Verigy

Verigy Ltd was a semiconductor automatic test equipment manufacturer created through the separation of a Hewlett-Packard and Agilent Technologies semiconductor-test business. The company designed, developed, manufactured, sold, and serviced systems used to validate and characterize integrated circuits and to test them during high-volume semiconductor production. Its principal application areas included flash memory, DRAM and other high-speed memory devices, and system-on-chip and system-in-package products. The business originated within Hewlett-Packard and was later associated with Agilent Technologies after Agilent was separated from Hewlett-Packard. Verigy began operating under its own name on June 1, 2006, with global headquarters in Singapore and a corporate base in Cupertino, California. It completed an initial public offering in June 2006, listing on the NASDAQ National Market under the symbol VRGY. Agilent subsequently distributed its remaining Verigy shares to Agilent shareholders in November 2006, completing the company’s transition to an independent public company. Verigy’s product portfolio was organized around several automatic test equipment platforms. The V101 addressed lower-cost integrated-circuit testing, the V6000 targeted flash and DRAM memory, and the V93000 family served system-on-chip and system-in-package applications. Verigy also offered a V93000 high-speed-memory configuration. Beyond core test systems, the company expanded into software and related tools for design debugging, failure analysis, and yield acceleration. These products were intended to help semiconductor companies identify defects, improve manufacturing yields, and support increasingly complex device designs. The company broadened its capabilities through acquisitions. In December 2007, it announced the purchase of Inovys, a privately held provider of tools and capabilities for design debug, failure analysis, and yield acceleration. In June 2009, it acquired Touchdown Technologies, whose business involved advanced microelectromechanical-systems probe cards used in wafer testing. These transactions extended Verigy’s position beyond test platforms into adjacent diagnostic and wafer-test technologies. Verigy became involved in industry consolidation in 2010. In November of that year it announced an intended combination with LTX-Credence. Advantest subsequently made an all-cash offer that superseded the competing transaction. After regulatory reviews by the United States Department of Justice, Advantest completed the acquisition on July 4, 2011, in a transaction reported as valued at approximately $1.1 billion. Verigy’s ordinary-share trading was then suspended, and the standalone Verigy company ceased to operate as an independent listed enterprise. Its acquisition made Advantest the world’s largest semiconductor test-equipment manufacturer at that time, while Verigy’s technologies and business were absorbed into Advantest’s broader portfolio.

Verigy developed from a semiconductor automatic test equipment business associated with Hewlett-Packard. After Hewlett-Packard created Agilent Technologies as a separate company, the semiconductor-test operation became part of Agilent’s portfolio. The business was then prepared for separation as an independent enterprise. Verigy began conducting business under its own name on June 1, 2006, and maintained global headquarters in Singapore while retaining a corporate presence in Cupertino, California. The company went public in June 2006. Its initial public offering consisted of 8.5 million common shares priced at $15 per share, and its stock traded on the NASDAQ National Market under the symbol VRGY. Agilent later distributed its remaining Verigy shares to Agilent shareholders in November 2006. This completed the transition from an Agilent-controlled business to a separately listed semiconductor test-equipment company. Keith Barnes served as chief executive and later combined the chairmanship with the chief executive role. Bob Nikl served as chief financial officer. Verigy’s core business was the design, manufacture, sale, and servicing of automatic test equipment for semiconductor companies. Its systems supported several stages of the device lifecycle, including design validation, electrical characterization, failure investigation, and high-volume manufacturing test. The company concentrated on demanding device categories such as flash memory, DRAM and other high-speed memory, and system-on-chip and system-in-package products. Its principal platforms included the V101 for lower-cost integrated-circuit testing, the V6000 for flash and DRAM memory, the V93000 for SoC and SiP applications, and the V93000 HSM for high-speed memory. Verigy also expanded into software and adjacent test technologies. In December 2007, it announced the acquisition of Inovys, a privately held company whose offerings addressed design debug, failure analysis, and yield acceleration for complex semiconductor devices and manufacturing processes. In June 2009, Verigy acquired Touchdown Technologies, a company specializing in advanced microelectromechanical-systems probe cards. Probe cards are used to establish electrical contact with semiconductor wafers during testing, so the transaction broadened Verigy’s reach into wafer-test hardware as well as test instrumentation. The company became part of a wider consolidation movement in the semiconductor test industry. On November 18, 2010, Verigy announced a planned merger with LTX-Credence. Before that transaction was completed, Advantest of Japan made an all-cash offer for Verigy on December 7, 2010. Advantest’s proposal displaced the earlier combination as the path ultimately accepted by the company. The transaction underwent two reviews by the United States Department of Justice. On July 4, 2011, Advantest announced completion of the acquisition in an all-cash deal valued at approximately $1.1 billion. Jorge Titinger had become Verigy’s president and chief executive in 2011, while Barnes moved to the chairmanship. After the acquisition, trading in Verigy’s ordinary shares was suspended and Verigy ceased to exist as an independent listed company. Its business and technology became part of Advantest. The transaction strengthened Advantest’s position across semiconductor testing and was described as creating the largest semiconductor test-equipment manufacturer in the world at that time. Verigy’s independent corporate history therefore spans roughly five years, from its 2006 spin-off and listing to its absorption by Advantest in 2011.

• 2011

  Acquisition by Advantest completed

  [1]Verigyen.wikipedia.org

  Advantest completes its all-cash acquisition of Verigy after regulatory review, ending Verigy’s independent public-company existence.

• 2010

  Proposed merger with LTX-Credence

  [1]Verigyen.wikipedia.org

  Verigy announces an intended merger with LTX-Credence before receiving a competing acquisition proposal from Advantest.

• 2009

  Touchdown Technologies acquisition

  [1]Verigyen.wikipedia.org

  Verigy acquires Touchdown Technologies, adding advanced MEMS probe-card capabilities for wafer testing.

• 2007

  Inovys acquisition announced

  [1]Verigyen.wikipedia.org

  Verigy announces the acquisition of Inovys and expands into design debug, failure analysis, and yield acceleration.

• 2006

  Verigy begins independent operations

  [1]Verigyen.wikipedia.org

  The semiconductor test business begins operating under the Verigy name after its separation from Agilent Technologies.

• 2006

  Initial public offering

  [1]Verigyen.wikipedia.org

  Verigy completes an IPO and lists on the NASDAQ National Market under the ticker VRGY.

• 2006

  Agilent distributes remaining Verigy shares

  [1]Verigyen.wikipedia.org

  Agilent Technologies distributes its remaining Verigy stock to Agilent shareholders, completing the separation of the companies.

A specialized semiconductor test-equipment provider serving both engineering workflows and high-volume manufacturing, with emphasis on memory, high-speed memory, and system-on-chip testing.

• Semiconductor automatic test equipment

  V101

  The V101 was Verigy’s platform for the lower-cost integrated-circuit test market. It formed part of the company’s portfolio of production and engineering systems intended to support semiconductor manufacturers that required automated electrical testing at comparatively accessible system cost.

• Memory test system

  V6000

  The V6000 targeted flash-memory and DRAM testing. It was designed for semiconductor applications in which automated equipment is used to validate device behavior and screen products during manufacturing, addressing memory-specific test requirements within Verigy’s broader automatic test equipment portfolio.

• System-on-chip and system-in-package test system

  V93000

  The V93000 was Verigy’s principal platform for system-on-chip and system-in-package testing. It supported semiconductor design validation, characterization, and manufacturing test for complex devices requiring broad and flexible automated test capabilities.

• High-speed memory test system

  V93000 HSM

  The V93000 HSM variant addressed high-speed memory testing. It extended the V93000 family toward memory devices with demanding performance and signal requirements and represented one of Verigy’s specialized offerings for advanced semiconductor production and engineering workflows.

• Semiconductor engineering software

  Design-debug, failure-analysis, and yield-acceleration software

  Verigy offered software and related capabilities for debugging semiconductor designs, analyzing failures, and accelerating manufacturing-yield improvement. These tools complemented the company’s test systems by helping engineers interpret test results and identify sources of device or process problems.

• Wafer-test hardware

  Advanced MEMS probe cards

  Through its acquisition of Touchdown Technologies, Verigy added advanced microelectromechanical-systems probe cards used to make electrical contact with semiconductor wafers during testing. The technology expanded Verigy’s offering beyond test instruments into an important interface component for wafer-level test operations.

• 2011

  Sale to AdvantestM&A

  Background

  Advantest’s offer followed Verigy’s proposed transaction with LTX-Credence and was subject to review by the United States Department of Justice.

  Action taken

  Advantest completed an all-cash acquisition of Verigy on July 4, 2011.

  Aftermath

  Trading in Verigy ordinary shares was suspended, Verigy ceased to be an independent listed company, and its business became part of Advantest.

  Transaction value. $1.100 billion (2011 acquisition)

  Source

• 2010

  Proposed merger with LTX-CredenceM&A

  Background

  Verigy and LTX-Credence pursued a combination during a period of consolidation in the semiconductor automatic test equipment industry.

  Action taken

  Verigy announced its intention to merge with LTX-Credence.

  Aftermath

  The proposed combination was overtaken by Advantest’s competing all-cash offer for Verigy.

  • Advantest — Advantest responded with an all-cash offer to acquire Verigy.

  Source

• 2009

  Acquisition of Touchdown TechnologiesM&A

  Background

  Wafer testing requires probe-card technology to connect test systems with semiconductor wafers, creating an adjacent expansion opportunity for Verigy.

  Action taken

  Verigy acquired Touchdown Technologies, a developer and supplier of advanced MEMS probe cards.

  Aftermath

  Verigy strengthened its position in wafer-test hardware and broadened its semiconductor test portfolio.

  Source

• 2007

  Acquisition of InovysM&A

  Background

  Verigy sought to broaden its semiconductor engineering and manufacturing-support capabilities beyond core automated test platforms.

  Action taken

  The company announced the acquisition of Inovys, adding capabilities related to design debug, failure analysis, and yield acceleration.

  Aftermath

  The acquisition expanded Verigy’s offering for diagnosing complex semiconductor-device and process problems.

  Source

• 2006

  Separation from Agilent and public listingStrategy

  Background

  The semiconductor test operation was separated from Agilent Technologies to form an independent company with its own corporate identity and public-market presence.

  Action taken

  Verigy began operating under its own name, completed an IPO, and was listed on NASDAQ under VRGY. Agilent later distributed its remaining shares to Agilent shareholders.

  Aftermath

  The transaction established Verigy as an independent semiconductor test-equipment supplier until its acquisition by Advantest five years later.

  Source

1. 1Verigyen.wikipedia.org