CUI Inc and its parent company CUI Global, Inc. (NASDAQ: CUI), today announced that they have entered into an agreement to be the exclusive third party hardware design and development provider for Virtual Power Systems (VPS), a cutting edge Software Defined Power® company. This agreement further expands the previously announced limited exclusivity agreement for hardware development with VPS as the companies will continue to partner in setting a new standard for an efficient power infrastructure.
“We view software as the next step in redefining the way engineers look at power supply design,” explained Matt McKenzie, President of CUI Inc. “By becoming VPS’ exclusive hardware design firm, CUI will be able to better support our valued partner as they continue to expand the reach of their industry-changing software.”
With this agreement, CUI will become VPS’ key hardware design resource for their ICE® (Intelligent Control of Energy) solution, enabling both CUI as well as third party power vendors to leverage its design services to accelerate time to market with VPS solutions. CUI will provide hardware design support for the ICE Block component of the system that is managed through the ICE Platform, a tightly integrated suite of software developed by VPS. The ICE system brings the benefits of elastic power to data centers, doubling power, reducing costs and improving reliability through a fully automated solution. Additionally, the new agreement will seek to expand beyond data center infrastructure and enter all market segments and applications that would benefit from a complete Software Defined Power® ecosystem.
“CUI has proven to be a key partner on the hardware side of the Software Defined Power infrastructure and has been a great match with our innovative software. This expanded agreement enables a wider array of product offerings by CUI and third party vendors allowing for faster adoption into new markets and applications in the future,” stated Shankar Ramamurthy, CEO of Virtual Power Systems.
“We have been incredibly pleased by our partnership with VPS and this announcement further solidifies our commitment to support leading edge innovations,” said William Clough, CUI Global’s President & CEO. “Our diversified portfolio of key partnerships and technologies will further drive profitability and bring value to our shareholders as CUI expands into ever-larger markets,” concluded Clough.