CyOptics Raises $24M

CyOptics completes acquisition of TriQuint's optoelectronics division and announces funding

May 11, 2005

1 Min Read

LEHIGH VALLEY, Pa. -- CyOptics, Inc., a leading supplier of high-speed optical chips and components for broadband communication solutions, today announced the completion of the acquisition of TriQuint's (NASDAQ:TQNT) 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' leading device design and packaging technologies will be combined with TriQuint's increased market share and larger volume production capability to broaden CyOptics' product line and further expand market opportunities with Indium Phosphide (InP) optical chips and laser and detector components.

CyOptics also announced the closing of its Series F funding round, in which an additional $24 million in equity and debt financing was raised. Major equity participants in the latest round include JVP (Jerusalem Venture Partners), Sprout Group, TowerBrook Capital Partners (formerly Soros Private Equity Partners), and Eurofund. This announcement comes just eight months after CyOptics closed its Series E round, which totaled $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," said Ed Coringrato, President and CEO of CyOptics. "TriQuint's optoelectronics business is regarded as one of the best in the industry, because of its talented people and pioneering development of optoelectronic products. The acquisition allows TriQuint's broad portfolio of products to be coupled with CyOptics' exceptional design and packaging technologies to create a new standard of innovation and customer service excellence."

CyOptics Inc.

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