MILPITAS, Calif., March 17, 2006 -- Semiconductor products supplier California Micro Devices Corp. (CMD) announced yesterday that it will acquire privately held Arques Technology, a fabless manufacturer of analog semiconductor devices, for $8 million in cash. In a separate statement, the company said that Vice President, Finance and CFO R. Gregory Miller has resigned.
CMD said the acquisition of Santa Clara, Calif.-based Arques adds white LED drivers for mobile handsets and DDR memory voltage regulators for digital consumer electronics to its product portfolio and expands its presence in Asia.
Under the agreement, which is expected to close in early April, CMD will make an initial $8 million payment to Arques, with an additional amount to be determined by the performance of the company's product line over the next 18 months.
Founded in 2001, Arques currently has 25 employees at its Santa Clara headquarters and its Taipei and Beijing locations, most of whom, according to CMD President and CEO Robert V. Dickinson, will be able to continue working in their present positions. "We look forward to Arques employees joining our team and playing key roles in driving our company's future growth," he said.
In its statement about Miller, CMD said he had resigned to accept a job elsewhere; he had been with the company since April 2003. The company named Kevin J. Berry, currently a consulting CFO for several private technology businesses, as interim CFO, effective immediately.
For more information, visit: www.calmicro.com