Cadence Design Systems Inc. and CEVA have entered into an agreement where CEVA wholly owned subsidiary Intrinsix Corp. will be acquired by Electronic design automation (EDA) giant.
For Cadence, the deal will bring design engineering solutions for the U.S. aerospace and defense industry in terms of advanced nodes, radio frequency, mixed signals and security algorithms.
For CEVA, the acquisition helps with its push to focus on its core markets of wireless communication, sensing and edge artificial intelligence technologies as part of its long-term growth strategy.
"Through the acquisition of Intrinsix, we will scale our system and IC design services team to support customers in key high-growth verticals like the aerospace and defense industry who are faced with meeting tight time-to-market deadlines and ever-increasing chip and system-level complexity,” said Neil Zaman, senior VP and CRO at Cadence.
The acquisition is expected to close this year pending traditional regulatory conditions.
