Ansys To Buy Apache Design For $310M

Ansys Inc ANSS agreed to buy Apache Design Solutions for $310 million in cash. The transaction is likely to close in the third quarter of 2011. "We are very excited about the power-efficient design software that Apache adds to ANSYS' simulation capabilities," said James E. Cashman III, President and Chief Executive Officer of ANSYS. "The addition of this technology will drive energy-efficient electronic product development in the 21st century. Both companies have a strong commitment to their customers and employees while sharing a passion for innovation and cutting edge technology. This combination will further strengthen and promote thought leadership allowing us to better serve our customers by accelerating the delivery of comprehensive, customer-driven engineering simulation solutions. We see this as an opportunity to strengthen the ANSYS vision for solving chip, package and board design problems." ANSS shares closed at $54.98 yesterday. Read more from Benzinga's Company news.