Marvell Technology Group, Limited, is a producer of storage, communications and consumer semiconductor products. The company was founded in 1995 and has approximately 7,000 employees. Marvells U.S. operating headquarters is located in Santa Clara, California, and the company operates design centers in places including Canada, Europe, Israel, India, Singapore and China. Marvell is a "fabless" manufacturer of semiconductors (meaning that it is active entirely in core competencies of engineering and design, with the actual manufacturing outsourced to contract manufacturers in lower-cost emerging markets) that ships more than one billion integrated circuits (known as "chips") per year. Its market segments include the enterprise, cloud, automotive, industrial and consumer markets. Marvell was founded in 1995 by Sehat Sutardja, his wife Weili Dai, and brother Pantas Sutardja. The initial public offering on June 27, 2000 (near the end of the dot-com bubble) raised $90 million, with the stock listed on NASDAQ with the symbol MRVL. After quickly raising from $19 to over $63 per share, three days later it was $55.25. At the time, the five largest customers, Samsung Electronics, Hitachi, Seagate Technology, Fujitsu and Toshiba, accounted for 97% of sales. The shares dropped sharply in December when insiders were allowed to sell. The company is officially headquartered in Hamilton, Bermuda. The US operations known as Marvell Semiconductor, Incorporated, are located in Silicon Valley, California.