Israeli company acquires Boulder-based Acroname

BOULDER — Israel-based Valens Semiconductor Ltd., (NYSE: VLN) has acquired Acroname Inc., a Boulder-based company specializing in advanced automation and control technologies.

The purchase price for the acquisition was $7.8 million in cash, plus $1.3 million in cash held by Acroname at closing.

The purchase price is subject to a post-closing adjustment for net working capital. In addition, Valens is  obligated to pay earnout payments of up to $7.2 million depending on achievement of certain revenue, EBITDA and cash-flow targets in 2024 and 2025, and development of a certain product by June 2026.

The acquisition enables Valens to expand its position in the industrial market with a USB-focused offering that includes Valens’ USB extension chipsets, augmented by Acroname’s technology, according to a press release announcing the acquisition.

Valens provides connectivity solutions for long-distance video, while Acroname designs, develops, and distributes products for manufacturing automation, AV conference rooms, managed IT services, mobile device management, and embedded robotic control systems.

“We are excited to welcome Acroname to the Valens team,” Gideon Ben Zvi, CEO of Valens Semiconductor, said in a written statement. “By incorporating Acroname’s technology and expertise into our USB offering, we will be able to deliver a unique value proposition to the industrial market, enabling the long-distance extension and seamless switching of Hi-Speed and SuperSpeed USB devices. This acquisition, our first M&A transaction, is an important milestone in our strategy of expanding our offering to multiple industries and increasing our value add for our customers.”

Justin Gregg, CEO of Acroname, said, “Valens is a company that shares our vision of enabling high-performance connectivity for the industrial market. We’re thrilled to become part of a company that aligns with our core values — customer-centric, technology-driven, and with a strong spirit of innovation. Our products will perfectly complement Valens’ offering, and the whole team is excited about creating products that combine data-rich control automation with best-in-class connectivity. We’re looking forward to enhancing Valens’ position as a leader in high-performance connectivity.”

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