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Bay Micro Acquires Parama

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SANTA CLARA, Calif. -- Bay Microsystems, the leader in high performance packet processing solutions delivering high quality voice, video and data services, today announced it has reached profitability, becoming the first high-end network processor company to ever achieve this milestone. Additionally, Bay announced record revenue growth and its first acquisition, entering a definitive agreement to buy privately-held Parama Networks, a Santa Clara, CA-based fabless semiconductor company that specializes in System-on-a-Chip solutions for the telecommunications transport equipment market. The merger is expected to close later this month, and terms were not disclosed.

Bay Microsystems is actively partnering with the US federal government and with commercial OEMs, enabling the world’s most demanding broadband networks, and the company expects to continue its record revenue growth. As part of its strategy to complete the acquisition of Parama, Bay has raised additional capital from new and existing investors, securing a Series D round of $8.4 million.

"Achievement of profitability is a major milestone in the growth of our company, and is truly a testament to the dedication, persistence and excellence of Bay’s entire staff," said Chuck Gershman, president and CEO of Bay Microsystems. "With the acquisition of Parama Networks, we are continuing this growth. Parama’s products and technology synergistically enhance our Intellectual Property and product portfolio, with the addition of the highest level of integration in switching and framing technologies in the industry."

"With our mutual emphasis on extreme levels of integration, state-of-the-industry performance, and ultra-high channelization, the merger of Bay and Parama will meet our customers’ demands for cost sensitive, compact, innovative, and scalable network element solutions," said Hemant Bheda, president and CEO of Parama Networks.

Bay Microsystems will support Parama’s complete family of “ADM-on-a-Chip” devices and has already begun supporting existing customer designs.

In a separate release:

SANTA CLARA, Calif. -- Bay Microsystems, the leader in high performance packet processing solutions, will be demonstrating a converged broadband network in its booth (#61082) at SUPERCOMM 2005 in Chicago, June 7-9, 2005. Along with Bay, Marconi, Naval Research Laboratories, and Network Equipment Technologies, Inc. (NYSE: NWK) will show products and solutions that are operating in Federal networks today. These carrier-class solutions deliver the range of robust network user experiences required for service providers to successfully launch their triple play services.

HDTV video streaming, video teleconferencing and high speed data networking will be aggregated over a 10Gigabit fiber transport and distributed to multiple endpoint terminals. The mediation, aggregation, switching and bandwidth management of the multi-rate, multi-protocol streams will be handled by Bay Microsystems’ Internetworking Processor family members Montego and Biscayne, both of which are in production today. Multi-protocol access and interworking at both edges of the network are performed by the SCREAM100 Broadband Services platform from net.com. ViPR video conferencing terminals and high definition video content are provided by Marconi Corporation, plc and the Naval Research Laboratories respectively.

Bay Microsystems Inc.

Parama Networks Inc.

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