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Tensilica joins Cadence for $380 million

13 Mar 2013

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An announcement that Tensilica Inc. will be acquired by Cadence Design Systems Inc. has been made yesterday. Both parties have agreed on a sum of approximately $380 million in cash. Tensilica has around 200 employees and all of them are expected to join Cadence.

Further expanding Cadence's IP portfolio, Tensilica provides configurable dataplane processing units that are optimised for embedded data and signal processing targeted at mobile wireless, network infrastructure, auto infotainment and home applications.

"With Tensilica, we will be able to provide designers with a more complete SoC solution that will speed the development of innovative and differentiated products, while reducing time to market," said Lip-Bu Tan, president and CEO of Cadence.

Jack Guedj, president and CEO of Tensilica stated, "Joining Cadence will provide a broader platform to expedite our product development strategy and customer engagement. We will have the ability to accelerate IP sub-system development and integration while providing a more extensive support network to our customers."

Tensilica customised DPUs augment traditional custom hardware design, offering both time-to-market and programmability advantages and can be optimised to achieve optimal power, performance and area efficiency. Tensilica IP provides application-optimised sub-systems that work synergistically with industry-standard CPU architectures.

Cadence intends to finance the transaction with available cash and an existing revolving credit facility. The transaction is expected to close in the second quarter of fiscal 2013, subject to customary closing conditions including regulatory approvals. Cadence expects the transaction to be slightly dilutive to its non-GAAP earnings per share in fiscal 2013 due to the impact of merger-related accounting and accretive to its non-GAAP earnings per share in fiscal 2014. The impact on GAAP earnings per share will be available after valuation and the completion of purchase accounting.

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