GloNav is a fabless semiconductor company developing global positioning system (GPS) and other satellite navigation technologies and products. The company has the longest heritage of GPS technology in the semiconductor industry - more than 20 years - and leverages this into the highest sensitivity, lowest power and fastest time-to-first-fix (TTFF) semiconductor solutions available for the wireless handset and mobile consumer electronics device markets.

Sold to NXP Semiconductors for $110m
December 2007

Visit: www.glonavgps.com

GloNav Case Study

In June 2006, Atlantic Bridge led the buy-out of the GPS technology and product line from CEVA, Inc. Atlantic Bridge was the sole funder, investing $16.2 million; CEVA retained a 19.9% in the new company.

Investment Thesis

Atlantic Bridge saw GloNav as an attractive investment for a number of reasons:

• It represented an opportunity to be first to market with a single-chip, high-performance and low-power GPS chip for handheld wireless devices
• It held a highly defensible technology position, with the most advanced baseband solution and radio, and the expertise to integrate the two
• Its product development plans provide a low-risk, fast-time route to revenue
• It was a business with which the Atlantic Bridge team was uniquely familiar

Atlantic Bridge Value-Add

During the course of the investment, Atlantic Bridge helped to create value in a variety of ways:

• Atlantic Bridge partners negotiated the spin-out of the business from CEVA, as well as its initial bridge loan financing
• Atlantic Bridge partners served as the business's executive chairman and directors during the initial period, and subsequently put together a permanent management team
• Atlantic Bridge partners helped the management team set its business goals and develop its competitive strategy
• Atlantic Bridge partners were intimately involved in GloNav's acquisition of RFDomus and in the combined business' subsequent conversion to a Delaware-based US entity

Atlantic Bridge Exit

In December 2007, NXP Semiconductors agreed to acquire GloNav for a total cash consideration of $110 million. Atlantic Bridge partners were directly involved in the negotiations leading up to the agreement, working closely with management and their financial advisors to maximise shareholder value.