Semtech, a semiconductor and Internet of Things company based in Camarillo, signed a $28 million agreement to acquire AptoVision Technologies, a chip maker for high-definition displays based in Montreal.

Semtech plans to finance the deal with cash on hand, including additional contingent payments of up to $47 million based on future financial targets, according to a June 29 news release. More than 30 employees will join Semtech as a result of the acquisition, including AptoVision CEO Kamran Ahmed who comes on as part of the company’s Signal Integrity Products team.

The company plans to combine its signal network and chip development capabilities with AptoVision’s BlueRiver technology and video transmission algorithms, bringing it into the high definition video sector.

The acquisition indicates Semtech’s committment to “further expanding our opportunity into the fast growing Pro AV market and solidifying our commitment to the video industry,” said Gary Beauchamp, executive vice president and general manager of Signal Integrity Products.

The deal is expected to close during Semtech’s current fiscal quarter, with no material impact on financial outlook for the year.

“Becoming part of Semtech, with its global infrastructure, will increase our ability to serve customers as they continue to reshape the Pro AV space,” Ahmed said.

• Contact Marissa Nall at mnall@pacbiztimes.com.