San Jose, Calif. -- Integrated Silicon Solution Inc. (ISSI), a San Jose-based developer of high-speed and low-power chips, said on Thursday it has reached a deal to acquire Taiwan-based Chingis Technology through a cash tender offer valued at $33 million. The deal is expected to close in September. Founded in 1995, Chingis is a developer of flash memory technologies used in standalone and embedded applications with more than 80 worldwide patents and patents pending. Chingis reported revenue of $39.6 million and net income of $2.6 million in 2011. ISSI said the acquisition will strengthen its specialty memory product portfolio.
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