Data I/O Corporation (NASDAQ: DAIO) has signed a definitive agreement to acquire V-TEK, Inc., a semiconductor handling and packaging solutions manufacturer based in Mankato, MN, and A&J Programming, Inc., a device programming service provider based in San Jose, CA, according to a press release.

The total purchase price is approximately $23 million, to be paid through a combination of cash and company common stock. The stock portion equals approximately $3 million, or roughly 1.12 million shares of Data I/O common stock.

Data I/O said it plans to fund the acquisition using cash on hand, company stock, and proceeds from a previously announced $13.25 million securities offering. The acquisition is expected to close shortly and remains subject to customary closing conditions.

The securities involved in the transaction have not been registered under the Securities Act of 1933 or applicable state securities laws.