10:43 AM EDT, 06/03/2024 (MT Newswires) -- Valens Semiconductor ( VLN ) said Monday it acquired Acroname for $7.8 million in cash, plus $1.3 million in closing cash.

The purchase price is subject to adjustment after deal closing for net working capital, with potential earn-out payments of up to $7.2 million, Valens Semiconductor ( VLN ) said.

The acquisition strengthens Valens Semiconductor's ( VLN ) industrial market position by integrating Acroname's technology with Valens' USB extension chipsets, according to the company statement.

Shares of Valens Semiconductor ( VLN ) were up 1.1% in recent trading.

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