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... to Accelerate System Innovation for 5G RF Communications
Cadence to Acquire AWR Corporation from National Instruments.
Logos are property of NI, Cadence, and AWR
December 2, 2019, San Jose, California - Cadence Design Systems, Inc. (Nasdaq:
CDNS) and National Instruments Corporation (Nasdaq: NATI) today announced that they
have entered into a definitive agreement pursuant to which
Cadence expects to acquire
AWR Corporation, a wholly owned subsidiary of National Instruments (NI). AWR is
an industry leader in high-frequency RF EDA software technology and will bring a
highly talented RF team to Cadence. Concurrently, Cadence and NI also entered into
a strategic alliance agreement to expand their relationship to enhance electronic
system innovation with a focus on communications.
AWR software is used by microwave and RF engineers to design wireless products
for complex, high-frequency RF applications. The technology helps customers accelerate
the design and product development cycle of systems used in communications, aerospace
and defense, semiconductor, computer, and consumer electronics, by helping reduce
the time it takes to go from concept to manufacturing.
"Companies designing communication and radar chips, modules and systems face
increasing time-to-market pressure in high-growth 5G/wireless applications. Creating
differentiated products while reducing cycle time requires a seamless design, simulation
and analysis environment," said Dr. Anirudh Devgan, president of Cadence. "The addition
of AWR's talent and technologies will enable us to provide more integrated and optimized
RF design solutions, thereby further accelerating system innovation as we execute
our Intelligent System Design strategy."
Designers are challenged with the traditional RF/microwave design flow, which
consists of processes that are error-prone, resulting in a loss of productivity
and capability. Customers can benefit from a seamless integration connecting the
AWR® Design Environment with the Cadence® Allegro® PCB Designer and the industry-leading
Virtuoso® and Spectre® platforms for RF integrated circuit (IC) design excellence.
Electromagnetic and thermal analysis is often difficult and tedious for a designer
to setup and use. To address this, the integration also includes Cadence system
analysis tools such as the Clarity™ 3D Solver, Celsius™ Thermal Solver and Sigrity™
PowerSI® technologies.
"RF/microwave/mmWave applications need best-in-class solutions to achieve first-pass
success with optimal design performance," said Joseph E. Pekarek, general manager
of AWR. "By joining forces with Cadence, our goal is to be able to leverage the
strength and heritage of the Virtuoso and Allegro platforms along with the AWR Design
Environment platform to deliver complete solutions for complex ICs, packages and
boards."
The flows resulting from the integration of AWR technology with Cadence computation
software are expected to be tightly connected with the NI LabVIEW and PXI modular
instrumentation systems and semiconductor data platform as part of a new strategic
alliance. For more information on the Cadence and NI strategic alliance, please
visit
https://investor.ni.com/news-releases/news-release-details/cadence-acquire-awr-corporation-national-instruments-accelerate.
Under the terms of the definitive agreement, Cadence will pay approximately $160
million in cash at closing and expects approximately 110 AWR employees to join Cadence.
The acquisition is expected to close in the first quarter of 2020 and is subject
to customary closing conditions, including regulatory approval.
About Cadence
Cadence enables electronic systems and semiconductor companies
to create the innovative end products that are transforming the way people live,
work and play. Cadence software, hardware and semiconductor IP are used by customers
to deliver products to market faster. The company's Intelligent System Design™ strategy
helps customers develop differentiated products - from chips to boards to intelligent
systems - in mobile, consumer, cloud, data center, automotive, aerospace, IoT, industrial
and other market segments. Cadence is listed as one of Fortune Magazine's 100 Best
Companies to Work For. Learn more at
www.cadence.com.
About National Instruments
NI (ni.com) develops high-performance automated test
and automated measurement systems to help you solve your engineering challenges
now and into the future. Our open, software-defined platform uses modular hardware
and an expansive ecosystem to help you turn powerful possibilities into real solutions.
Learn more at www.ni.com
Cadence Forward-Looking Statements
This press release contains forward-looking
statements, including statements regarding the expected benefits to Cadence, its
products and its customers from the expected acquisition and the strategic alliance
and the expected timing in which the closing of the expected acquisition will occur,
that are based on current expectations and preliminary assumptions that are subject
to factors and uncertainties that could cause actual results to differ materially
from those described in the forward-looking statements. These forward-looking statements
are subject to a number of risks, uncertainties and other factors, many of which
are outside Cadence's control, including the effects of the expected acquisition
on Cadence's financial results and business, the ability to successfully operate
or integrate the AWR business into Cadence, the ability to retain and integrate
AWR employees into Cadence, the ability to realize the expected benefits of the
strategic alliance agreement, the changes in customer demands and markets, and other
risk factors set forth in Cadence's most recent reports on Form 10-K and Form 10-Q.
Cadence undertakes no obligation to update any forward-looking statement in this
press release.
National Instruments Forward-Looking Statements
This press release contains certain
forward-looking statements of NI, including statements that Cadence expects to acquire
AWR, that the strategic alliance agreement will expand their relationship to enhance
electronic system innovation with a focus on communications, AWR's goal being able
to leverage the strength and heritage of the Virtuoso and Allegro platforms along
with the AWR Design Environment platform to deliver complete solutions for complex
ICs, packages and boards, that the flows resulting from the integration of AWR technology
with Cadence computation software are expected to be tightly connected with the
NI LabVIEW and PXI modular instrumentation systems and semiconductor data platform
as part of a new strategic alliance and that the acquisition is expected to close
in the first quarter of 2020. These forward-looking statements are subject to numerous
risks, uncertainties and other factors, many of which are outside of the control
of NI, including, among others: the failure or inability of Cadence or NI to meet
the closing conditions or to otherwise consummate the AWR transaction, the timing
and ability to of the parties to obtain regulatory approval, the ability of the
parties to realize the expected benefits of the strategic alliance agreement including
the integrated product being tightly connected with the NI LabVIEW and PXI modular
instrumentation systems, the risk of adverse changes or fluctuations in the global
economy, further adverse fluctuations in NI's industry, foreign exchange fluctuations,
fluctuations in demand for NI products including orders from NI's large customers,
component shortages, delays in the release of new products, NI's ability to effectively
manage its operating expenses, manufacturing inefficiencies and the level of capacity
utilization, the impact of any recent or future acquisitions by NI, expense overruns,
and adverse effects of price changes or effective tax rates. Actual results may
differ materially from the expected results. NI directs readers to its Form 10-K
for the year ended Dec. 31, 2018, its Form 10-Q for the quarter ended September
30, 2019 and the other documents it files with the SEC for other risks associated
with its future performance. NI undertakes no obligation to update any forward-looking
statement in this press release. Stockholders are cautioned not to place undue reliance
on the forward-looking statements herein, which speak only as of the date such statements
are made.
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© 2019 National Instruments Corporation and Cadence Design Systems, Inc. All
rights reserved worldwide.
National Instruments, NI, ni.com and LabVIEW are trademarks of National Instruments.
Other product and company names listed are trademarks or trade names of their respective
companies.
Cadence, the Cadence logo and the other Cadence marks found at
www.cadence.com/go/trademarks
are trademarks or registered trademarks of Cadence Design Systems, Inc. All other
trademarks are the property of their respective owners.
Contact
Sherry Hess Vice-President of Marketing AWR Group, NI Phone:
+1-310-563-6325 Email: sherry.hess@ni.com
Web: www.awr.com
Posted December 10, 2019
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