March 12, 2001–Boston, Massachusetts–TA Associates, a leading private equity firm, announced today that Cypress Semiconductor Corp. has completed the acquisition of its portfolio company, International Microcircuits Inc. (IMI), for approximately $125 million.

IMI is a leading supplier of frequency and timing generators and EMI reduction circuits. Its product portfolio–which is largely complementary to Cypress’s–includes programmable clocks, clock distribution products, electromagnetic interference (EMI) suppression devices, and application-specific products. IMI’s EMI-suppression products complement Cypress’s current Peak Reducing EMI Solutions (PREMIS) product portfolio.

“TA Associates, with IMI’s current management team, acquired a majority interest in IMI from its founder in 1997 in a leveraged management buyout. We enjoyed working with IMI’s management team during a period of significant growth for the company,” says Kurt Jaggers, a managing director at TA Associates who served on IMI’s Board of Directors. “This investment represents an example of a successful technology buyout transaction that is a key part of TA’s investment strategy.”