Cadence Design to acquire Ceva’s subsidiary Intrinsix

Cadence Design Systems (CDNS) and CEVA (CEVA) announced that they have entered into a definitive agreement for Cadence to acquire Intrinsix, 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. The acquisition is expected to be immaterial to revenue and earnings this year for Cadence and is subject to certain closing conditions.