TUALATIN, Ore., July 10, 2018 /PRNewswire/ — CUI Global, Inc. (NASDAQ: CUI) announced today that its wholly-owned Power & Electromechanical Division, CUI Inc. («CUI»), has entered into an amended partnership agreement with Virtual Power Systems («VPS») on the design, development, marketing and sales of VPS’s proprietary Intelligent Control of Energy® (ICE) Software Defined Power® (SDP) infrastructure. In a separate agreement, CUI Global has made an investment for a minority stake in VPS in support of the companies’ continued collaboration and development of industry transforming SDP technologies.

CUI Global, Inc. Logo. (PRNewsFoto/CUI Global, Inc.) (PRNewsFoto/)

Under the terms of the amended partnership agreement, CUI has extended its exclusive relationship with VPS to 2024 from the original expiry date of 2019. The agreement also calls for an automatic renewal provision and enhanced protections around CUI’s intellectual property as it relates to ICE Block and ICE Switch, the industry’s first SDP ICE Compatible devices based on VPS’s ICE software platform. CUI’s ICE-compatible devices, when combined with VPS’s ICE software, provides data center operators with the ability to increase power density at the rack level while consolidating racks in the data center 2:1 by tapping into «stranded unutilized power capacity.»

Building on the companies’ amended partnership, CUI Global’s investment in VPS supports the development of Hyper-Converged Power Infrastructure solutions, and, ultimately, federation and orchestration of power and IT loads across multiple data centers. Hyper-converged infrastructure is a software-defined solution that simplifies the deployment and management of datacenter resources – compute, storage, networking and power. According to a January 2018 report by market research firm Statistics MRC, the global hyper-converged infrastructure market is expected to reach $17 billion in 2023 from $1.5 billion in 2016.

CUI Global President & CEO William Clough stated, «At a time when market awareness of our ICE Technology is growing and early adopters have started to place orders for both ICE Switch and ICE Block, the amended partnership secures our access to VPS’ software IP and cements our position as the exclusive provider of ICE Technology hardware.

«Our investment in VPS is consistent with our history of technology acquisitions and new product introductions that disrupt markets,» concluded Mr. Clough. «CUI and VPS share a common vision and approach to delivering on the promise of software-defined-power, its immense value to customers, and the transformation of power utilization in datacenters.  Underscoring this vision, our investment supports VPS’ efforts to expand the application of SDP solutions to include hyper-converged SDP infrastructure, thereby creating additional avenues of growth for CUI.»

«The relationship between CUI and VPS has produced incredibly innovative integrated hardware and software solutions and accelerated market acceptance of Software Defined Power,» said Steve Houck, CEO Virtual Power Systems. «We share a vision of developing new unique Hyper-Converged SDP infrastructure, while also working together to accelerate the integration of industry standard power infrastructure from all the major power component manufacturers into the software-defined datacenter.»

About CUI Global, Inc. 
Delivering Innovative Technologies for an Interconnected World . . . . .

CUI Global, Inc., is a publicly traded company dedicated to maximizing shareholder value through the acquisition and development of innovative companies, products and technologies. From Orbital Gas Systems’ advanced GasPT2 platform targeting the energy sector, to CUI Inc.’s digital power platform serving the networking and telecom space, CUI Global and its subsidiaries have built a diversified portfolio of industry leading technologies that touch many markets. As a publicly traded company, shareholders are able to participate in the opportunities, revenues, and profits generated by the products, technologies, and market channels of CUI Global and its subsidiaries. But most importantly, a commitment to conduct business with a high level of integrity, respect, and philanthropic dedication allows the organization to make a difference in the lives of their customers, employees, investors and global community.

For more information please visit www.cuiglobal.com.

About CUI Inc.

CUI Inc. is a technology company focused on the development and distribution of electronic components. At the leading edge of power supply design, the organization supports customers as they strive to improve the energy efficiency and environmental credentials of their application.  The company’s power group is complemented by a portfolio of world-class board level components, consisting of interconnect, audio, motion control and thermal products.  An unwavering commitment to create collaborative partnerships with customers and a drive to see that their design project is a success has been a hallmark of CUI’s sustained growth since its founding in 1989.   As a leader in the industry, CUI will continue to invest in the future through new technologies, talented employees, expanded manufacturing capabilities, and a growing global reach.

For more information please visit www.cui.com.

About Virtual Power Systems

Virtual Power Systems (VPS) is transforming how next-generation data center and cloud providers provision, manage and utilize power capacity with its ground-breaking Software-Defined Power® and Intelligent Control of Energy (ICE®) technology platform. VPS eliminates the need to over-provision power as ICE dynamically adjusts power delivery as demand fluctuates across data-center workloads, servers and racks. ICE enables data center and cloud providers to generate significant additional revenue within existing power and IT footprints while avoiding millions of dollars in capital expenditures and operating expenses. Additionally, VPS empowers enterprise customers to reduce power infrastructure wait times and costs. To accelerate market adoption, VPS is developing a robust partner ecosystem, which includes Artesyn Technologies, HP Enterprise, Intel, Lenovo, Schneider Electric and Vertiv.

For more information please visit www.virtualpowersystems.com.

Important Cautions Regarding Forward Looking Statements

This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The company may experience significant fluctuations in future operating results due to a number of economic, competitive, and other factors, including, among other things, our reliance on third-party manufacturers and suppliers, government agency budgetary and political constraints, new or increased competition, changes in market demand, and the performance or reliability of our products.  These factors and others could cause operating results to vary significantly from those in prior periods, and those projected in forward-looking statements. Additional information with respect to these and other factors, which could materially affect the company and its operations, are included in certain forms the company has filed with the Securities and Exchange Commission.

Media Contact:

External Investor Relations:

CUI Global, Inc.

LHA Investor Relations

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Sanjay M. Hurry

Main: 503-612-2300

Main: 212-838-3777

press@cuiglobal.com

cuiglobal@lhai.com

             

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SOURCE CUI Global, Inc.