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Exar, a Fremont, Calif.-based maker of integrated circuits, has acquired Galazar, a Canadian semiconductor company that had fallen on hard times even before the economic downturn. No financial terms have been released, but Exar will be operated as a full subsidiary.

This is the second semiconductor firm the company has bought in as many years, purchasing FyreStorm in 2008. The deal is a far cry from Galazar’s plans to go public when it nearly became profitable in 2004. It had landed several major clients, and $30 million from Desjardins Venture Capital, Goldman Sachs, Katsura Investments, RBC Capital Partners, Skypoint Capital and VenGrowth.

Exar’s funding history has not been disclosed.

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