Cadence completes acquisition of Verisity

Cadence Design Systems Inc. has completed the acquisition of Verisity Ltd, a provider of verification process automation solutions.

Cadence announced in January it would purchase Verisity (Mountain View, Calif.) in an all-cash transaction valued at $315 million. Verisity stockholders will receive $12 in cash in exchange for each outstanding share of Verisity stock.

The deal is expected to strengthen Cadence's offerings in verification solutions, through the addition of Verisity's verification automation and hardware acceleration products. Included are the Axis event-based Xtreme ESL emulator and Xcite event based simulation accelerator.

Former Verisity president and CEO Moshe Gavrielov will lead the combined verification operation as executive vice president of the newly formed Cadence Verification Division. Gavrielov will be joined by Yoav Hollander, founder of Verisity, who becomes Verification Division chief technology officer.

- Spencer Chin

EE Times