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Verisity shareholders approve acquisition

Posted: 04 Apr 2005 ?? ?Print Version ?Bookmark and Share

Keywords:verification process automation?

Cadence Design Systems' estimated $285 million acquisition of verification process automation provider Verisity Ltd. has been approved by Verisity shareholders.

Cadence signed a definitive agreement in January to acquire Verisity (Mountain View, Calif.) in an all-cash deal for $12 per share. Cadence expects the acquisition to strengthen the company's front end verification, emulation and prototyping suite.

A key component of the acquisition is Verisity's Specman Elite testbench generation tool, which is the market leader in electronic system level verification, according to Gartner Dataquest.

Plans call for Verisity executives Moshe Gavrielov, CEO, and Yoav Hollander, founder and CTO, to assume significant roles with Cadence upon the completion of the merger.

Though approved by shareholders, the acquisition remains subject to satisfaction or waiver of a few remaining closing conditions, Verisity said.

- Dylan McGrath

EE Times

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