IRVINE, Calif.--()--Opus Bank (the “Bank”) announced today that its Technology Banking division provided $22.5 million of acquisition financing to Adesto Technologies Corporation (“Adesto”) in connection with its purchase of Atmel Corporation’s Serial Flash product families, including the AT45xxx “DataFlash®” and AT25Dxxx/AT25Fxxx “BIOS Flash” product lines, associated patents, and intellectual property licensing for future product development. Adesto is the leading developer of next-generation customized ultra-low power, CMOS compatible non-volatile memory. The senior debt provided by Opus Bank is an example of the Bank’s experience and capability to deliver needed Merger & Acquisition-related financing, and helped transform Adesto into the leading full-line supplier of premium, non-volatile memory solutions with a strong network of existing customers.
“The experienced and creative Technology Banking team at Opus Bank was able to rapidly structure and commit to back both our company and this important transaction. They quickly developed a strong understanding of our business and the very meaningful value this acquisition brings to Adesto.”
Stephen H. Gordon, Chairman and Chief Executive Officer of Opus Bank, stated, “Opus Bank is acutely focused on providing capital funding to entrepreneurs, small and mid-sized businesses, and professionals who share our vision to expand and grow. At Opus Bank, we understand the passion and dreams of entrepreneurs and business owners. We share that dream.” Mr. Gordon added, “The capital funding we provided to Adesto will be used to broaden their product line, expand their offerings, and increase their revenues. We believe that by providing capital funding to businesses such as Adesto, businesses that are primed for growth and expansion, we can be a catalyst for the creation of new jobs and rebuilding of healthy, vital, and vibrant communities.”
Narbeh Derhacobian, CEO of Adesto Technologies, commented, “This is a strategic acquisition for Adesto and consistent with the company’s plan to be a full-line supplier of premium, non-volatile memory solutions. The acquisition of Atmel’s DataFlash® and BIOS Flash products and associated patents is complementary to Adesto’s industry-leading next-generation CBRAM® technology.” Mr. Derhacobian added, “The experienced and creative Technology Banking team at Opus Bank was able to rapidly structure and commit to back both our company and this important transaction. They quickly developed a strong understanding of our business and the very meaningful value this acquisition brings to Adesto.”
Opus Bank was advised in this transaction by the law firm of Schiff Hardin LLP. Adesto was advised in this transaction by the law firm of Fenwick & West LLP.
Technology Banking at Opus Bank
Opus Bank’s Technology Banking division serves West Coast-based venture-backed, early stage, and public middle-market technology companies that focus on Intellectual Property (IP), software, hardware, and IT services. The Technology Banking division is led by Kevin McBride, Managing Director, a seasoned Technology Banking veteran who has acted as the lead agent on transactions for a number of private and public companies, including Adobe Systems, Electronic Arts, Epicor Software, Kratos Defense and Security Systems, and Quantum Corporation.
About Opus Bank
Opus Bank, headquartered in Irvine, CA, is an FDIC insured California-chartered commercial bank with $2.4 billion of total assets, $1.6 billion of total loans, and $1.8 billion in total deposits, as of June 30, 2012. Opus Bank provides high-value, relationship-based banking products and exceptional service to its clients comprised of small and mid-sized commercial businesses, entrepreneurs, real estate investors, professionals, and consumers. Opus Bank offers a wide range of loan products, including commercial and industrial, commercial real estate, multifamily residential, conforming and jumbo single-family residential, and consumer loans; and is a Small Business Administration (“SBA”) Preferred Lender. Opus Bank operates 57 banking offices, including 34 banking offices in California and 23 in the Seattle/Puget Sound region in Washington. For additional information about Opus Bank, please visit our website: www.opusbank.com.
About Adesto Technologies Corporation
Adesto Technologies is a venture-backed semiconductor company based in Sunnyvale, California, and the leading developer of Conductive Bridge RAM (“CBRAM®”) memory technology. CBRAM® is an ultra-low power, CMOS compatible non-volatile memory that is customized for a wide range of discrete and embedded markets.
Adesto®, CBRAM®, and DataFlash® are registered trademarks of Adesto Technologies and used here by permission.