(SAN FRANCISCO, CA, May 7, 2001) Walden International, a leading global venture capital firm, today announced that its portfolio company, Newave Semiconductor Corporation, has been acquired by a leading communications IC provider, Integrated Device Technology, Inc. (Nasdaq: IDTI), for approximately $80 million in cash.

Walden International's investment professionals in Asia and the United States led Newave Semiconductor's first-round of capital in 1997, and immediately took an active role in the early-stage company. Walden International helped the company expand its management team and execute an international strategy to deliver greater cost savings and efficiencies to telecommunications compoanies targeted at the emerging China telecommunications market. Based in Santa Clara, California, Newave Semiconductor's founders originate from Hong Kong, Taiwan and the People's Republic of China and have worked in both China and the United States.

"Newave exemplifies the type of cross-border investments Walden International specializes in, combining a strong U.S.-based management team with a deep local presence in Asia, to deliver high performance and cost effective products to the marketplace," said Lip-Bu Tan, executive chairman, Walden International and a director of Newave Semiconductor. "The alliance of these two leading IC providers will accelerate the development and delivery of high performance product offerings in the worldwide telecommunications marketplace, particularly in China's rapidly developing telecommunications industry."

The successful exit of Newave Semiconductor is testimony to Walden International's expertise in scaling early-stage companies into cross-border operations. Newave Semiconductor combines a Silicon Valley style of management with research and product development experience in Shanghai, China, making it an ideal acquisition for Integrated Device Technology (IDT). This deal enables IDT to have immediate access into China's emerging telecommunications market through the strong local presence and solid technical expertise of Newave Semiconductor.

"Walden International provided the strategic, hands-on guidance that helped make Newave an attractive and necessary compliment to IDT as it looked to extend its reach in the telecommunications sector," said Ying Shum, president and chief executive officer of Newave Semiconductor. "Walden International's unique global perspective and domain expertise, particularly in the semiconductor and telecommunications space, has been invaluable to us."

This announcement follows Walden International's successful year in 2000, with more than 20 portfolio companies completing IPOs or acquisitions, including Centillium, iAsiaWorks, Accelerated Networks, EndWave, MediaRing, Promatory, SINA.com, Sonoma Systems, WebEx, Tsqware and Transmeta.

About Walden International

Walden International is a leading global venture capital firm, providing early stage technology companies with the advantage of an unrivaled global network since 1987. The firm's international venture capital funds comprise more than US$2 billion in committed capital as of April 2, 2001. Walden International's globally organized network of multi-cultural investment professionals spans the United States, Taiwan, Singapore, Philippines, Malaysia, India, Japan, China and Hong Kong. For more information please visit www.waldenintl.com

About Newave Semiconductor

Newave, established in April 1997, designs and develops analog, mixed signal and very large-scale integration (VLSI) products that allow communications equipment makers to facilitate the rapid buildup of the telecommunications infrastructure in developing countries and the explosive growth of Internet and WAN applications requirements. Newave is a supplier of telecommunications and network access ICs in China, and IDT will leverage this position to invest in and develop WAN products for this country and in other emerging and high-growth Asian markets.

About IDT

IDT enhances the global network with semiconductor solutions for communications companies that lead innovation and drive convergence in voice, data and wireless networks. Communications-industry leaders choose IDT for its high-performance products that accelerate time to market and boost bandwidth in the network infrastructure. IDT's communications memories offer the broadest selection of FIFOs and embedded processors; and the product mix also incorporates high-performance logic, clock management products, and high-speed SRAMs. Headquartered in Santa Clara, Calif., the Company employs approximately 5,000 people worldwide and has manufacturing facilities in California, Oregon, the Philippines and Malaysia. IDT stock is traded on the Nasdaq stock market under the symbol "IDTI." Additional information about IDT is easily accessible at www.idt.com or CD ROM by calling 800/345-7015. The investor hotline is 408/654-6420.