MOUNTAIN VIEW, Calif.,
Feb. 22, 2012 /PRNewswire/ --
Synopsys, Inc. (Nasdaq: SNPS), a world leader in software and IP
used in the design, verification and manufacture of electronic
components and systems, has completed its acquisition of Magma®
Design Automation Inc. (Nasdaq:LAVA), a provider of chip design
software headquartered in San Jose,
California. The combination of Synopsys and Magma will
enable the company to more rapidly meet the needs of leading-edge
semiconductor designers for ever more sophisticated design
tools.
The value of the transaction is approximately $523 million
net of cash acquired, or $7.35 per
Magma share in cash, which Synopsys will fund using a combination
of cash and debt. Synopsys anticipates it to be modestly accretive
to non-GAAP earnings per share in its fiscal 2012.
Along with Magma's senior management team, Magma President and
COO Roy Jewell will work with
Synopsys to ensure a smooth integration of the companies for
customers and employees. Magma's founder, Chairman and CEO
Rajeev Madhavan will not join
Synopsys but will be available for advice as we transition the
company.
Earnings Results Webcast
Synopsys will report results for the first quarter fiscal
2012 today after market close. Synopsys will hold a conference call
for analysts and investors to review the results and to discuss the
acquisition today at 2 p.m. PT (5
p.m. ET). A live webcast of the call will be available at
Synopsys' corporate website at www.synopsys.com. A recording of the
call will be available by calling +1‑800‑475‑6701 (+1-320-365-3844
for international callers), access code 236854, beginning at
4 p.m. PT today. A webcast replay will also be available
on the website from approximately 5:30 p.m. PT today
through the time Synopsys announces its results for the second
quarter fiscal 2012 in May 2012.
Synopsys will post copies of the prepared remarks of Aart de Geus, chairman and chief executive
officer, and Brian Beattie, chief
financial officer, on its website following the call.
About Synopsys
Synopsys, Inc. (Nasdaq:SNPS) is a world leader in
electronic design automation (EDA), supplying the global
electronics market with the software, intellectual property (IP)
and services used in semiconductor design, verification and
manufacturing. Synopsys' comprehensive, integrated portfolio of
implementation, verification, IP, manufacturing and
field-programmable gate array (FPGA) solutions helps address the
key challenges designers and manufacturers face today, such as
power and yield management, system-to-silicon verification and
time-to-results. These technology-leading solutions help give
Synopsys customers a competitive edge in bringing the best products
to market quickly while reducing costs and schedule risk. Synopsys
is headquartered in Mountain View,
California, and has approximately 70 offices located
throughout North America,
Europe, Japan, Asia
and India. Visit Synopsys online
at http://www.synopsys.com/.
Safe Harbor Statement/Forward-Looking Statements
This press release contains forward-looking statements
within the meaning of U.S. federal securities laws, including
statements regarding the expected impact of the transaction on
Synopsys' financial results and the expected benefits of the
transaction. Forward-looking statements are subject to both known
and unknown risks and uncertainties that may cause actual results
to differ materially from those expressed or implied in the
forward-looking statements, and that are outside our control. These
risks and uncertainties include, among others: the possibility that
the anticipated benefits of the transaction may not materialize;
our ability to operate or integrate Magma's business and
technologies with our own successfully, including with the
potential loss of customers, key employees, partners or vendors;
and uncertain customer demand and support obligations for new
offerings. Other risks and uncertainties that may apply are set
forth in the Risk Factors section of our most recently filed Annual
Report on Form 10-K. Synopsys assumes no obligation to update any
forward-looking statement contained in this press release.
Synopsys is a registered trademark of Synopsys, Inc. All other
trademarks mentioned in this release are the intellectual property
of their respective owners.
Editorial Contacts:
Yvette Huygen
Synopsys, Inc.
650-584-4547
yvetteh@synopsys.com
Investor Contacts:
Lisa Ewbank
Synopsys, Inc.
650-584-1901
SOURCE Synopsys, Inc.
