(By Balachander) Chip maker Qualcomm Inc. (NASDAQ: QCOM) announced the acquisition of privately-held Summit Microelectronics, a California-based developer programmable power integrated circuits.
Financial terms of the deal were not disclosed.
Summit's products are used in a variety of consumer and communications, including mobile phones, tablets, and e-readers.
San Diego-based Qualcomm expects the deal to "significantly" enhance its power management roadmap.
Summit, with nearly 50 employees globally, designs integrated power management solutions combining precision power regulation with sophisticated digital control in a single chip.
"Summit's products address the biggest challenges facing OEM developers today: increasing system functionality, performance and complexity accompanied by shrinking development time cycles," the Sunnyvale company claims in its Web site.
QCOM shares, which have been trading between $45.98 and $68.87 over the past year, ended Friday's regular trading at $56.50.