SOURCE: CADENCE DESIGN SYSTEMS, INC.
MUNICH, GERMANY--(Marketwired - May 7, 2013) - CDNLive 2013 - Cadence Design Systems, Inc. (NASDAQ: CDNS)
- Evatronix is an established provider of USB, MIPI, display and storage controller IP with a broad customer base of approximately 600 customers.
- Nearly 200 USB controllers licensed to customers, including several top-tier semiconductor companies.
- Evatronix's controllers, combined with PHYs from Cadence, will enable a complete interface IP solution that combines controller, PHY, verification IP and integration kits.
Cadence Design Systems, Inc. (NASDAQ: CDNS) today announced its intent to acquire the IP business of Evatronix SA SKA, adding to its rapidly expanding IP offering. Based in Poland, Evatronix delivers a silicon-proven IP portfolio, which includes certified USB 2.0/3.0, Display, MIPI, and storage controllers, which are highly complementary to Cadence's IP offering.
"The rapid innovations in the mobile, connectivity and cloud markets are driving today's IP marketplace," said Martin Lund, senior vice president of research and development, SoC Realization Group. "Evatronix's IP products will boost Cadence's offering for these segments, with high quality leading-edge IP that is production-proven."
Evatronix co-founder and president Wojciech Sakowski said, "Evatronix's IP cores and services are designed for ease-of-integration, quality and time-to-market. As part of Cadence, we will be able to reach more customers globally and to accelerate our IP roadmaps. The integration with Cadence will allow our customers to get to market faster with less effort."
The acquisition is expected to close in the second quarter of 2013, and is not expected to have a material impact on Cadence's balance sheet or second quarter or fiscal 2013 results of operations. Terms of the transaction were not disclosed.
Cadence enables global electronic design innovation and plays an essential role in the creation of today's integrated circuits and electronics. Customers use Cadence software, hardware, IP, and services to design and verify advanced semiconductors, consumer electronics, networking and telecommunications equipment, and computer systems. The company is headquartered in San Jose, California, with sales offices, design centers, and research facilities around the world to serve the global electronics industry. More information about the company, its products, and services is available at www.cadence.com.
This press release contains certain forward-looking statements, including statements above regarding Cadence's expected benefits of the pending acquisition of Evatronix's IP business, when Cadence expects to complete the transaction and the impact of the pending acquisition on Cadence's balance sheet and results of operations, that are subject to factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These forward-looking statements are subject to numerous risks, uncertainties and other factors, many of which are outside Cadence's control, including, among others: (i) failure or inability to consummate the transaction, effects of the transaction on Cadence's financial results, the potential inability to successfully integrate Evatronix's IP portfolio; (ii) the effect of the announcement of the asset acquisition on Cadence's businesses; (iii) Cadence's ability to compete successfully in the electronic design automation product, design IP and commercial electronic design and methodology services industries; (iv) the success of Cadence's efforts to improve operational efficiency and growth; (v) the mix of products and services sold and the timing of significant orders for Cadence's products, and its shift to a ratable license structure, which may result in changes in the mix of license types; (vi) change in customer demands, including those resulting from customer consolidation and the possibility that restructurings of customers and other efforts to improve operational efficiency by customers could result in delays in customers' purchases of products and services; (vii) economic and industry conditions in regions in which Cadence does business; (viii) fluctuations in rates of exchange between the U.S. dollar and the currencies of other countries in which Cadence and Evatronix do business; (ix) capital expenditure requirements, legislative or regulatory requirements, interest rates and Cadence's ability to access capital and debt markets; (x) the acquisition of other companies or technologies or the failure to successfully integrate and operate these companies or technologies Cadence acquires; (xi) the effects of Cadence's efforts to improve operational efficiency on Cadence's business, including its strategic, customer and supplier relationships, and its ability to retain key employees; (xii) events that affect the reserves or settlement assumptions Cadence may take from time to time with respect to accounts receivable, taxes, litigation or other matters; and (xiii) the effects of any litigation or other proceedings to which Cadence is or may become a party. Cadence undertakes no obligation to update any forward-looking statement in this press release.
For a detailed discussion of these and other cautionary statements related to Cadence's business, please refer to Cadence's filings with the Securities and Exchange Commission. These include Cadence's most recent reports on Form 10-K and Form 10-Q, including Cadence's future filings.
© 2013 Cadence Design Systems, Inc. All rights reserved worldwide. Cadence and the Cadence logo are registered trademarks of Cadence Design Systems, Inc. in the United States and other countries. Evatronix is a trademark of Evatronix SA SKA.