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Ansys acquires Apache Design for $310M

Posted: 02 Jul 2011 ?? ?Print Version ?Bookmark and Share

Keywords:acquistion? electronic packages? PCBs?

Ansys Inc. has signed a definitive agreement to acquire Apache Design Solutions Inc. for $310 million.

The deal is worth $281 million net of $29 million on Apache's balance sheet, Ansys said. It also includes $13 million worth of retention and provisions and incentives for key members of Apache management and employees, including an additional $13 million of performance equity awards, added Ansys.

According to Ansys, it intends to fund the transaction with cash on-hand from the combined organization. The transaction, expected to close in 3Q, is subject to customary closing conditions and regulatory approvals. After the closing, Apache will become a wholly owned subsidiary of Ansys.

Ansys said the acquisition of Apache complements its software solutions by bringing together products that drive the company's system vision for ICs, electronic packages and PCBs. The combination aims to accelerate development and delivery of new products to the market while lowering design and engineering costs for customers.

"We see this as an opportunity to strengthen the Ansys vision for solving chip, package and board design problems," said James Cashman, president and CEO of Ansys.

Ansys and Apache are currently developing integration plans that leverage and build on the cultural similarities and the best practices from each team.

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