Press release
Cadence to Acquire Intrinsix Corporation from CEVA
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
About this update from Ceva, Inc.
[{"type":"text","content":"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\nSAN 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.\n\n\"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.\"\n\"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.\"\nThe acquisition is expected to be immaterial to revenue and earnings this year for Cadence and is subject to certain closing conditions.\nAbout CadenceCadence 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 th...