Opus Bank, an FDIC insured California-chartered commercial bank, recently provided $22.5 million in acquisition financing to Adesto Technologies Corporation, a venture-backed semiconductor company, to acquire Atmel (News - Alert) Corporation's Serial Flash product families – including the AT45xxx "DataFlash" and AT25Dxxx/AT25Fxxx "BIOS Flash" product lines, associated patents, and intellectual property licensing for future product development.
The acquisition also includes IP licensing to cover support of the products and future product development.
Adesto intends to expand the Atmel product line offerings to serve the future requirements of existing customers while maintaining the same quality standards.
With the acquisition, Adesto increases its non-volatile memory technology portfolio.
Narbeh Derhacobian, CEO at Adesto Technologies, commented, "This is a strategic acquisition for Adesto and consistent with the company's plan to be a full-line supplier of premium, non-volatile memory solutions. The acquisition of Atmel's DataFlash(R) and BIOS Flash products and associated patents is complementary to Adesto's industry-leading next-generation CBRAM(R) technology."
"The experienced and creative Technology Banking team at Opus Bank was able to rapidly structure and commit to back both our company and this important transaction,” the CEO added. “They quickly developed a strong understanding of our business and the very meaningful value this acquisition brings to Adesto."
The financing from Opus Bank shows the financial institution’s ability to handle merger- and acquisition-related financing. Opus Bank offers a wide range of loan products, including commercial and industrial, commercial real estate, multifamily residential, conforming and jumbo single-family residential, and consumer loans – and is a Small Business Administration (SBA) Preferred Lender.
Opus Bank operates 57 banking offices, including 34 banking offices in California and 23 in the Seattle/Puget Sound region in Washington.
Stephen H. Gordon, chairman and chief executive officer at Opus Bank, stated, "Opus Bank is acutely focused on providing capital funding to entrepreneurs, small and mid-sized businesses, and professionals who share our vision to expand and grow. At Opus Bank, we understand the passion and dreams of entrepreneurs and business owners. We share that dream."
"The capital funding we provided to Adesto will be used to broaden their product line, expand their offerings, and increase their revenues,” he said. “We believe that by providing capital funding to businesses such as Adesto, businesses that are primed for growth and expansion, we can be a catalyst for the creation of new jobs and rebuilding of healthy, vital, and vibrant communities."