After taking Ambit Microsystems and Frontline public earlier this year, Walden International recently announced its third exit, which is a trade sale. The firm sold Newave Semiconductor, a supplier of telecommunications and network access ICs in China, to Integrated Device Technology for $80 million in cash.

Walden International invested in Newave Semiconductor for its first round of funding back in 1997. The firm took an active role in Newave and executed an international strategy to deliver cost savings and efficiencies to telecommunications companies targeted to the China telecommunications market.

The acquisition of Newave Semiconductor is expected to allow IDT to have immediate access to the China telecommunications market.