Monday, November 19, 2007

Quorum Systems Acquired By Spreadtrum For $76M

China-based Spreadtrum Communications, a provider of wireless broadband chips, has acquired San Diego's Quorum Systems. Spreadtrum said Sunday that it will pay $55M in cash and $15M in stock for Quorum, plus up to $6M in earnout, Quorum develops CMOS-based, radio frequency (RF) transceivers. According to Spreadtrum, the deal is subject to review by the Committee on Foreign Investment in the United States. Quorum Systems was venture backed by Crescendo Ventures, Greylock Partners, Kleiner Perkins Caufield and Byers, and Enterprise Partners. The firm raised a Series C round of funding last October worth $15M.