A unique design for an optimized N-bit multiplier is proposed and implemented which utilizes a modified divide-and-conquer technique. The conventional technique requires four N/2-bit multipliers to perform N-bit multiplication, whereas the proposed design uses only one multiplier module in hardware to perform the functionality of four modules. It uses Dadda algorithm in its multiplier module. It has been implemented using Verilog HDL, and a good accuracy of results was observed in simulations which effectively verify its functionality. Design was also synthesized on various FPGAs including Spartan 3E, Virtex-5 and Virtex-7. Performance summary, after place and route, showed that the proposed approach significantly reduces hardware utilization. Furthermore, the proposed design is almost 75% more efficient in terms of resources utilization and operating frequency as compared to the conventional design.