Cadence Completes Acquisition of Jasper Design Automation

SAN JOSE, Calif., June 16, 2014 -- Cadence Design Systems, Inc. (NASDAQ: CDNS), a leader in global electronic design innovation, today announced that it has completed the acquisition of Jasper Design Automation, Inc., a market and technology leader in the fast-growing formal analysis sector.

The completion of this transaction expands differentiation of Cadence's System Development Suite, the industry's first and broadest system design and verification platform. Integration of Jasper's solutions with Cadence's connected debug analysis and software and hardware verification platforms will improve customers' ability to leverage Cadence's unified verification planning, metric-driven verification flow, and extensive dynamic and formal Verification IP portfolio for embedded processor system verification. The combination of Jasper and Incisive^® Formal technologies and expertise will result in the most complete formal and semi-formal offerings in the industry.

The Jasper team, led by Kathryn Kranen, will join the System & Verification Group reporting to senior vice president Charlie Huang.

Cadence financed the transaction using available cash and an existing revolving credit facility. Cadence expects the transaction to be accretive to its non-GAAP earnings per share in fiscal 2015 after the impact of merger-related accounting. The impact on fiscal 2014 non-GAAP earnings per share will be provided when Cadence reports its second quarter fiscal 2014 financial results. The impact on GAAP earnings per share will be available after the completion of valuation and purchase accounting.

About Cadence

Cadence (NASDAQ: CDNS) enables global electronic design innovation and plays an essential role in the creation of today's integrated circuits and electronics. Customers use Cadence^® software, hardware, IP, and services to design and verify advanced semiconductors, consumer electronics, networking and telecommunications equipment, and computer systems. The company is headquartered in San Jose, Calif., with sales offices, design centers, and research facilities around the world to serve the global electronics industry. More information about the company, its products, and services is available at www.cadence.com.