HPL Technologies to acquire IDS Software Systems

HPL Technologies Inc. has signed a definitive agreement to acquire IDS Software Systems Inc. (IDS), a privately held software development company.

Under the terms of the agreement, HPL will acquire all outstanding shares of IDS, about 5.2 million shares of HPL common stock, and assume all IDS employee stock options which will convert into about 300,000 HPL stock options. IDS in effect will become a wholly owned subsidiary of HPL.

According to HPL, the IDS tool suite is complementary to its existing products and will help complete the company's engineering analysis offering. Specifically, the modularity of IDS' dataPOWER, integrated with HPL's YIELDirector is expected to deliver an end-to-end solution to our combined customer base, sharing a common database that can further facilitate the transfer of knowledge from engineering into manufacturing efficiency.

The acquisition is expected to be completed by the end of this month.