Exhibit 99.1


          Virage Logic Announces Preliminary Fourth-Quarter
                Results at High End of Prior Outlook;
  Also Announces Departure of CFO for privately held AccelChip, Inc.

    FREMONT, Calif.--(BUSINESS WIRE)--Oct. 21, 2003--Virage Logic
Corp. (Nasdaq:VIRL), a leading provider of best-in-class semiconductor
IP platforms, today announced preliminary fourth quarter results,
which are anticipated to be at the higher end of the company's prior
business outlook provided on July 24, 2003. For the fourth quarter
ended September 30, 2003, the company anticipates revenues of
approximately $9.9 million and expects to report a net loss per share
of $0.03 according to generally accepted accounting principles (GAAP).
Expenses for the quarter are expected to include $51,000 for deferred
stock compensation, and $97,000 for the amortization of purchased
technology. In addition, the company expects its effective tax rate to
remain consistent with that reported for the third quarter of fiscal
2003 and that this would result in a tax benefit.
    "We are pleased with our anticipated results for the fourth
quarter," said Adam Kablanian, president and chief executive officer
of Virage Logic. "We have continued to execute on our semiconductor IP
platform strategy and believe this will lead to continued improvement
in our business as customers look to Virage Logic as their single
source for intellectual property for their complex design needs."
    Virage Logic cautions that its anticipated results are
preliminary, based on the best information currently available, and
subject to the closing of its financial records and customary
quarterly and year-end accounting procedures. The company plans to
report its final results for the fourth quarter and fiscal 2003 after
the close of market on October 30, 2003, and will provide a detailed
business outlook at that time.
    The company also announced today that James R. Pekarsky, its vice
president of finance and chief financial officer, has tendered his
resignation, effective mid-November 2003. Pekarsky plans to become
chief financial officer of AccelChip, Inc., a privately held provider
of high-level design tools and models for acceleration and
implementation of DSP algorithms in silicon, based in Milpitas,
California. Pekarsky joined Virage Logic as vice president of finance
and chief financial officer in May 1999 and led the company through
its initial public offering in August 2000.
    During the transition, Pekarsky plans to assist the company with
customary year-end closing procedures and the search for a new chief
financial officer. The company intends to file with the Securities and
Exchange Commission its annual report on Form 10-K for the 2003 fiscal
year by approximately November 14.
    "We wish to thank Jim for the many contributions he's made in
establishing Virage Logic's solid financial position and managing our
significant operational growth to date," said Kablanian. "While we
regret Jim's decision to leave, we wish him the best in his career at
AccelChip. In addition, we are launching a search for his successor as
chief financial officer."

    About Virage Logic

    Virage Logic Corp. (Nasdaq:VIRL) is a leading provider of
best-in-class semiconductor IP platforms based on memory, logic, I/Os,
and IP development tools that are silicon-proven and production-ready.
Virage Logic meets market demands for cost reduction, while improving
performance and reliability for fabless and integrated device
manufacturer (IDM) companies focused on the consumer, communications
and networking, handheld and portable, and computer and graphics
markets. Virage Logic is headquartered in Fremont, California and has
sales and support offices worldwide. For more information, visit
www.viragelogic.com or call (877) 360-6690 toll-free or (510)
360-8000.

    Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995:

    Statements made in this news release, other than statements of
historical fact, are forward-looking statements, including, for
example, statements relating to trends, business outlook, products,
customer relationships, management changes and to our financial and
operating results for the fiscal quarter ended September 30, 2003.
Forward-looking statements are subject to a number of known and
unknown risks and uncertainties, which might cause actual results to
differ materially from those expressed or implied by such statements.
These risks and uncertainties include Virage Logic's ability to
calculate, confirm, review and analyze financial results for the
fiscal quarter ended September 30, 2003 prior to their report; Virage
Logic's ability to forecast its business, including its revenue
outlook; Virage Logic's ability to execute on its strategy to become a
provider of semiconductor IP platforms; business and economic
conditions generally and in the semiconductor industry in particular;
the company's ability to complete a search for a new chief financial
officer in a timely manner; and other risks including those described
in the company's Annual Report on Form 10-K for the period ended
September 30, 2002, and in Virage Logic's other periodic reports filed
with the SEC, all of which are available from Virage Logic's website
(www.viragelogic.com) or from the SEC's website (www.sec.gov), and in
news releases and other communications. Virage Logic disclaims any
intention or duty to update any forward-looking statements made in
this news release.

    CONTACT: Virage Logic
             Jim Pekarsky, CFO, 510-360-8025
             jrp@viragelogic.com