Veeco

Veeco is a United States-based capital-equipment company that designs and manufactures systems used to process wafers, thin films and other advanced materials. Its equipment is sold primarily to semiconductor and compound-semiconductor manufacturers, but also serves data-storage, advanced-packaging, MEMS, RF-filter, photonics, display and research markets. The company is headquartered in Plainview, New York, and operates through an international network of engineering, manufacturing, sales and service locations. The company began in 1945 when scientists Frank Raible and Al Nerken developed a helium leak detector. The original name, Vacuum Electronic Equipment Company, was shortened to Veeco. Over time, the business moved from vacuum instrumentation into specialized processing equipment. A management buyout in 1990 restored the Veeco Instruments trade name and separated the operating business from its then-owner, Unitech. Veeco completed its initial public offering on Nasdaq in 1994 under the ticker VECO. Veeco expanded largely through acquisitions and technology development. Ion Tech added optical-coating capabilities in 1999, Applied EPI strengthened molecular beam epitaxy, and the 2003 Emcore acquisition established a larger position in metal-organic chemical vapor deposition. The company later added wet-processing capabilities through Solid State Equipment Co. and broadened its advanced-packaging and process-control portfolio through the 2017 acquisition of Ultratech, which also brought Cambridge Nanotech and atomic-layer-deposition technology. Epiluvac, acquired in 2023, extended Veeco's epitaxy portfolio toward silicon-carbide applications. Its product capabilities include laser spike annealing, photolithography, ion-beam etch and deposition, metal-organic chemical vapor deposition, wet wafer processing, molecular beam epitaxy, atomic layer deposition, physical vapor deposition, gas and vapor delivery, wafer dicing and lapping. These tools are used to create or modify thin films and device structures for applications such as advanced logic and memory, advanced packaging, LEDs, VCSELs, GaN power and RF devices, silicon-carbide electronics, magnetic memory, hard-disk drives and university materials research. Veeco's positioning is that of a specialized process-technology supplier rather than a general-purpose factory-automation company. Its systems are typically integrated into high-volume manufacturing lines or advanced research facilities where materials uniformity, process control, throughput and repeatability are important. The company has also invested in atomic-layer-deposition research and related process science. Its markets are connected to long-term technology trends including artificial intelligence, high-performance computing, cloud storage, 5G communications, autonomous vehicles, virtual and augmented reality, photonics and electrification. Veeco remains a listed, operating company. In October 2025, it announced an agreement to combine with Axcelis Technologies in an all-stock transaction. The proposed combination was described as valuing the merged business at approximately $4.4 billion, with Axcelis shareholders expected to own about 58 percent and Veeco shareholders about 42 percent; completion status is not established by the supplied material.

Veeco was founded in 1945 by Frank Raible and Al Nerken, who developed a helium leak detector. The name derived from Vacuum Electronic Equipment Company. The early business was associated with vacuum and electronic instrumentation, but the company gradually developed technologies applicable to semiconductor and advanced-materials processing. In the 1960s, the original Veeco merged with Lambda, a power-supply manufacturer. In the late 1980s, Unitech, a British company, acquired the business. In 1990, Edward H. Braun, then Veeco's chief operating officer, led a management group that purchased the instrument business from Unitech. The business resumed using the Veeco Instruments name and pursued a more focused strategy in specialized capital equipment. Veeco went public on the Nasdaq National Market in 1994 under the symbol VECO. The offering reportedly generated $27.5 million in net proceeds. After the IPO, the company used acquisitions and internal development to build a portfolio spanning thin-film deposition, epitaxy, optical coatings, wafer processing and process control. Ion Tech was acquired in 1999, giving Veeco a stronger presence in optical coating. Applied EPI followed in 2001 and became the foundation of the company's molecular-beam-epitaxy group. In 2003, Veeco acquired Emcore, adding metal-organic chemical vapor deposition technologies used in LED, VCSEL and photonics manufacturing. Veeco subsequently invested in atomic-layer-deposition research and published technical work in the field over the 2007–2018 period. Leadership changed in 2007 when Braun became board chairman and John R. Peeler joined as chief executive officer. In 2008, Veeco resolved patent litigation involving Asylum Research. In 2010, it sold its metrology operation to Bruker. Peeler became board chairman in 2012. The acquisition of Solid State Equipment Co. in 2014 expanded Veeco's wet etch, clean and surface-preparation capabilities. On May 26, 2017, Veeco completed its acquisition of Ultratech. That transaction added lithography, laser spike annealing and three-dimensional inspection products for advanced packaging and high-volume logic and memory manufacturing. Cambridge Nanotech, an ALD specialist associated with Ultratech, also became part of the expanded portfolio. Bill Miller was named chief executive officer in October 2018 after serving as president and leading growth initiatives across Veeco's business units and global operations. In 2020, the board made governance changes intended to increase gender diversity. Peeler retired from the board, Richard D'Amore became chairman, and Mary Jane Raymond joined the Audit Committee. Veeco's later development emphasized semiconductor and compound-semiconductor markets while maintaining exposure to data storage and scientific research. In 2021, it shipped the first LSA101 laser spike annealing system. In February 2023, it announced the acquisition of Epiluvac AB, a Lund-based manufacturer of CVD epitaxy systems relevant to silicon-carbide devices and electric-vehicle power applications. In October 2025, Veeco and Axcelis Technologies announced an all-stock merger agreement. The proposed transaction would combine two semiconductor-equipment businesses and was described as having an approximate value of $4.4 billion. The supplied material does not establish whether the transaction closed, so Veeco's post-announcement corporate status requires verification.

1. 2025Proposed Axcelis merger

   Veeco announces an all-stock merger agreement with Axcelis Technologies.

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2. 2023Epiluvac acquisition

   Veeco acquires Epiluvac to expand CVD epitaxy capabilities for silicon-carbide applications.

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3. 2021First LSA101 shipment

   Veeco ships its first LSA101 Laser Spike Annealing System.

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4. 2017Ultratech acquisition

   Veeco adds advanced-packaging lithography, laser annealing, inspection and ALD capabilities.

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5. 2014Solid State Equipment acquisition

   The deal adds solvent-based wet etch and cleaning technologies.

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6. 2010Metrology business divestiture

   Veeco sells its metrology business to Bruker.

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7. 2003Emcore acquisition

   The transaction strengthens Veeco's MOCVD business for LEDs, VCSELs and photonics.

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8. 2001Applied EPI acquisition

   Applied EPI becomes the foundation of Veeco's molecular-beam-epitaxy business.

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9. 1999Ion Tech acquisition

   The acquisition expands Veeco into optical-coating equipment.

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10. 1994Initial public offering

    Veeco completes its Nasdaq IPO under the ticker VECO.

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11. 1990Management buyout

    Edward H. Braun and other senior executives purchase Veeco's instrument business from Unitech and restore the Veeco Instruments trade name.

    Source
12. 1945Veeco is founded

    Frank Raible and Al Nerken establish the company after developing a helium leak detector.

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Specialized semiconductor and advanced-materials process-equipment supplier focused on deposition, etch, annealing, lithography, cleaning and related wafer-processing technologies.

• MOCVD systemsCompound-semiconductor deposition

  Veeco's metal-organic chemical vapor deposition systems grow III-V compound-semiconductor films, including gallium nitride, gallium arsenide and indium phosphide. They support LED, mini-LED, micro-LED, VCSEL, RF and power-device production, where uniform epitaxial layers and repeatable deposition are essential.

• Molecular beam epitaxy systemsEpitaxy and research equipment

  MBE systems deposit highly controlled crystalline layers for compound-semiconductor devices and materials research. They are used by industrial laboratories and universities for structures involving materials such as gallium arsenide and related systems, as well as lasers, infrared sensors and experimental devices.

• Laser spike annealing systemsSemiconductor thermal processing

  Laser spike annealing equipment rapidly heats selected wafer regions for controlled dopant activation and other semiconductor process steps. Veeco's LSA systems target advanced logic and memory manufacturing, where tight thermal budgets and localized processing can help preserve device structures.

• Ion beam etch and deposition systemsEtch and thin-film processing

  Ion-beam systems remove or deposit material with directional control and are used in magnetic-memory, RF-filter, data-storage and other thin-film applications. Veeco equipment supports processes including ion-beam etching, ion-beam deposition and related physical-vapor-deposition operations.

• Atomic layer deposition systemsThin-film deposition

  ALD systems build films one controlled chemical layer at a time, enabling precise thickness and conformality. Veeco's ALD capabilities serve semiconductor, solar, medical and advanced-materials applications and were expanded through the Cambridge Nanotech business acquired with Ultratech.

• Advanced packaging systemsPackaging lithography and wet processing

  This portfolio includes lithography, wet etch and surface-preparation systems for copper-pillar, fan-out wafer-level packaging, through-silicon vias, silicon interposers, redistribution layers and under-bump metallization. The equipment is intended for high-volume packaging and heterogeneous-integration processes.

• Wet etch and clean systemsWafer cleaning and surface preparation

  Veeco supplies wet-processing systems for film etching, photoresist and dry-film removal, flux cleaning, particle removal, TSV cleaning and metal lift-off. These tools serve semiconductor, compound-semiconductor, MEMS and RF-filter manufacturing.

• Dicing, lapping and gas-delivery systemsSupporting process equipment

  Veeco's supporting equipment includes wafer dicing and lapping systems and gas- and vapor-delivery technologies. These products support substrate preparation, thin-film processing and data-storage manufacturing alongside the company's deposition and etch platforms.

• 2025Proposed combination with Axcelis TechnologiesM&A

  Veeco and Axcelis announced a combination intended to unite complementary semiconductor-equipment businesses.

  What changed. The companies agreed to an all-stock merger reportedly valued at approximately $4.4 billion, with expected ownership of about 58 percent for Axcelis shareholders and 42 percent for Veeco shareholders.

  Aftermath. The supplied material does not confirm closing or the resulting corporate structure.

  Announced transaction value. Approximately 4.4 billion USD (October 2025 announcement)

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• 2023Epiluvac acquisitionM&A

  Demand for silicon-carbide power devices was creating opportunities in epitaxial-wafer production.

  What changed. Veeco acquired Epiluvac AB, a Swedish maker of CVD epitaxy systems.

  Aftermath. The deal strengthened Veeco's position in equipment for silicon-carbide and electric-vehicle power applications.

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• 2017Ultratech acquisitionM&A

  Veeco sought to expand beyond deposition into process control and advanced packaging.

  What changed. Veeco acquired Ultratech, adding lithography, laser spike annealing, three-dimensional inspection and Cambridge Nanotech ALD capabilities.

  Aftermath. The transaction broadened Veeco's addressable markets in logic, memory and advanced packaging.

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• 2010Sale of metrology businessStrategy

  Veeco was refining its portfolio around process equipment and related technologies.

  What changed. The company sold its metrology business to Bruker in a cash transaction reported at $229.4 million.

  Aftermath. The divestiture concentrated Veeco more heavily on deposition and wafer-processing systems.

  Transaction value. 229.4 million USD (2010)

  Source
• 1994Public-market expansionStrategy

  After the 1990 management buyout, Veeco needed capital to develop and acquire specialized process-equipment technologies.

  What changed. Veeco completed an initial public offering on Nasdaq under the symbol VECO.

  Aftermath. The listing supported a long period of acquisition-led expansion into deposition, epitaxy, wet processing and advanced packaging.

  Source

• 2025Veeco and Axcelis announce proposed merger

  The companies announced an all-stock combination reportedly valued at approximately $4.4 billion. The proposed ownership split was approximately 58 percent for Axcelis shareholders and 42 percent for Veeco shareholders.

  M&A
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• 2023Veeco acquires Epiluvac

  Veeco acquired Swedish CVD epitaxy-equipment maker Epiluvac, strengthening its capabilities for silicon-carbide applications, including electric-vehicle power electronics.

  M&A
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• 2021Veeco ships first LSA101 laser annealing system

  Veeco shipped the first LSA101 Laser Spike Annealing System from its San Jose facility to a leading semiconductor manufacturer.

  Product launch
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• 2017Veeco acquires Ultratech

  The acquisition expanded Veeco into advanced-packaging lithography, laser annealing and three-dimensional wafer inspection, and added Cambridge Nanotech's ALD capabilities.

  M&A
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• 2010Veeco sells metrology business to Bruker

  Veeco announced the sale of its metrology business to Bruker in a cash transaction reported at $229.4 million.

  M&A
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• 2008Veeco settles patent litigation involving Asylum Research

  Veeco settled patent litigation that it had initiated against Asylum Research Corporation in 2003.

  Lawsuit
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1. Veeco
2. Veeco official website
3. Tufts University Epitaxy Core capabilities