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Cadence Completes Acquisition of OpenEye Scientific
SAN JOSE, Calif. & SANTA FE, N.M -- September 1, 2022.— Cadence Design Systems, Inc. (Nasdaq: CDNS) announced today that it has completed the acquisition of OpenEye Scientific Software, Inc. (“OpenEye”). The addition of OpenEye’s technologies and experienced team accelerates the Cadence® Intelligent System Design™ strategy by extending Cadence’s computational software core competency to molecular modeling and simulation that is targeted to life sciences.
OpenEye, an industry leader in computational molecular design, has pioneered physics-based approaches and the cloud-native Orion® software platform to accelerate advances in human health. Its products are used by pharmaceutical and biotechnology companies for drug discovery, and its customers include 19 of the top 20 global pharmaceutical companies such as Pfizer and AstraZeneca.
The acquisition will allow pharmaceutical and biotechnology companies to benefit from more robust drug discovery solutions that combine OpenEye’s innovative molecular modeling and simulation software solutions for drug discovery with Cadence’s algorithmic and solver expertise, efficient large data management infrastructure, and leading AI/ML and cloud solutions.
The aggregate consideration of the transaction is approximately $500 million, and the acquisition is expected to contribute immaterial revenue this year and about $40 million in fiscal year 2023.
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 products from chips to boards to complete systems for the most dynamic market applications, including hyperscale computing, 5G communications, automotive, mobile, aerospace, consumer, industrial and healthcare. For eight years in a row, Fortune magazine has named Cadence one of the 100 Best Companies to Work For. Learn more at www.cadence.com.
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