The purchase price for the Semiconductor Business unit was $8 million plus the assumption of $500,000 in liabilities.
A newly created division, called Masimo Semiconductor Inc., will operate the business going forward. The acquisition gives Masimo an advanced ability to develop custom components, accelerate development cycles, and optimize future product costs, according to a press release.
"Spire Semiconductor has developed a superior intellectual property portfolio and advanced optoelectronic technology that is well-suited for Masimo's noninvasive patient monitoring technologies,” said Roger Little, Spire Corporation’s CEO and board chairman. “For the past several years, Masimo has been one of Spire Semiconductor's largest customers. Masimo can now leverage Spire Semiconductor's strengths for an even greater impact on Masimo's industry leading innovations."
Joe Kiani, Masimo’s CEO, chairman and founder said the purchase gives his company more control over innovation.
"We believe that further advancements in noninvasive blood constituent monitoring technologies are unlikely using off-the-shelf optoelectronic components,” Kiani said.
Kiani also noted that he was "extremely impressed" with Spire's technology and the service they provided as a customer. We plan to continue building on the proprietary technology base established by Spire Semiconductor.
"The acquisition will permit us to focus the operation on Masimo’s custom component requirements and accelerate technology advancements in our non-invasive blood monitoring products," he said.
The newly branded Masimo Semiconductor, based in Hudson, N.H., specializes in wafer epitaxy, foundry services, and device fabrication for biomedical, telecommunications, consumer products and other markets. The company develops custom optoelectronic components, concentrator photovoltaic cells, photocathodes, PIN diodes, Avalanche diodes, laser power converters, thermo photovoltaics and laser diodes.