San Jose, Calif. -- Cypress Semiconductor, a San Jose-based maker of programmable chips, said that it will pay $46 million in cash to acquire Colorado-based Simtek, a large supplier of random access memory (RAM) chips. The deal, structured as a cash tender offer, is expected to close by the fourth quarter. Cypress already owns a 4% stake in the company, and has been marketing and licensing its technology since early 2006. Cypress said that Simtek's chips provide the high-speed memory access of standard static RAM chips, but retain data when power is turned off. "We are looking to integrate this technology into many of our products," said Ahmad Chatila, the executive vice president of Cypress's Memory and Imaging Division.