ITU Ventures Portfolio Company, Chip Estimate, Becomes 7th Strategic Exit since 2003

Business Wire, March 20, 2008

ITU Ventures Continues Its Successful Lead Investor Status by Partnering with Management to Finance, Grow and Exit with a Strategic Partner

Chip Estimate's Acquisition by Cadence Will Be Beneficial in Minimizing the Risk and Cost of Designing Complex Chips

LOS ANGELES -- ITU Ventures announced today that one of their portfolio companies, Chip Estimate Corporation, was acquired by Cadence Design Systems, Inc. (NasdagGS:CDNS), the leader in global electronic design innovation. This acquisition marks ITU Ventures' 7th strategic exit.

Chip Estimate Corporation is a leader in delivering IC planning and enterprise-level IP reuse management solutions. Chip Estimate products make it possible for electronics design teams to make accurate predictions on the die size, yield, power consumption, performance, and cost of chips based on almost any design architecture, IP and silicon process node options. Chip Estimate has also developed the industry recognized portal, ChipEstimate.com, hosting a collaborative partnership of over 175 IP suppliers and foundries.

Chip Estimate's distinctive combination of IC prediction technology and chip planning portals enables customers to perform technical cost-benefit what-if analysis to drive cost optimized IC design and reduced project risk in a more efficient and reliable manner.

"The Chip Estimate team aggressively pursued a web-based community building and EDA tool distribution model several years before Web 2.0 was a commonplace term. We are thrilled that Cadence recognizes the expertise of the Chip Estimate management team as well as the value and growth prospects within the ChipEstimate.com user base," said Jonah Schnel, Managing Partner of ITU Ventures.

"ITU once again acted decisively at all of the critical points of a company's evolution. First, as the sole institutional VC financier, then as the steward of the company's growth and finally, by leading the successful acquisition to a Fortune 1000 public company. This transaction was a win for everyone involved," said Chad Brownstein, Managing Partner of ITU Ventures.

About ITU Ventures:

ITU Ventures is a premier investment firm serving the unique needs of technology businesses emerging from the nation's leading universities, research institutions and corporations.

Website: www.itu.com