SAN JOSE, Jan. 12 - Cadence Design Systems has signed a definitive agreement to acquire Verisity, a Mountain View, CA-based provider of verification process automation solutions in an all-cash deal.

Subject to customary shareholder and government approvals, Verisity stockholders will receive $12 in cash in exchange for each outstanding share.

Verisity CEO Moshe Gavrielov will join Cadence and Yoav Hollander, founder and CTO, will play an integral role in setting Cadence's verification technology direction.

"The global electronics industry is under unprecedented pressure to develop and bring to market innovative products as quickly as possible," said Mike Fister, president and CEO, Cadence Design Systems. "Our acquisition of this highly innovative team and successful business is consistent with Cadence's focus on enabling the world's leading electronics companies to address the demand for increasingly complex systems."

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