The company was founded in 1979 by a trio from Fairchild Semiconductor by way of Synertek – Jack Balletto, Dan Floyd, and Gunnar Wetlesen – and by Doug Fairbairn of Xerox PARC and Lambda (later VLSI Design) magazine. Alfred J. Stein became the CEO of the company in 1982. Subsequently VLSI built its first fab in San Jose; eventually a second fab was built in San Antonio, Texas. VLSI had its initial public offering in 1983. The company was later acquired by Philips and survives to this day as part of NXP Semiconductors.