Ithaca, N.Y. — A laser technology firm based in Ithaca has been sold to a Massachusetts company for $230 million, the Massachusetts company announced in a press release Wednesday.
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Ithaca’s BinOptics Corporation creates high-tech lasers out of the Cornell Business and Technology Park. It has now been sold to MACOM Technology Solutions Holdings, of Lowell, Mass.
BinOpitics, which employes about 150 people, is expected to stay in Ithaca after the acquisition, according to Tom Schryver, executive director of the Center for Regional Economic Advancement at Cornell University.
Schryver said the purchase validated local entrepreneurs’ and officials’ promotion of Ithaca as a place where high-tech firms can grow, find a foothold and succeed.
“We view it as a tremendous positive and a real validation,” Schryver said of the acquisition.
“It’s super positive all the way around. We’ve really got something here.”
In a news release announcing the purchase, MACOM President and CEO John Croteau said BinOptics would expand the Massachusetts company’s “preeminent position in the optical space.” (Syracuse.com calls MACOM “a supplier of high-performance radio frequency, microwave, millimeterwave and photonic products.”)
“We now have an even broader platform to benefit from what we anticipate will be a strong secular growth driver for many years to come,” Croteau said. “Based on feedback from our optical customers thus far, we continue to expect significant operational and sales synergies as we integrate the acquired business.”