RCL acted as exclusive financial advisor to Keystone Photonics throughout the process.
Livermore, CA, December 15th, 2025 – FormFactor, Inc. (NASDAQ:FORM), a leading semiconductor test and measurement supplier, announced today the acquisition of Keystone Photonics (https://keystone-photonics.com/), a pioneer in optical probing technology for silicon photonics (SiPh) and co-packaged optics (CPO) wafer testing. These technologies are key for next-generation data centers powering AI and high-performance computing – accelerating data communications to handle massive information loads with dramatically lower power consumption.
Driven by demand for AI infrastructure, silicon photonics is forecast to surge at nearly 30% annual growth rate (MarketsandMarkets, 2025, Silicon Photonics Market – Global Forecast to 2029). The acquisition of long-term partner Keystone Photonics strengthens FormFactor’s position at the forefront of this explosive growth, extending its integrated test system leadership for advanced semiconductor packaging and leveraging its unique lab-to-fab position as SiPh and CPO manufacturers leap from concept to high-volume production.
The combined companies are perfectly prepared to tackle the complexity of optical wafer testing, joining the industry’s foremost optical coupling technology with powerful probing automation to deliver unmatched data accuracy at high test speed.
“We’re thrilled to welcome Keystone Photonics to the FormFactor family,” said Mike Slessor, FormFactor President and CEO. “Our shared vision is clear: accelerate the industry’s ramp to high-volume SiPh and CPO production. As generative AI and advanced packaging reshape data centers, customers need robust, high-productivity integrated test solutions – and that’s exactly what we deliver.”
Keystone Photonics CEO Philipp Dietrich added, “In joining worldwide wafer test leader FormFactor, we’re unlocking the next phase of growth and charting the path in the fast-evolving world of test and measurement. By combining our cutting-edge technologies and deep expertise, we’re ready and energized to fuel our customers’ innovation and drive their breakthrough success.”
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