Southland Micro Systems Acquired By StakTek

Irvine-based Southland Micro Systems, a provider of memory products, has been acquired by Texas-based Staktek Holdings, Staktek said Tuesday. Staktek said it will pay $18M in cash plus assume $5M in debt to purchase Southland, in a deal which also includes up to $7M in cash or stock in future earn out. Southland Micro Systems employs approximately 80 in Irvine, where it has a design, manufacturing, and customer support center. Southland Micro develops computer memory products, and has been in existence since 1987. According to Staktek, Southland CEO John Meehan will join the firm as Executive Vice President as part of the deal.