O’Melveny Advises Invecas on Acquisition by Cadence Design Systems
January 8, 2024
FOR IMMEDIATE RELEASE
SILICON VALLEY—January 8, 2024—O’Melveny advised Invecas, Inc., a leading provider of design engineering, embedded software and system-level solutions, on its acquisition by Cadence Design Systems, Inc., a leader in electronic systems design.
The transaction was announced on January 8.
Headquartered in Santa Clara, CA, Invecas is a leading provider of ASIC Design and Hardware Design Services, Embedded Software & System-level solutions for global customers. Invecas customers take advantage of the company’s extensive experience in co-developing hardware and software under one roof to translate their ideas into real products.
Cadence is a pivotal leader in electronic systems design, building upon more than 35 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.
The O’Melveny team advising Invecas was led by Silicon Valley M&A partner David Makarechian, head of the firm’s Emerging Technologies Group, counsel Melissa Wright, and associates Amit Itai and Matthew Cook.
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Contact:
Brandon Jacobsen
O’Melveny & Myers LLP
+1 213 430 8024
bjacobsen@omm.com
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Cadence issued the following announcement:
Cadence Acquires Invecas to Accelerate System Realization
Transaction brings Cadence skilled system design expertise in delivering end-to-end custom solutions to customers across multiple industries
January 08, 2024 09:15 AM Eastern Standard Time
SAN JOSE, Calif.--(BUSINESS WIRE)--Cadence Design Systems, Inc. (Nasdaq: CDNS) announced today that it has acquired Invecas, Inc., a leading provider of design engineering, embedded software and system-level solutions, headquartered in Santa Clara, California. The purchase adds a skilled system design engineering team to Cadence, with expertise in providing customers with custom solutions across chip design, product engineering, advanced packaging and embedded software.
Accelerating trends such as digital transformation of multiple vertical markets and more system companies building custom silicon continue to drive strong design activity. Additionally, with classic Moore’s law slowing down, new “More than Moore” technologies, such as advanced 2.5D/3D packaging and chiplets, are paving the way for significant performance and manufacturing efficiencies. These strategic generational trends, underpinned by advancements in AI, are ushering in a new era of design and spurring a rapidly growing customer need for skilled end-to-end engineering expertise in enabling their custom silicon and system development efforts.
The acquisition brings a skilled engineering team centered in Hyderabad, led by Invecas CEO Dasaradha Gude, that has vast experience in delivering end-to-end system solutions with deep expertise in advanced nodes, mixed-signal, verification, embedded software, packaging and turnkey custom silicon production. Invecas has built close relationships with key players in the design ecosystem as well as with top foundry and assembly and test partners. With extensive experience designing chips and taking them to production, Invecas has served hundreds of customers across various verticals, including mobile, networking, hyperscaler and automotive. In addition to Cadence’s leading EDA solutions, Invecas will also leverage and augment Cadence’s broad IP portfolio to enable more comprehensive custom product solutions.
“With complexity and challenges increasing due to the proliferation of AI, 2.5D/3D and chiplet designs, customers need access to experienced teams that can assist with bringing designs from ideation to production,” said Boyd Phelps, senior vice president and general manager, Silicon Solutions Group, Cadence. “With the acquisition of Invecas, Cadence is able to scale our system design engineering offerings to support customers in critical high-growth verticals who are faced with the need to aggressively increase performance while tackling ever-increasing system-level complexity.”
“Generational trends are accelerating the increases in design complexity and driving a customer need for skilled engineering talent that can assist with system design,” said Dasaradha Gude, CEO, Invecas. “We are excited to join the Cadence team and to enhance the solutions available to customers, utilizing our core expertise to accelerate customer silicon and system development efforts.”
The terms of the transaction were not disclosed. The acquisition is expected to be immaterial to Cadence’s total revenue and earnings this year.
About Cadence
Cadence is a pivotal leader in electronic systems design, building upon more than 35 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.
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 talent, product development and service offerings, business strategy, plans and opportunities, industry and market trends, and financial outlook. 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 control. For example, the markets for its products and services may develop more slowly than expected or than they have in the past; its operating results and cash flows may fluctuate more than expected; a network or data security incident that allows unauthorized access to its network or data or customers’ data could damage its reputation; risks associated with tax liabilities or changes in U.S. federal tax laws or interpretations to which the transaction or parties thereto are subject; Cadence may fail to successfully integrate Invecas; Cadence may fail to realize the anticipated benefits of the acquisition; Cadence may experience unanticipated costs of acquiring or integrating Invecas; the potential impact of the acquisition on relationships with third parties, including employees, customers, partners and competitors; Cadence may be unable to motivate and retain key personnel; changes in or failure to comply with legislation or government regulations could affect the post-closing operations and results of operations; and macroeconomic and geopolitical conditions could deteriorate. Further information on potential factors that could affect Cadence’s ability to successfully integrate Invecas or otherwise realize the anticipated benefits of the acquisition is included in Cadence’s most recent report on Form 10-K and subsequent reports on Form 10-Q and its other filings with the Securities and Exchange Commission. The forward-looking statements included in this press release represent Cadence’s views as of the date of this press release, and Cadence undertakes no obligation to update any of them publicly in light of new information or future events.
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