Tonkon Torp represented Beaverton’s early-stage SensiML Corporation in its acquisition by QuickLogic Corporation, a California-based public company. SensiML spun off from Intel Corporation in 2017 to offer a platform-independent software toolkit that allows equipment manufacturers to develop pattern matching sensor algorithms using machine learning technology.
The sale was led by partner Jeff Cronn, who regularly represents companies in business sale transactions. Jeff’s expertise, along with that of attorney Claire Brown, allowed the Tonkon team to assist the client in addressing the public company issues and preferences of QuickLogic throughout the transaction, including timing sensitivities around required disclosures. The purchase was funded with shares of QuickLogic common stock, and Jeff and Claire worked to carefully structure the payment of the equity consideration to minimize any tax impact to the sellers and to incorporate equity vesting as an incentive for retaining key employees.
The transaction closed in early January 2019. SensiML continues to operate in Oregon as a division of QuickLogic.