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SOURCE Cadence Design Systems, Inc.
SAN JOSE, Calif., June 16, 2014 /PRNewswire/ -- Cadence Design Systems, Inc. (NASDAQ: CDNS), a leader in global electronic design innovation, today announced that it has completed the acquisition of Jasper Design Automation, Inc., a market and technology leader in the fast-growing formal analysis sector.
The completion of this transaction expands differentiation of Cadence's System Development Suite, the industry's first and broadest system design and verification platform. Integration of Jasper's solutions with Cadence's connected debug analysis and software and hardware verification platforms will improve customers' ability to leverage Cadence's unified verification planning, metric-driven verification flow, and extensive dynamic and formal Verification IP portfolio for embedded processor system verification. The combination of Jasper and Incisive® Formal technologies and expertise will result in the most complete formal and semi-formal offerings in the industry.
The Jasper team, led by Kathryn Kranen, will join the System & Verification Group reporting to senior vice president Charlie Huang.
Cadence financed the transaction using available cash and an existing revolving credit facility. Cadence expects the transaction to be accretive to its non-GAAP earnings per share in fiscal 2015 after the impact of merger-related accounting. The impact on fiscal 2014 non-GAAP earnings per share will be provided when Cadence reports its second quarter fiscal 2014 financial results. The impact on GAAP earnings per share will be available after the completion of valuation and purchase accounting.
Cadence (NASDAQ: CDNS) 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, Calif., 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 acquisition of Jasper, the impact of the transaction to Cadence, and the global formal analysis market that are based on current expectations or beliefs, as well as preliminary assumptions about future events 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) effects of the acquisition on Cadence's financial results, the potential inability to successfully operate or integrate Jasper's business, including the potential inability to retain customers, key employees or vendors; (ii) the effect of the announcement of the completion of the acquisition on Cadence's business, including the possibility that the announcement may result in delays in customers' purchases of products or services; (iii) Cadence's ability to compete successfully in the electronic design automation product, design and IP and the 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; (vi) change in customer demands, including those resulting from customer consolidation and the possibility that the restructurings and other efforts to improve operational efficiency by Cadence's customers could result in delays in purchases of Cadence's 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 does 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, including the potential inability to retain customers, key employees or vendors; (xi) the effects of Cadence's efforts to improve operational efficiency on Cadence's business, including its strategic and customer 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.
© 2014 Cadence Design Systems, Inc. All rights reserved worldwide. Cadence, the Cadence logo and Incisive are registered trademarks of Cadence Design Systems, Inc. in the United States and other countries. Jasper Design Automation and the Jasper Design Automation logo are trademarks of Jasper Design Automation, Inc., a subsidiary of Cadence Design Systems, Inc.
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