Semtech Corporation (Nasdaq:SMTC), a supplier of high performance analog, mixed-signal semiconductors and advanced algorithms, today announced it has acquired substantially all the assets of IC Interconnect, Inc. (“ICI”), a privately-held, U.S.-based company that provides contract wafer bumping and related services to the electronics industry. The acquisition is expected to add 42 employees located in Colorado Springs, Colo.
Under the terms of the purchase agreement, Semtech acquired ICI assets for a cash purchase price of approximately $7 million and assumed certain obligations going forward. Semtech funded the purchase price using its current cash assets. The Company does not expect the deal to have any material impact to its earnings.
Next-generation Protection platforms require advanced technological capabilities to deliver the right combination of the highest performance and smallest footprint. Semtech and ICI have demonstrated their ability to produce market leading solutions such as the Semtech Z-Pak™ platform with more than 25 billion Z-Pak-based devices shipped into high-end consumer applications such as smartphones, wearables and tablets.
“The addition of ICI is aimed at further enhancing our U.S. R&D capabilities by developing and ramping our next-generation Z-Pak platform - the Z-UltraTM platform,” stated Mark Costello, Vice President and General Manager of Semtech’s Protection Products Group. “The “Z-Ultra” platform will significantly enhance Semtech’s ability to address new challenges created by further shrinking of silicon geometries and will drive quantum improvements in system-level performance over our current platform.”
“ICI has combined manufacturing process innovation and operational excellence to deliver cost-effective wafer level packages to Semtech since 2001 and we are now excited to become part of the Company,” stated Curt Erickson, President of ICI.