Monday, June 4, 2007

Eltek ASA Acquires Valere Power

Eltek ASA announced Monday that it has acquired Valere Power, a Richardson, Texas-based provider of DC power systems. Financial details of the acquisition were not disclosed. The combined company will become Eltek Valere, and will be headquartered in Richardson. According to the companies, the acquisition will result in a firm with $500M in revenues and 1,300 employees worldwide. Valere Power is venture backed by Alcatel Ventures, Dali-Hook Partners, JPMorgan Partners, and Sierra Ventures.