Cadence Completes Acquisition of BETA CAE
03 Junho 2024 - 10:10AM
Business Wire
BETA CAE’s world-renowned solutions complement
and expand Cadence’s system analysis portfolio, unlocking a
multi-billion-dollar incremental TAM opportunity in structural
analysis
Cadence Design Systems, Inc. (Nasdaq: CDNS) today announced it
has completed its previously announced acquisition of BETA CAE
Systems International AG, a leading provider of multi-domain,
engineering simulation solutions. BETA CAE accelerates Cadence’s
Intelligent System Design™ strategy by expanding its multiphysics
system analysis suite with highly complementary products, enabling
Cadence to offer a more comprehensive portfolio to its customers.
BETA CAE has a very strong footprint in the automotive vertical
sector and at leading companies in the aerospace, industrial and
healthcare industries.
BETA CAE has annual revenue of about $90 million, and Cadence
continues to expect BETA CAE to contribute about $40 million to its
2024 revenue. Cadence still expects the transaction to be
approximately 12 cents dilutive to its 2024 earnings per share and
become accretive in 2025, both on a non-GAAP basis.
About Cadence
Cadence is a pivotal leader in electronic systems design,
building upon more than 30 years of computational software
expertise. The company applies its underlying Intelligent System
Design strategy to deliver software, hardware and IP that turn
design concepts into reality. Cadence customers are the world’s
most innovative companies, delivering extraordinary electronic
products from chips to boards to systems for the most dynamic
market applications, including consumer, hyperscale computing, 5G
communications, automotive, mobile, aerospace, industrial and
healthcare. For 10 years in a row, Fortune magazine has named
Cadence one of the 100 Best Companies to Work For. Learn more at
cadence.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995, including but not limited
to, statements regarding talent, technologies and product
offerings, business strategy, plans and opportunities, industry and
market trends including TAM estimates, the expected benefits and
impact of the transaction and combined business on Cadence’s growth
in the multiphysics space, and Cadence’s financial outlook,
including expected revenue contribution and earnings impact, which
assume Cadence will use free cash flow generated by its
pre-existing operations for debt repayment and share repurchases.
Forward-looking statements are based on current expectations,
estimates, forecasts and projections. Words such as “expect,”
“anticipate,” “should,” “believe,” “hope,” “target,” “project,”
“goals,” “estimate,” “potential,” “predict,” “may,” “will,”
“might,” “could,” “intend,” “shall” and variations of these terms
and similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain
these identifying words. Forward-looking statements are subject to
a number of risks, uncertainties and other factors, many of which
are outside Cadence’s control. For example, the markets for BETA
CAE’s or Cadence’s products and services may develop more slowly
than expected or than they have in the past; operating results and
cash flows may fluctuate more than expected; risks associated with
tax liabilities or changes in applicable tax laws or
interpretations to which the transaction or parties thereto are
subject; Cadence may fail to successfully integrate BETA CAE;
Cadence may fail to realize the anticipated benefits of the
acquisition; Cadence may incur unanticipated costs or other
liabilities in connection with acquiring or integrating BETA CAE;
Cadence may not repay debt or make share repurchases as
anticipated, including as a result of insufficient free cash flow
or use of cash for other purposes; the potential impact of the
consummation of the acquisition on relationships with third
parties, including employees, customers, partners and competitors;
Cadence may be unable to motivate and retain key personnel; changes
in or failure to comply with legislation or government regulations
could affect post-closing operations and results of operations; and
macroeconomic and geopolitical conditions could deteriorate.
Further information on potential factors that could affect
Cadence’s ability to successfully integrate BETA CAE or otherwise
realize the anticipated benefits of the acquisition is included in
Cadence’s most recent report on Form 10-K and its other filings
with the Securities and Exchange Commission. The forward-looking
statements included in this press release represent Cadence’s views
as of the date of this press release, and Cadence disclaims any
obligation to update any of them publicly in light of new
information or future events.
© 2024 Cadence Design Systems, Inc. All rights reserved
worldwide. 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.
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