by the Deloitte Touche Tohmatsu Verein.
Deloitte & Touche USA LLP is the US member firm of Deloitte Touche Tohmatsu. In the US, services are provided by the subsidiaries of Deloitte & Touche USA LLP (Deloitte & Touche LLP, Deloitte Consulting LLP, Deloitte Financial Advisory Services LLP, Deloitte Tax LLP and their subsidiaries), and not by Deloitte & Touche USA LLP.
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