Semi-conductor solutions provider, QuickLogicCorporation ( QUIK ) recently opened a new office in Seoul, South Korea. The increasing demand for custom and catalog Customer Specific Standard Products (CSSPs) in Asia required the company to have a new support center in South Korea.
QuickLogic invents and offers customer-friendly software solutions to mobile and portable electronics Original Equipment Manufacturers (OEMs) and Original Design Manufacturers (ODMs) which are called CSSPs. CSSPs allow manufacturers to produce customer-tailored products that can be launched quickly and have a longer market presence.
Going by IDC's recent research report, QuickLogic believes that the surging growth of mobile devices in Asia makes South Korea an ideal region for expansion. The report projects worldwide tablet sales for 2013 to jump about 59% to 229 million and that of smartphones to rise about 33%, from 2012. The report also shows that South Korean companies are one of the largest manufacturers of tablets and Smartphones currently with approximately 70 million unit shipments just in the first quarter of 2013. Taiwan is also one of the leading manufactures of Smartphones and tablets.
QuickLogic believes that this new office will help its Field Sales, Customer Solution Architects and Functional Accessibility Evaluators (FAEs) to serve their customers better and facilitate them in integrating CSSP solutions into their mobile products such as tablets and smartphones.
QuickLogic's expansion in South Korea is a strategic move to capitalize on the growth opportunities with respect to tablets and smartphones. The company expects to use its expertise in sales and technology to cater to the ever changing customer requirements.
QuickLogic currently carries a Zacks Rank #3 (Hold). Better-placed stocks in the industry include Integrated Device Technology, Inc . ( IDTI ), OmniVision Technologies, Inc. ( OVTI ) and ChipMOS TECHNOLOGIES (Bermuda) LTD. ( IMOS ). All of them carry a Zacks Rank #1 (Strong).INTEGR DEVICE (IDTI): Free Stock Analysis ReportCHIPMOS TEC LTD (IMOS): Free Stock Analysis ReportOMNIVISION TECH (OVTI): Free Stock Analysis ReportQUICKLOGIC CORP (QUIK): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research