Cadence Design Acquires Private Software Firm

The company will buy Verplex Systems, a maker of formal verification electronic design software.
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Cadence Design Systems

(CDN)

announced Monday that it will acquire privately held

Verplex Systems

, a maker of formal verification electronic design software.

The terms of the deal weren't disclosed, and a representative for Cadence wouldn't comment.

Ray Bingham, Cadence's president and chief executive said in a press release that Verplex's technology has become the standard for designing high-performance microchips.

"This technology has rapidly won over customers to capture the top half of the market -- leaders in the semiconductor industry -- and now gives us a significant edge in helping customers solve their most difficult problems," he said.

Cadence, a provider of electronic design technologies and services, is currently developing a roadmap for the incorporation of Verplex's products. Verplex is based in Milpitas, Calif.

Shares of Cadence were recently up 27 cents to $13.32 on the

New York Stock Exchange

.