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Broadcom Will Buy Venture-backed Provigent

Chipmaker Broadcom will pay up to $400 million for Israeli microchip developer Provigent Inc., Reuters reported, citing a story in TheMarker, a financial news website. Provigent develops system-on-a-chip products that enable wireless system vendors to deliver broadband wireless backhaul systems to network operators, Reuters wrote. The company has raised upwards of $55 million from venture capital firms Sequoia Capital, Lightspeed Venture Partners and Israel’s Pitango.

(Reuters) – Chipmaker Broadcom will announce later on Monday that it is buying Israeli chip developer Provigent Inc for $300 million to $400 million, TheMarker financial news website reported on Monday.

Provigent develops system-on-a-chip products that enable wireless system vendors to deliver broadband wireless backhaul systems to network operators.

It has raised $55 million from such venture capital firms as Sequoia, Lightspeed and Israel’s Pitango.

Provigent officials were not immediately available for comment.

This would mark Broadcom’s eighth acquisition in Israel, TheMarker said.

(Reporting by Tova Cohen; Editing by Jon Loades-Carter)