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Springsoft, Novas ink merger agreement

Posted: 04 Apr 2008 ?? ?Print Version ?Bookmark and Share

Keywords:merger agreement? EDA? design verification?

Springsoft Inc. and Novas Software Inc. have signed an agreement for Springsoft to acquire all the outstanding shares of Novas that it does not already own.

Upon completion of the transaction, the two companies will be combined as a single, global EDA supplier based in Taiwan, offering a diverse range of solutions positioned to meet advanced semiconductor design and verification needs. The agreement builds on the ten-year relationship between the companies that spans financial investment, joint technology development, mutual cross-distribution of products, and coordinated worldwide customer service.

Under the terms of the agreement, and pending customary shareholder and regulatory approvals, Springsoft will pay $2.25 per share ($28,629,409) to the other Novas shareholders, giving Springsoft ownership of 100 percent of the shares. Novas will become a wholly owned subsidiary of Springsoft, and will be renamed Springsoft USA.

After the merger, the Springsoft product portfolio will include the Novas Verdi automated debug system, Siloti visibility enhancement solution and the Laker custom physical design products.

The Springsoft management team, led by president and CEO Martin Lu and chief operating officer Johnson Teng, will integrate the Novas management team. Novas president and CEO Scott Sandler will take responsibility for worldwide marketing as well as head operations in North America and Europe as president of Springsoft USA. Bill Shepard, currently head of worldwide sales at Novas, will assume that same responsibility at Springsoft.

"The timing is right for the combination as the two companies have complementary development and growth plans that are even more powerful together," said Lu. "This is a major step forward for Springsoft with many advantages for our customers, our investors, and our employees."

The combination will also allow Springsoft to integrate Novas' focused team of U.S.-based technology developers into its large Asia-based product development team. "This is a very logical and efficient way for both Novas and Springsoft to accelerate our growth goals. The merger gives us a deeper set of technical resources working in sync to evolve our debug and verification enhancement products, and lets us offer our worldwide community of users a wider range of EDA solutions through the same well-known sales and service channel," said Sandler.

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