Innoveda and PADS software announce merger agreement

Innoveda and PADS software announce merger agreement

Keywords Innoveda, PADS software, Merger

Innoveda, Inc. have announced it has entered into a definitive merger agreement to acquire PADS Software, Inc., a privately held company. In the transaction, valued at approximately US$32 million, a total of approximately 6.5 million shares of Innoveda stock and approximately US$2 million will be exchanged for all PADS outstanding stock. In addition, Innoveda will assume all outstanding options to purchase PADS stock.

Together, the companies will be positioned to deliver a comprehensive environment for printed circuit board (PCB) and advanced IC packaging design, in addition to Innoveda's other environments for system-level design, design capture and electromechanical design. The environments are backed by Innoveda's comprehensive consulting services, and sold through an experienced worldwide direct sales force and value added reseller (VAR) channel.

The announcement comes two months after Viewlogic Systems, Inc. and Summit Design, Inc. completed their merger to become Innoveda. Through the merger,Innoveda plans to offer a complete printed circuit board and advanced packaging design environment that includes tools for interconnect planning, component placement, layout and automatic routing; high-speed analysis; and board fabrication auditing and optimization tools.