SAN JOSE, Calif., April 28, 2016 /PRNewswire/ -- Cadence Design Systems, Inc. (NASDAQ: CDNS) today announced that it has completed the acquisition of Rocketick Technologies, Ltd., an Israel-based pioneer and leading provider of multicore parallel simulation.
The completion of this transaction strengthens Cadence's System Design Enablement strategy by delivering ultra-high-performance simulation to accelerate the development of complete systems with the end-product in mind. Rocketick's technology accelerates Cadence Incisive® Enterprise Simulator to provide up to 6X speed-up for register-transfer-level (RTL), up to 10X speed-up for gate-level functional and up to 30X speed-up for gate-level DFT simulations using standard multicore servers. The Rocketick technology is proven and in use today by marquee systems and semiconductor companies in the mobile, server, and graphics domains.
The Rocketick team will join the System & Verification Group, adding significant parallel simulation expertise. The transaction is not expected to have a material impact on Cadence's fiscal 2016 results of operations. Terms of the transaction were not disclosed.
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 regarding Cadence's expected benefits of the acquisition of Rocketick and Cadence's fiscal 2016 results of operations 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 effect of regulatory requirements and the potential inability to successfully operate or integrate Rocketick's business; (ii) the effect of the acquisition on Cadence's business, including the possibility that the acquisition 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 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 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 Rocketick 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, 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 U.S. Securities and Exchange Commission. These include Cadence's most recent reports on Form 10-K and Form 10-Q, including Cadence's future filings.