Since the late 1990s, Broadcom and Conexant Systems have adopted aggressive acquisition strategies in similar markets. Both companies have targeted the booming broadband network market, but the end result has been very different .
Today, Broadcom ’s annual revenue reaches 8.01 billion US dollars, which is the second largest fabless chip design company in the world after Qualcomm; but in Conexant, the company ’s revenue was 21% in 2000. US $ 100 million shrank to US $ 1.35 billion in 2012, and on March 1, US time, the Court for the District of Delaware claimed the bankruptcy protection of Chapter 11 of the US Bankruptcy Law.
According to Conexant's organizational reorganization plan, the company's only guaranteed lender QP SFM Capital Holdings will provide $ 15 million in DIP (debtor-in-possession) financing. In addition, QP SFM Capital Holdings will exchange $ 195 million of secured debt (secured debt) for the reorganization of Conexant ’s equity in the organization, which will eliminate all of Conexant ’s outstanding secured debt.
"We have been carrying huge debts for quite a while;" Sailesh ChitTIpeddi, President and CEO of Conexant, specifically mentioned the company's M & A mania in 1999 when interviewed by EETImes-from August 1999 to July 2000, Conexant Acquired 7 companies in just eleven months, but Conexant ’s savings were less than $ 2 billion: "That was a problem we needed to solve as soon as possible."
Conexant's example is a typical vicious circle. The company acquired a large amount of debt to generate working capital-for those acquired companies and their original business, but also to deal with the existing debt. The burden of raising debt with debt finally crushed Conexant; even worse, because it was chased by the debt: "Our big customers began to question our company's ability and gradually alienated us." ChitTIpeddi Said.
In 2012, Eastman Kodak, the only printer SoC customer of Conexant, declared bankruptcy, which further worsened the destiny of Conexant.
However, ChitTIpeddi pointed out that Conexant is fortunate to only need to face a single lender QP SFM Capital Holding to conduct organizational restructuring negotiations, without having to face multiple creditors; and the single creditor ’s behind-the-scenes managers are well-known investors. Soros Fund Management, the capital investment company run by George Soros, is no stranger to Conexant's business-the investment company was also a long-term lender to Conexant.
However, it is another challenge to convince lenders that Conexant has the ability, a long-term strategy and a strong product lineup; it is understood that the formulation of the reorganization strategy of Conexant and the lenders has been formulated since 2012 It started in May and did not produce results until recently. Conexant's product portfolio has been greatly simplified, but according to Chittipeddi, several of them are particularly promising "growth drivers" for the company.
Conexant was independent from Rockwell in 1999 and occupied a leading position in the voice and fax / modem chip market at that time; now Conexant seems to intend to go the old way and actively wants to open up a niche market for its voice processing technology. At the International Consumer Electronics Show (CES) earlier this year, Conexant demonstrated an exclusive single-chip remote voice input processor that can switch the TV with a voice trigger, even in noisy rooms.
The same voice processing chip can also be used for VoIP Internet telephony, such as Skype TV applications, that is, users can watch TV while talking with friends through Skyper software. The key to the above solution is Conexant's remote speech processing algorithm (supporting echo cancellation, noise suppression, beamforming, and pre / back-end processing), as well as its high-performance 24-bit ADC.
In addition to voice processing technology, Conexant also locked single-chip printers, headsets for game consoles, and security video surveillance. Chittipeddi said that the company has a strong customer lineup, including major manufacturers such as Plantronics and Logitech.
It is worth mentioning that Conexant avoided entering the already fiercely competitive consumer video products, set-top boxes and other markets; most of these markets have been occupied by rival Broadcom, and Conexant's new strategy is to do well in its niche market. Differentiation. Contending with its more resource-intensive product line, Conexant is confident in the company's recovery and adopts a more reasonable growth strategy; Chittipeddi said that after paying off its debts: "We can generate cash flow to invest in business without paying interest. "
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