May 11, 2005 Lehigh Valley, PA -- CyOptics, a supplier of optical chips and components for broadband communications platforms, today announced completion of its acquisition of TriQuint's optoelectronics operations in Pennsylvania and Matamaros, Mexico. The transaction was valued at approximately $23.5 million, including a combination of cash, equity, and seller financing.
CyOptics' says its device design and packaging technologies will now be combined with TriQuint's increased market share and larger volume production capability, in order to broaden CyOptics' product line and further expand its opportunities within the market for Indium Phosphide (InP) optical chips and laser and detector components.
CyOptics also announced the closing of its Series F funding round, in which the company raised an additional $24 million in equity and debt financing. Major equity participants in the round included Jerusalem Venture Partners, Sprout Group, TowerBrook Capital Partners (formerly Soros Private Equity Partners), and Eurofund. The announcement comes eight months after the company closed its Series E round, which garnered $10.3 million.
"We are pleased to announce this acquisition and capital raise, and are extremely satisfied with the company's growth, and the continued support of our investors," remarks Ed Coringrato, president and CEO of CyOptics.
According to the company, the acquisition provides convergence in the optical component sector and will allow them to return to profitability within the current calendar year. The company says its near-term priorities include assuring a smooth integration of operations, and working closely with customers to develop growth opportunities.