Masimo Semiconductor, a subsidiary of Masimo, has purchased all the assets of Spire Semiconductor's foundry services business for aggregate consideration of $8.5m.

Spire provides solar photovoltaic equipment and systems, and biomedical processing services.

Spire chairman and chief executive officer Roger Little said with the divestiture of the company’s semiconductor business to Masimo, it has strengthened its financial position and can now more aggressively pursue opportunities in its solar and biomedical businesses.

Masimo CEO and chairman Joe Kiani said the company plans to continue building on the proprietary technology base established by Spire Semiconductor.

"The acquisition will permit us to focus the operation on Masimo’s custom component requirements and accelerate technology advancements in our non-invasive blood monitoring products," Kiani added.