Cirrus Logic to acquire Apex Microtechnology

Combined expertise promises precision power products with higher levels of integration and functionality.

Cirrus Logic has signed a definitive agreement to acquire Apex Microtechnology, a leading provider of precision high-power analogue amplifier products, for US $42 million in cash.

Founded in 1980 with headquarters in Tucson, Arizona, Apex Microtechnology is a leading innovator of integrated circuits, hybrids and modules used in a wide range of industrial and aerospace applications that require high-power precision analogue products, such as PWM and power amplifiers.

These precision amplifiers are used for driving motors, piezoelectrics, programmable power supplies and other devices requiring high power and precision control.

Apex Microtechnology employs approximately 90 people.

"Apex Microtechnology's proven success and diversified customer base gives Cirrus Logic the expertise to expand into high-power industrial markets", says Jason Rhode, President and Chief Executive Officer, Cirrus Logic.

"Combining Cirrus Logic's signal processing and IC design skills with Apex's expertise in power drivers and amplifiers will allow us to introduce precision power products with higher levels of integration and functionality".

Apex generated revenue of approximately US $4 million to $5 million per quarter during the past year with strong gross margins, in keeping with Cirrus Logic's overall corporate goals.

Apex has quarterly operating expenses in the range of $1.5 million to $2 million.

Cirrus Logic expects that the acquisition will become positive to earnings per share in the third fiscal quarter of 2008.

Cirrus Logic expects the acquisition to close by the end of August.

Apex Microtechnology offers approximately 80 products supporting 1200 customers worldwide.

Apex's top customers include leaders in industrial and aerospace markets.

Apex products are designed to operate in the high power realm of output current greater than one amp and/or high voltage greater than 60V.

Apex's product portfolio includes products that deliver power in the range of 1W to thousands of watts, with voltages up to 1200V.

Apex Microtechnology products will continue to be marketed under the Apex brand.

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