Cascade Microtech
| Company type | Public (formerly) |
|---|---|
| Industry | Semiconductor test equipment |
| Founded | 1983 |
| Founder | Eric W. Strid, K. Reed Gleason, Dale E. Carlton |
| Headquarters | Beaverton, Oregon , United States |
Area served | Worldwide |
Key people | Eric W. Strid (Chairman and CTO), Michael Burger (CEO as of 2010) |
| Products | Semiconductor wafer probe and test equipment, automated probing platforms, metrology measurement instruments |
Number of employees | ~400 |
| Parent | FormFactor, Inc. |
Cascade Microtech is a manufacturer specializing in semiconductor test equipment, with its main office located in Beaverton, Oregon, within the Portland metropolitan area. Established in 1983, the company employed close to 400 staff members and was publicly listed on NASDAQ under the symbol CSCD prior to its merger with FormFactor, Inc.
History
During the early 1980s, Eric W. Strid and K. Reed Gleason, then working at Tektronix, developed microwave wafer probe technology but did not receive internal backing. They proceeded to license this technology and founded Cascade Microtech in 1982, launching their initial product by 1983 with Dale E. Carlton joining shortly thereafter. The founders exited Tektronix by 1985 after achieving profitability in 1984. By 1989, the firm had expanded to a workforce of 55 employees near Tektronix’s headquarters.
Initially funded through personal resources, Cascade obtained $2.7 million in venture capital from Hewlett Packard in 1990. By 1997, employing 185 people, its major customers included Fujitsu, National Semiconductor, and Texas Instruments. The company secured $16 million in capital by 1999, generating annual revenues of $52 million, and sold $10 million worth of equity to the Teachers Insurance and Annuity Association in 2000. Although preparing for an IPO since the late 1990s, the company abandoned these plans in 2002.
By 2004, Cascade had moved into a new 100,000 square foot facility located in Hillsboro’s AmberGlen Business Center and expanded its presence across Asia with offices established in Singapore (2003), Taiwan, and China (2006). The firm filed for an IPO again in March 2004 aiming to raise $85 million; at that time it reported revenues of $50.6 million with clients such as Intel and Infineon. The company went public on NASDAQ in December 2004 at $14 per share, raising $72 million.
In 2007, Cascade acquired Gryphics, a socket manufacturer, for $13.7 million plus stock consideration and launched a subsidiary in Munich to support its European operations. Founder and CEO Eric Strid stepped down as CEO in 2008 but retained his roles as chairman and CTO; Geoff Wild succeeded him but resigned in 2009. Michael Burger took over as CEO in mid-2010.
In January 2010, Cascade purchased the chip-testing division of SUSS MicroTec AG for $9.8 million, strengthening its position against a key competitor. That year the company recorded a quarterly revenue high of $25.3 million but also reported a net loss of $400,000.
Beginning in 2011, Cascade partnered with IMEC to develop testing techniques for advanced three-dimensional Through-Silicon-Via (TSV) architectures. Fiscal year 2012 saw revenues reach $113 million along with the first profit since 2007.
In October 2013, Cascade acquired ATT Advanced Temperature Test Systems through a cash-and-stock transaction valued at $27.7 million. In February 2016, FormFactor announced its acquisition of Cascade for $352 million, finalizing the deal by June.
In 2017, Cascade and IMEC collaborated to create an automated pre-bond testing system designed for advanced three-dimensional chips; this innovation received the National Instruments Engineering Impact Award for electronics and semiconductors, boosting their competitive edge in probing large-array fine-pitch microbumps used in 3D ICs.
Products
Cascade Microtech focuses on manufacturing test apparatus tailored for the semiconductor sector, offering probe solutions that assess chip performance prior to wafer separation. Their manufacturing operations are based in Beaverton, Oregon, and Dresden, Germany. In 2018, the company introduced automated probing platforms designed for RF testing, significantly improving both efficiency and precision. After acquiring FRT in 2019, Cascade broadened its offerings to incorporate metrology measurement instruments, thereby enhancing its market presence and diversifying its range of products and services.