Communications firm Macom Technology Solutions announces planned purchase of Cornell University spin-out BinOptics for $230m.
Cornell electronics spin-out BinOptics is set to sell to communications firm Macom Technology for $230m.
US-based BinOptics has raised $38.6m from nine investors since setting up in 2000, including Draper Fisher Jurvetson, ArrowPath Venture Partners, Rand Capital, Cayuga Venture Fund, FA Technology Ventures, Gefinor Capital, Enhanced Capital Partners, Advantage Capital Partners, and Onondaga Venture Capital Fund.
John Croteau, CEO at Macom, said: “This acquisition further extends Macom’s preeminent position in what we expect will be a strong secular growth driver for many years to come. We believe BinOptics’ wafer-scale model for Indium Phosphide lasers will play perfectly to our strength in compound semiconductor manufacturing, allowing us to quickly address what is currently a supply-constrained part of the optical component industry. BinOptics’ business model is consistent with our gross margin and operating margin aspirations, and we expect the transaction to be accretive to non-GAAP gross margin and EPS within the first full quarter of combined operations.”
The all-cash deal is expected to go through early next year.
