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Embattled Summit loses CEO

Posted: 22 Jul 2004 ?? ?Print Version ?Bookmark and Share

Keywords:system-level tool? summit design? innoveda? mentor graphics?

Guy Moshe has stepped down as president and CEO of struggling system-level tool vendor Summit Design, company representatives confirmed on July 19, 2004.

Moshe became CEO after Summit's technology was purchased from Innoveda by former Summit managers a day before Mentor Graphics Corp. acquired Innoveda. Moshe's departure is seen as another bump in what has been a very rough road for Summit.

Summit went public in the mid-1990s on the strength of its IC and PCB graphical entry technology, but the company immediately struggled as more lucrative IC design industry moved to HDL-based design.

The company's technology maintained traction within the smaller, less lucrative PCB design market, which allowed it to remain afloat but not grow.

In 1998, the company attempted to merge with PCB tools vendor OrCAD, but that effort dissolved largely because of a regulatory ruling that hindered Summit's ability to write off acquisition expenses. OrCAD was later acquired by Cadence Design Systems.

Still struggling and trying to find new growth, Summit merged with PCB tools vendor Viewlogic Systems to form Innoveda in late 1999 just as the dot-com bubble burst.

The merged company couldn't compete against Cadence and Mentor Graphics, which had snapped up smaller PCB tool vendors during the technology recession. Mentor eventually acquired Innoveda, but passed on Summit's technology since Mentor already offered its own schematic entry tools. When Mentor's acquisition of Innoveda was announced in 2002, Innoveda's president, Will Herman, said the system-level group, essentially Summit Design Technology, was "sucking out the profits" of the PCB group within Innoveda. He nevertheless said Summit could return to profitability under a smaller more focused management group.

Since then, Summit has been regrouping as a privately held company by offering a SystemC modeling and verification environments. The company, now operating out of Israel, reportedly remains unprofitable. Moshe cofounded Summit Design in the early 1990s and remained with the company through its many ups and downs.

Attempts to contact company management were unsuccessful.

- Mike Santarini

EE Times

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