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Electronics Production | January 13, 2005

Cadence to acquire Verisity

Cadence Design Systems, Inc. announced that it has signed a definitive agreement to acquire Verisity Ltd., a California-based provider of verification process automation (VPA) solutions.
Upon completion of the acquisition, Moshe Gavrielov, CEO of Verisity, will join the Cadence executive management team, and Yoav Hollander, founder and CTO, will play an integral role in setting Cadence's verification technology direction.

"The global electronics industry is under unprecedented pressure to develop and bring to market innovative products as quickly as possible," said Mike Fister, president and CEO, Cadence Design Systems. "Our acquisition of this highly innovative team and successful business is consistent with Cadence's focus on enabling the world's leading electronics companies to address the demand for increasingly complex systems."

"Customers are demanding solutions that automate the entire verification process and make it more predictable from planning to closure," said Gavrielov. "This requires the integration of our VPA solution with a unified verification infrastructure. The combination of the two companies will greatly accelerate the delivery of these integrated solutions."

Under the terms of the agreement, Cadence will acquire Verisity in an all-cash transaction. Upon closing of the acquisition, which is subject to customary shareholder and government approvals, Verisity stockholders will receive $12 in cash in exchange for each outstanding share of Verisity stock.

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