Cadence Completes Acquisition of Forte Design Systems
SAN JOSE, Calif., Feb. 18, 2014 /PRNewswire/ -- Cadence Design Systems, Inc. (NASDAQ: CDNS), a leader in global electronic design innovation, today announced that it has completed the acquisition of Forte Design Systems, a provider of SystemC-based high-level synthesis (HLS) and arithmetic IP.
The completion of this transaction enhances Cadence's HLS offering and will enable Cadence to further drive a SystemC standard flow for design and multi-language verification. Growth in this sector is fueled by design teams migrating from hand-coded RTL design to SystemC-based design and verification to address increasing IP complexity and the need for rapid retargeting of IP to derivative architectures.
The Forte team, including its full executive team, will join the System & Verification Group led by senior vice president Charlie Huang.
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 Forte, the impact of the transaction to Forte, and the global high-level synthesis market that are based on current expectations or beliefs, as well as a number of 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 Forte'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 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 consolidation among Cadence's customers and the possibility that the restructurings and other efforts to improve operational efficiency of 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.
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 and the Cadence logo are registered trademarks of Cadence Design Systems, Inc. in the United States and other countries, and Forte is a trademark of Forte Design Systems.
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