Transaction will bring Cadence a highly
skilled team of engineers to expand company's reach in the
aerospace and defense industry, and strengthen CEVA's focus
on IP for high-growth technologies addressing wireless
communications, sensing and edge AI
SAN
JOSE, Calif. and ROCKVILLE,
Md., Sept. 20, 2023 /PRNewswire/
-- Cadence Design Systems, Inc. (Nasdaq: CDNS) and CEVA,
Inc. (Nasdaq: CEVA), a leading licensor of wireless
connectivity and smart sensing technologies, today announced that
they have entered into a definitive agreement for Cadence to
acquire Intrinsix Corporation, a wholly owned subsidiary of CEVA
and a provider of design engineering solutions focused on the U.S.
aerospace and defense industry. The purchase will bring Cadence a
highly skilled engineering team that has expertise in advanced
nodes, radio frequency, mixed-signal and security algorithms.
"CEVA's strength over the years has been in developing and
licensing semiconductor IP and software, which has powered more
than 16 billion devices to date," said Amir
Panush, CEO of CEVA. "With the sale of Intrinsix, we are
focusing our efforts on this core expertise, which will allow us to
reinforce our leadership position in wireless communications,
sensing and edge AI technologies and support our long-term growth
strategy."
"Cadence and Intrinsix are well-aligned in their missions to
enable customers to achieve design excellence," said
Neil Zaman, Senior Vice President
and Chief Revenue Officer at Cadence. "Through the acquisition of
Intrinsix, we will scale our system and IC design services team to
support customers in key high-growth verticals like the aerospace
and defense industry who are faced with meeting tight
time-to-market deadlines and ever-increasing chip and system-level
complexity."
The acquisition is expected to be immaterial to revenue and
earnings this year for Cadence and is subject to certain closing
conditions.
About Cadence
Cadence is a pivotal leader in
electronic systems design, building upon more than 30 years of
computational software expertise. The company applies its
underlying Intelligent System Design™ strategy to
deliver software, hardware and IP that turn design concepts into
reality. Cadence® customers are the world's most
innovative companies, delivering extraordinary products from chips
to boards to complete systems for the most dynamic market
applications, including hyperscale computing, 5G communications,
automotive, mobile, aerospace, consumer, industrial and healthcare.
For nine years in a row, Fortune magazine has named Cadence one of
the 100 Best Companies to Work For. Learn more at
www.cadence.com.
About CEVA
CEVA is the leading licensor of wireless
connectivity and smart sensing technologies for a smarter, safer,
connected world. We provide Digital Signal Processors, AI engines,
wireless platforms, cryptography cores and complementary embedded
software for sensor fusion, image enhancement, computer vision,
spatial audio, voice input and artificial intelligence. Leveraging
our technologies, many of the world's leading semiconductors,
system companies and OEMs create power-efficient, intelligent,
secure and connected devices for a range of end markets, including
mobile, consumer, automotive, robotics, industrial and IoT.
Our DSP and edge AI based solutions include platforms for 5G
baseband processing in mobile, IoT and infrastructure, advanced
imaging and computer vision for any camera-enabled device,
audio/voice/speech and ultra-low-power always-on/sensing
applications for multiple IoT markets. For motion sensing
solutions, our Hillcrest Labs sensor
processing technologies provide a broad range of sensor fusion
software and inertial measurement unit ("IMU") solutions for
markets including hearables, wearables, AR/VR, PC, robotics, remote
controls and IoT. For wireless IoT, our platforms for Bluetooth
connectivity (low energy and dual mode), Wi-Fi 4/5/6
(802.11n/ac/ax), Ultra-wideband (UWB), NB-IoT and GNSS are the most
broadly licensed connectivity platforms in the industry.
CEVA is a sustainable and environmentally conscious company,
adhering to our Code of Business Conduct and Ethics. As such, we
emphasize and focus on environmental preservation, recycling, the
welfare of our employees and privacy – which we promote on a
corporate level. At CEVA, we are committed to social
responsibility, values of preservation and consciousness towards
these purposes.
Visit us at www.ceva-dsp.com and follow us on Twitter, YouTube,
Facebook, LinkedIn and Instagram.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995, including but not limited
to, statements regarding Cadence's, CEVA's and Intrinsix's
respective talent, product development and service offerings,
business strategy, plans and opportunities, industry and market
trends, financial outlook and the terms and conditions of the
proposed acquisition of Intrinsix by Cadence. Forward-looking
statements are based on current expectations, estimates, forecasts
and projections. Words such as "expect," "anticipate," "should,"
"believe," "hope," "target," "project," "goals," "estimate,"
"potential," "predict," "may," "will," "might," "could," "intend,"
"shall" and variations of these terms and similar expressions are
intended to identify forward-looking statements, although not all
forward-looking statements contain these identifying words.
Forward-looking statements are subject to a number of risks,
uncertainties and other factors, many of which are outside
Cadence's, CEVA's or Intrinsix's control. For example, the markets
for their respective products and services may develop more slowly
than expected or than they have in the past; their respective
operating results and cash flows may fluctuate more than expected;
a network or data security incident that allows unauthorized access
to their respective networks or data or customers' data could
damage their reputations; they may fail to satisfy the closing
conditions in a timely manner or at all; risks associated with tax
liabilities or changes in U.S. federal tax laws or interpretations
to which the proposed transaction or parties thereto are subject;
Cadence may fail to successfully integrate Intrinsix; Cadence may
fail to realize the anticipated benefits of the proposed
acquisition; Cadence may experience unanticipated costs of
acquiring or integrating Intrinsix; the potential impact of
announcement or consummation of the proposed acquisition on
relationships with third parties, including employees, customers,
partners and competitors; Cadence may be unable to motivate and
retain key personnel; changes in legislation or government
regulations could affect the proposed acquisition or the parties
thereto; and macroeconomic and geopolitical conditions could
deteriorate. Further information on potential factors that could
affect Cadence's and CEVA's respective financial results or ability
to close the proposed acquisition is included in their most recent
reports on Form 10-K and Form 10-Q and their other filings with the
Securities and Exchange Commission. The forward-looking statements
included in this press release represent Cadence's and CEVA's views
as of the date of this press release, and neither Cadence nor CEVA
undertake any obligation to update any forward-looking statement in
this press release.
© 2023 Cadence Design Systems, Inc. All rights reserved
worldwide. Cadence, the Cadence logo and the other Cadence marks
found at www.Cadence.com/go/trademarks are
trademarks or registered trademarks of Cadence Design Systems, Inc.
All other trademarks are the property of their respective
owners.
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SOURCE CEVA, Inc.