Valens Semiconductor Acquires Acroname For $7.8M In Cash, Plus The Amount Of Cash Held By Acroname At Closing, Which Was $1.3M
Today, Valens Semiconductor (NYSE:VLN), a leader in high-performance connectivity, announced the acquisition of Acroname, a pioneering company specializing in advanced automation and control technologies. The acquisition enables Valens to expand its position in the industrial market with a holistic USB-focused offering that includes Valens' innovative USB extension chipsets, augmented by Acroname's unique technology and expertise. The synergies between the two companies will allow customers to accelerate the introduction of new innovative products to market.
The purchase price for the acquisition was $7.8 million in cash, plus the amount of cash held by Acroname at closing, which was $1.3 million. The purchase price is subject to a post-closing adjustment for net working capital. In addition, the Company shall be obligated to pay the sellers earn out payments of up to $7.2 million depending on the achievement of certain revenue, EBITDA and cashflow targets in 2024 and 2025, and development of a certain product by June 2026.