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On Tuesday, March 5, Cadence Design Systems revealed that it would buy BETA CAE Systems International AG, a leading system analysis platform provider of multi-domain engineering simulation solutions, for $1.24 billion.
BETA CAE’s Technology Products
Through this buyout, the computer software company will have access to BETA CAE’s major simulation software for analyzing the designs of planes and vehicles. As per Investopedia, the products developed by BETA CAE are often used for various purposes. Some large companies that utilize them include General Motors Company, Honda Motor Co. Ltd., and aerospace firm Lockheed Martin Corporation.
Some Formula 1 teams also use the company’s software products. In any case, BETA CAE System’s annual revenue is around $90 million; thus, Cadence Design expects it to contribute more or less $40 million to its profits this year as the deal is set to be completed by the second quarter.
Financial Details of the Agreement
Cadence Design said it agreed to a cash and stock deal for the acquisition. The company explained that it would pay cash for 60% of the acquisition, and the remaining 40% would be settled with Cadence stock that will be doled out to current shareholders of BETA CAE.
Moreover, Cadence plans to fund part of the payment to the system software firm it buys by taking on debt. It stressed that its existing operations would pay this quickly.
“This strategic acquisition reaffirms our commitment to continued growth in this critical domain,” Cadence’s president and chief executive officer, Dr. Anirudh Devgan, said in a press release. “Combining our computational software expertise with BETA CAE’s rich technology and talent will enable us to offer a more comprehensive portfolio to customers while opening significant new opportunities for Cadence by tapping into the structural analysis segment.”
BETA CAE’s chairman, Panagiotis Kouvrakis, commented, “For more than two decades we have led the evolution of engineering simulation. We are very excited to join the Cadence team and are looking forward to advancing success through our shared values and passion for innovation and engineering, and our unwavering commitment to customers and partners.”
Photo by: Cadence Newsroom
