TMCnet News
United States : SYNOPSYS inks definitive agreement to buy COVERITY [TendersInfo (India)](TendersInfo (India) Via Acquire Media NewsEdge) A definitive agreement has been inked by the Synopsys, Inc. for Synopsys to buy Coverity. Synopsys, Inc is a provider of software, IP and services used to accelerate innovation in chips and electronic systems, and Coverity offers software quality, testing and security tools. About $375 million, or $350 million net of cash acquired would be paid by the Synopsys. Additionally, Synopsys will assume some unvested stock options of Coverity employees. Synopsys would be funding the transaction with a combination of U.S. cash and debt. It is predicted that this purchase is to close in Synopsys' second quarter. The customer base of the Coverity' comprises of nine of the top 10 software companies, seven of the top 10 aerospace and defense firms, eight of the top 10 global brands, and six of the top 10 semiconductor companies. It is predicted by the Synopsys that Coverity is to add $20-25 million to fiscal 2014 revenue. The firm will not update its 2014 financial guidance until the transaction closes. It is also anticipated by the Synopsys that the transaction is to be around 10 cents dilutive in fiscal 2014, reach break-even in the second half of fiscal 2015 and be accretive thereafter on a non-GAAP basis. (c) 2014 Euclid Infotech Pvt. Ltd. Provided by Syndigate.info, an Albawaba.com company |