Goodwin Procter served as legal counsel to client ANSYS, Inc., a global innovator in simulation software and technologies designed to optimize product development processes, on its acquisition of Apache Design Solutions, Inc., a leading simulation software provider.
On June 29, 2011, ANSYS and Apache signed a definitive agreement for ANSYS to acquire Apache for approximately $310 million in cash, including an estimated $29 million in cash on Apache’s balance sheet. The agreement also includes retention provisions and incentives for key members of management and employees, earned over a three fiscal year period following closing.
Apache’s software is used to increase the energy efficiency of products ranging from tablets and smart phones to supercomputers and communications equipment. These products help customers lower power consumption, increase operating performance, reduce system costs and minimize design risks.
ANSYS intends to fund the transaction with cash on-hand from the combined organization. The transaction, currently anticipated to close in the third calendar quarter of 2011, is subject to customary closing conditions and regulatory approvals. After closing, Apache will become a wholly-owned subsidiary of ANSYS.
“This is the third large acquisition for which Goodwin Procter has represented ANSYS in the last five years (Fluent in 2006 and Ansoft in 2008),“ said Goodwin partner Joseph L. Johnson, III. “We’re proud to have played a part in assisting in the success and growth of the company.”