IQE To Acquire CREO Technology And IP Portfolio
Technology offers a new approach to the manufacture of a wide range of compound semiconductor on silicon products
IQE, the wafer company, will acquire and own the cREO technology and IP portfolio. IQE will pay $5 million, expected to be paid from either IQE's existing cash resources or from new ordinary shares of 1 pence each in IQE being issued to the vendor, within 6 months following the exercise of the option.
IQE announced on 15 September 2015 that it had signed an agreement with Silex Systems's subsidiary, Translucent for the exclusive licence of Translucent's unique and innovative 'Rare Earth Oxide' (cREO) semiconductor technology. The Agreement provided IQE with an exclusive 30-month licence for the commercialisation of the Translucent cREO technology and an exclusive option (exercisable solely at IQE's discretion) on the subsequent acquisition of the technology. The Company has confirmed that it has exercised its option to acquire the cREO technology and IP portfolio.
cREO technology offers anew approach to the manufacture of a wide range of disruptive compound semiconductor on Silicon products, including GaN on silicon for the burgeoning power switching and RF markets.
The original cREO technology is protected by a wide-ranging IP patent portfolio. This portfolio has been further enhanced by IQE since September 2015, across a range of new application areas including RF Filters and silicon photonic applications and includes a number of new materials configurations.
Drew Nelson, president and CEO of IQE plc, commented: "We are very pleased to announce the exercise of this exclusive option to acquire the original portfolio of cREOpatents from Silex Systems. This type of materials innovation is at the core of IQEs disruptive semiconductor materials solution strategy, as we move from a bespoke, customer specification led business model to a more broad based materials innovation led model which offers customers new opportunities to develop disruptive end market products."