SANTA CLARA, USA: OmniVision Technologies Inc., a leading developer of advanced digital imaging solutions, announced the completion of its acquisition of Aurora Systems Inc., a privately-held company incorporated in California.
Aurora is a supplier of LCoS (Liquid Crystal on Silicon) devices for use in mobile projection applications and high definition home theater projection systems.
Shaw Hong, president and chief executive officer of OmniVision, said: "We are very excited by the growing popularity of image projection systems in consumer devices. With the acquisition of Aurora, we expect to capitalize on this trend in the emerging video-centric consumer market, expand our product portfolio and offer even more innovative and comprehensive imaging solutions to our customers."
"We are also very pleased that all management and employees of Aurora will be joining OmniVision. Their engineering talent and their expertise in image projection technologies are very important to our strategic development," concluded Hong.
OmniVision acquired all outstanding shares of Aurora for aggregate consideration of approximately $5.0 million. Of this amount, $0.5 million has been placed in escrow for a period of up to one year for purposes of compensating OmniVision for certain specified damages that it may incur.
OmniVision does not expect the acquisition to have any significant impact on its fiscal fourth quarter 2010 revenues and net income per share attributable to OmniVision common stockholders.