Para will sell its technology to mobile customers but also has plans to move into other sectors.
It will target smartphones, tablets, notebooks, monitors, wearable technology, GPS systems, digital cameras and some industrial segments.
Cypress will continue to supply TrueTouch to automotive and home appliance customers.
Parade said in a statement that the acquisition will “substantially expand” its market.
Jack Zhao, CEO of Parade, said the acquisition will provide it with immediate growth opportunities and help to diversify its revenue and customer base.
The transaction is expected to close in the third quarter of this year.