Engineering simulation software provider ANSYS has closed the acquisition of Apache Design Solutions for $314m.
The deal included $31.1m in cash and includes up to $12m in cash payments to be paid in equal portions on the first three anniversaries of acquisition as long as Apache co-founder and CEO Andrew Yang stays with the company.
The agreement also included retention provisions and incentives for key members of management and employees, earned over a three fiscal year period beginning on 1 January 2012, including an additional $13m of performance equity awards.
Apache Design based in San Jose, California, is a simulation software provider for low power products in the electronics industry.
Apache’s software enables engineers to design and simulate efficient, low power integrated circuits for high-performance electronic products found in devices such as tablets, smartphones, LCD televisions, laptops and high end computer servers.
The deal is expected to boost development and delivery of new products to the marketplace and lower design and engineering costs for customers.
ANSYS notes the acquisition of Apache complements its software offerings for integrated circuits, electronic packages and printed circuit boards.
The combined company will employ about 2,000 people, with about 60 direct sales offices and 21 development centres.
ANSYS, headquartered in Canonsburg, Pennsylvania, has 2,000 employees in more than 60 sales locations.
