Synplicity Announces Agreement to Acquire HARDI Electronics AB
June 01 2007 - 8:21PM
Business Wire
Synplicity, Inc. (Nasdaq:SYNP), a leading supplier of software for
the design and verification of semiconductors, today announced the
signing of a definitive agreement to acquire all of the outstanding
shares of HARDI Electronics AB, a leading developer of
off-the-shelf ASIC prototyping boards, for $24.2 million in cash.
The ASIC prototyping market is one the fastest growing segments of
the EDA industry, and this acquisition makes Synplicity the leader
in this part of the ASIC verification market. HARDI's ASIC
Prototyping System (HAPS) is used worldwide by industry-leading
companies such as Broadcom, Conexant, LG, LSI Logic, Marvell,
Matsushita, Nokia, NXP, Philips, Samsung, Sharp, Sony, and TI. Gary
Meyers, CEO of Synplicity, stated, �This is a major strategic move
for Synplicity. We will be able to immediately leverage our
existing ASIC verification products (Certify�, Synplify� Premier,
Identify�, and Identify Pro) by selling them together with the
HARDI ASIC prototyping boards. Next week, at the Design Automation
Conference in San Diego, California, we will unveil our ASIC
verification strategy that capitalizes on this acquisition. We�re
particularly excited about 2008 when we anticipate combined
revenues in excess of $80 million.� HARDI�s ASIC prototyping
systems work seamlessly with Synplicity�s Certify and Synplify
Premier synthesis products and its Identify and Identify Pro RTL
debugging solutions. ASIC verification teams can use the combined
Certify, Synplify Premier and HAPS system to quickly create
multi-million gate FPGA systems to verify ASIC functionality in
real time while enabling comprehensive software verification with
interfaces to real-world stimuli. Synplicity's Identify and
Identify Pro RTL debug products permit designers to conveniently
debug these systems at the RTL level instead of with
timing-consuming gate level interfaces. �We at HARDI are excited
about joining forces with Synplicity,� said Lars-Eric Lundgren,
Founder and CEO at HARDI Electronics AB. �With Synplicity�s product
line and the combination of our sales channels, we now have the
opportunity to offer a comprehensive best-in-class solution to the
ASIC design community. We are committed to a successful integration
of our companies.� Synplicity will continue to support its
world-wide customer base using FPGA prototypes built from
custom-designed prototyping boards and those using off-the-shelf
boards from other manufacturers through the Partners in Prototyping
program. The acquisition is expected to close in June 2007, subject
to customary conditions of closing. Updated 2007 financial guidance
will be provided in Synplicity�s second quarter earnings call.
Investor Conference Call Synplicity will be holding an investor
conference call from the Design Automation Conference on Monday,
June 4 at 2 p.m. (PDT) to discuss the acquisition. A live webcast
of the call will be available on Synplicity�s Web site at
http://investor.synplicity.com. Following completion of the call, a
rebroadcast of the webcast will be available at
http://investor.synplicity.com through June 30, 2007. For those
without access to the Internet, a replay of the call will be
available from 5:00 p.m. (PDT) on June 4, 2007 through midnight
June 18, 2007. To listen to a replay, call 719-457-0820, access
code 7754523. About HAPS HAPS is a modular, high performance and
high capacity FPGA-based system for ASIC prototyping. HAPS
comprises multi-FPGA motherboards and standard or custom-made
daughter boards which can be combined in a wide variety of ways in
order to quickly assemble ASIC prototyping systems. Rapid assembly
is facilitated by the availability of many standard daughter boards
including video processing, memory and interfaces to Ethernet, USB,
PCI Express and ARM� core modules. Customers prefer the
time-to-market advantage of using an off-the-shelf prototyping
solution which can save months in the critical verification phase.
About HARDI Electronics Founded in 1987, HARDI Electronics AB is a
pioneer in the field of advanced electronic design. The company's
knowledge and experience ranges from SoC design using full custom
ASICs to a wide variety of designs with programmable logic. HARDI
introduced its first ASIC prototyping product in 2000 and today has
many successful installations worldwide. The company is
headquartered in Sweden and was incorporated in the USA in 2005.
The majority of the company is owned by the founders and a minority
is owned by the Swedish investor Malm�hus Invest AB. About
Synplicity Synplicity� Inc. (Nasdaq:SYNP) is a leading supplier of
innovative software solutions that enable the rapid and effective
design of Programmable Logic Devices (FPGAs, PLDs and CPLDs) that
serve a wide range of communications, military/aerospace, consumer,
semiconductor, computer and other electronic systems markets.
Synplicity's tools provide outstanding performance, cost and
time-to-market benefits by simplifying, improving and automating
key design planning, logic synthesis, and physical synthesis and
verification functions for FPGA, FPGA-based ASIC verification and
DSP designers. Synplicity is the number one supplier of FPGA
synthesis solutions and has been rated #1 in customer satisfaction
since 2004 in EE Times' Annual FPGA Customer Survey. Synplicity
products support industry-standard design languages (VHDL and
Verilog) and run on popular platforms. The company operates in over
20 facilities worldwide and is headquartered in Sunnyvale,
California. For more information visit http://www.synplicity.com.
Forward-Looking Statements This press release contains
forward-looking statements including, but not limited to,
statements regarding Synplicity�s and HARDI�s ability to close the
transaction, the expected timing of the transaction, and the
expected benefits of the transaction, including Synplicity�s goal
to become a significant hardware and systems supplier and the
ability to create a single solution to customers� ASIC verification
and system integration problems. In some cases, you will be able to
identify forward-looking statements by terminology such as �may,�
�will,� �should,� �expects,� �can,� �believes� or the negative of
these terms or other comparable terminology. These statements are
only predictions and involve known and unknown risks, uncertainties
and other factors that may cause the actual results to differ
materially from the forward-looking statements, including the
performance and benefits of Synplicity�s software relative to
relevant industry methods, the growth and changing technical
requirements in the FPGA and ASIC markets, failure to retain key
employees, failure to satisfy closing conditions of the transaction
and factors affecting the successful integration of the two
companies. For additional information and considerations regarding
the risks faced by Synplicity, see its annual report on Form 10-K
for the year ended December 31, 2006 as filed with the Securities
and Exchange Commission, as well as other periodic reports filed
with the SEC from time to time, including its quarterly reports on
Form 10-Q. Although Synplicity believes that the expectations
reflected in the forward-looking statements are reasonable,
Synplicity cannot guarantee its future performance or achievements.
In addition, neither Synplicity nor any other person assumes
responsibility for the accuracy or completeness of these
forward-looking statements. Synplicity disclaims any obligation to
update information contained in any forward-looking statement.
Synplicity, Certify, Identify and Synplify are registered
trademarks of Synplicity, Inc. TotalRecall is a trademark of
Synplicity, Inc. All other names mentioned herein are the
trademarks or registered trademarks of their owners.
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