Cadence To Acquire Intrinsix From CEVA For Undisclosed Sum

(RTTNews) - Cadence Design Systems, Inc. (CDNS), a software and hardware company, announced on Wednesday that it has entered into a definitive agreement to acquire CEVA, Inc.'s (CEVA) unit Intrinsix Corp.

The financial details of the transaction were not divulged.

Intrinsix is a provider of engineering solutions focused on the U.S. aerospace and defense industry. Its engineering team has expertise in advanced nodes, radio frequency, mixed-signal and security algorithms.

"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," said Neil Zaman, Chief Revenue Officer at Cadence.

Cadence expects the deal to be immaterial to revenues and earnings this year.

In pre-market activity, shares of Cadence are trading at $238.00 up 0.61%, and on Tuesday, shares of CEVA closed at $20.93 down 2.42% on Nasdaq.