Semtech Corp. has acquired substantially all the assets of IC Interconnect Inc., a private provider of services to the silicon chip manufacturing industry from its facilities in Colorado Springs, Colo.

Semtech in Camarillo paid $7 million in cash plus the assumption of unspecified obligations. Semtech funded the purchase from its cash funds and the company does not expect the deal to have a material impact on its finances.

IC Interconnect provides chip-scale packaging and related services to semiconductor manufacturers. With the acquisition, Semtech’s payroll will grow by 42 employees who will remain in Colorado Springs.

The company announced the acquisition Wednesday. Shares of Semtech (SMTC) closed Thursday up 30 cents, or a fraction of a percent, to $45.50 on the Nasdaq.