June 2, 2005 – Bay Microsystems announced it has entered a definitive agreement to buy privately-held Parama Networks, a Santa Clara, CA-based fabless semiconductor company that specializes in system-on-a-chip solutions for the telecommunications transport equipment market. The merger is expected to close later this month, and terms were not disclosed.
Bay Microsystems is actively partnering with the US federal government and with commercial OEMs, enabling the world’s most demanding broadband networks, and the company expects to continue its record revenue growth. As part of its strategy to complete the acquisition of Parama, Bay has raised additional capital from new and existing investors, securing a Series D round of $8.4 million.
Bay Microsystems will support Parama’s complete family of “ADM-on-a-Chip” devices and has already begun supporting existing customer designs.