Cadence Completes Acquisition of Denali

SAN JOSE, Calif., June 17 2010 -- Cadence Design Systems, Inc. (Nasdaq: CDNS), a leader in global electronics design innovation, today announced that it has successfully completed the acquisition of Denali Software, Inc., a Sunnyvale, Calif.-based provider of electronic design automation (EDA) software and intellectual property (IP).

Tightly aligned with Cadence’s strategy to deliver on the EDA360 vision for applications-driven system design, Denali’s product portfolio includes industry leading Memory Models, Design IP and Verification IP. The completion of this transaction enables Cadence to accelerate its EDA360 execution and expands the company’s solution portfolio to provide efficient, cost-effective system component modeling and IP integration.

“We envision a way forward for the electronics industry, called EDA360, that addresses the emerging shift to applications-driven systems and SoC Realization,” said Lip-Bu Tan, president and chief executive officer, Cadence. “Our customers’ needs are changing, and EDA providers must respond with their own EDA360 initiatives. The acquisition of Denali, and its world-class design and verification IP and memory models, gives Cadence a significant, first-mover advantage as we execute our strategy.”

The Denali team, including founders Sanjay Srivastava and Mark Gogolewski, will report to Nimish Modi, senior vice president, research and development, Front End Group, Cadence.

About Cadence

Cadence enables global electronic design innovation and plays an essential role in the creation of today's integrated circuits and electronics. Customers use Cadence software and hardware, methodologies, and services to design, verify, and implement advanced semiconductors, consumer electronics, networking and telecommunications equipment, and computer systems. The company is headquartered in San Jose, California, with sales offices, design centers, and research facilities around the world to serve the global electronics industry. More information about the company, its products, and services is available at www.cadence.com.