Boston Semi Equipment, Inc. acquired the Test Handler business from Aetrium Inc. for $2.2 million.
Boston Semi Equipment, Inc. will make the acquisition through a newly established company named Boston Semi Automation, LLC. BSE will continue to use the Aetrium name and operate out of the existing North St Paul location. Sixteen of Aetrium's employees that were associated with the Test Handler product line were hired by Boston Semi Equipment. Adam Finerman of Olshan Frome Wolosky LLP acted as legal advisor for Aetrium Incorporated. Andy Braiterman, Alex Anderson, Sarah Downie, Ethan Litwin, Sam Sultanik, Veronica DiCamillo, Erin DeCecchis, David Gershel, Carol Remy and Juli Thorstenn of Hughes Hubbard & Reed LLP acted as legal advisors for Boston Semi Equipment. Amy Smith of Impress Labs acted as the PR advisor in the transaction.
Boston Semi Equipment, Inc. completed the acquisition of the Test Handler business from Aetrium Inc. (NasdaqCM:ATRM) for $2.2 million on April 22, 2014. A value of $0.8 million was received in January 2015 out of the total value of contingent earn-out of $2.2 million. Subsequent payments are due 60 days after the end of each calendar quarter.