A subsidiary of Teledyne Technologies Inc. has acquired software and hardware developer OakGate Technologies Inc.
Financial terms of the deal between Teledyne LeCroy, in Chestnut Ridge, N.Y., and OakGate Technology, in Loomis, were not disclosed. Teledyne LeCroy is owned by Teledyne Technologies in Thousand Oaks.
OakGate provides software and hardware for electronic data storage devices from development through manufacturing to end-use applications.
Teledyne Executive Chairman Robert Mehrabiam said that Teledyne LeCroy and OakGate serve similar customers, from silicon device suppliers to cloud storage operators.
“The acquisition of OakGate allows Teledyne to provide a complete set of software and hardware used from the design of new data storage devices to the use of such devices in hyperscale cloud storage networks,” Mehrabian said in a statement.
Shares of Teledyne (TDY) closed Monday down $1.42, or a fraction of a percent, to $358.63 on the New York Stock Exchange.