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PortalPlayer Closes $42 Million Investment Round, Strengthens Position as Leading Provider of Digital Audio Platforms for Consumer Electronics.

Business Editors/High-Tech Writers

SANTA CLARA, Calif.--(BUSINESS WIRE)--June 11, 2002

PortalPlayer, Inc., today announced that it has closed a $42 million financing round. The Series D round, which brings total venture investment in the company to $80 million, strengthens the company's position as the only supplier of digital audio technology platforms for the consumer electronics market.

The round was co-led by J.P. Morgan Partners, Investcorp International and Shamrock Capital Advisors. Investcorp and Shamrock Capital, which are new investors in the company, both contribute capital and extend PortalPlayer's reach into key business communities and global markets. Additional participants include CIBC World Markets, Linear Technology Corporation, LSI Logic Corporation, the Band of Angels Fund, Thomas Spiegel and Portal Partners.

The company will use the funding to expand worldwide business development, marketing and sales activity, and for continued investment in products and platforms for its original equipment manufacturer (OEM) and original device manufacturer (ODM) customers. PortalPlayer provides consumer electronics companies with complete product platforms, including advanced system-on-a-chip silicon, embedded system software featuring industry-standard codecs and powerful digital content management capabilities, and companion digital media manager application software. The company's customers use these platforms to quickly implement new types of battery- and line-powered music recording and playback systems.

The investment history and portfolio of Shamrock Capital Advisors (www.shamrock.com) is focused on media and entertainment opportunities.

"Digital media represents an extremely attractive high-growth industry and Shamrock expects rapid proliferation and penetration of innovative digital audio devices over the next several years," said Steve Royer, managing director at Shamrock Capital Advisers. "PortalPlayer is well positioned in this industry, given its experienced and successful management team and proven technology platform. We look forward to working with PortalPlayer to help it meet the growing demands of this very exciting new market."

Investcorp (www.investcorp.com), with offices in Bahrain, London and New York, concentrates the venture capital component of its investments in funding for growing young companies in Europe and North America.

"We believe PortalPlayer has built a leading position in the fast growing, compressed digital audio sector," said Raj Singh, partner at Investcorp Technology Ventures. "Investcorp is committed to leveraging its international presence to help the company fully realize the benefits of its success to date."

Founded in May 1999, PortalPlayer is headquartered in Santa Clara, California, with operations in Charlotte, North Carolina, Seattle, Washington, and Hyderabad, India. Investors in the company's earlier financing rounds, which totaled $38 million, include J.P. Morgan Partners (previously Chase Capital Partners), CIBC World Markets, FlatIron Partners, LSI Logic, Techfund Capital, and Vulcan Ventures, Inc.

"We kept a sharp focus on providing a complete platform solution throughout the most severe boom-and-bust cycle ever experienced in the technology industry," said John Mallard, president and CEO of PortalPlayer. "The company is now shipping technology platforms for hard-disk-equipped jukeboxes, and is ideally positioned to capture market share in this very hot product category. With the closing of a strong funding round in a still-difficult environment, we will solidify a leadership role in digital audio and accelerate development of next generation still and motion video-capable systems."

More information on PortalPlayer, Inc., and its products is available on the company's Web site, www.portalplayer.com.

Note to Editors: PortalPlayer and the PortalPlayer logo are trademarks of PortalPlayer, Inc. All other trademarks or registered trademarks are the property of their respective owners.
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Publication:Business Wire
Date:Jun 11, 2002
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