Parade Tech To Buy Cypress's TrueTouch Mobile Touchscreen Business For $100 Mln

(RTTNews) - Fabless semiconductor company Parade Technologies, Ltd. agreed Thursday to acquire the TrueTouch Mobile touchscreen business of programmable chipmaker Cypress Semiconductor Corp. (CY) in an all-cash deal valued at $100 million.

Cypress's TrueTouch capacitive touchscreen solutions deliver robust performance and a natural user experience in a broad range of challenging environments with best-in-class waterproofing, noise immunity, passive stylus and glove-touch modes, as well as proximity sensing and face detection.

Parade said it intends to fund the deal with $100 million of cash on hand. The deal, which is subject to customary closing conditions, is expected to close during the third quarter of 2015.

Post-acquisition, Parade will provide TrueTouch solutions to mobile customers and expand into other consumer-oriented segments. Parade believes that this acquisition will substantially expand its addressable market.