CHARLOTTE, N.C., July 11 /PRNewswire/ -- Digital Optics Corporation, an internationally recognized leader in micro-optics design and production announced today that it has signed a definitive agreement to be acquired by Tessera Technologies, Inc. (NASDAQ:TSRA). Tessera is a leading provider of miniaturization technologies for the electronics industry. Under the terms of the agreement, Tessera will pay approximately $59.5 million in cash for all outstanding Digital Optics equity.
"Being part of Tessera will allow us to take DOC's technology to larger markets," said Michael Feldman, DOC founder. "We will enable new uses of micro-optics in consumer electronics and other volume applications." DOC's "wafer-based" micro-optics technology is based on the same tools and processes developed for manufacturing semiconductor IC's. This approach provides a high-volume, low cost method for producing precision micro-optics and optical assemblies.
"I'm proud of the accomplishments of our team in building DOC," said Kevin Drehmer, Digital Optics President. "As we form Tessera's Micro-optics Center of Excellence in Charlotte, we will create new opportunities for Charlotte and the optics community." Digital Optics Corporation has a number of ties to the Charlotte research community. The company was founded in 1991 by UNC-Charlotte professor Dr. Michael Feldman and one of his graduate students, Hudson Welch. The company's first offices were in the Ben Craig Center, a local business incubator. DOC's facility is located in the University Research Park. Digital Optics Corporation has maintained a close relationship with UNC-Charlotte including joint development programs with the University's Center For Optoelectronics & Optical Communications -- Dr. Michael Feldman serves on its Board of Advisors. DOC's President Kevin Drehmer serves on the Charlotte Research Institute's Board of Directors.
Revolution Partners, with a team led by Cameron Pforr, acted as the Digital Optics Corporation's Financial Advisor in the transaction. DATASOURCE: Digital Optics Corporation CONTACT: Kevin M. Drehmer, President, +1-704-887-3150, or Allan Bacon, Vice President Sales & Marketing, +1-704-887-3103, or , both of Digital Optics Corporation Web site: http://www.doc.com/
|