Forbes.com is reporting that Apple has acquired a microprocessor design company called PA Semi. The 150-person company is well known for its design of low-power microprcoessors, like those used in the iPod and iPhone.

“Apple buys smaller technology companies from time to time, and we generally do not comment on our purposes and plans,” said Apple spokesman Steve Dowling. Although Apple refused to state the cost of the purchase it is estimated by those familiar with the deal that Apple bought the company for $278 million.

The decision to center the iPhone design around a chip that Apple could own marks a significant strategic choice by Apple Chief Executive Steve Jobs, and is aimed at ensuring Apple can continue to differentiate its flagship phone as a raft of competitors flood the market. According to a source affiliated with the chip company, Jobs and Senior Vice President Tony Fadell led the tiny group of executives who spearheaded the acquisition, which included negotiations that took place in Jobs’ home.

Rumours have previously circulated that Apple would use Intel’s Atom platform for future iPhones but the acquisition of PA Semi suggests otherwise.