Cadence Design to acquire Ceva unit Intrinsix, no terms

Cadence Design Systems(CDNS) and CEVA (CEVA), announced that they have entered into a definitive agreement for Cadence to acquire Intrinsix Corporation, a wholly owned subsidiary of CEVA and a provider of design engineering solutions focused on the U.S. aerospace and defense industry. The purchase will bring Cadence a highly skilled engineering team that has expertise in advanced nodes, radio frequency, mixed-signal and security algorithms. “CEVA’s strength over the years has been in developing and licensing semiconductor IP and software, which has powered more than 16B devices to date,” said Amir Panush, CEO of CEVA. “With the sale of Intrinsix, we are focusing our efforts on this core expertise, which will allow us to reinforce our leadership position in wireless communications, sensing and edge AI technologies and support our long-term growth strategy.” The acquisition is expected to be immaterial to revenue and earnings this year for Cadence and is subject to certain closing conditions