Verisity Expands International Operations and Announces Two Key Promotions
Mountain View, CA - November 4, 2002 -- Verisity Ltd. (Nasdaq:VRST), the leading supplier of essential technology and methodology for functional verification, today announced the expansion of its international operations in Europe and Asia. To address the increasing demand for top-quality functional verification solutions, Verisity has assembled an all-star team of industry professionals, poised to expand and facilitate the adoption of Verisity's market-proven technology and methodology in Europe and the Far East.
The company expansion is supported by the appointment of two key positions within Verisity. Leading the effort is industry veteran Coby Hanoch, who has been recently promoted to vice president and general manager of international operations, and has assumed responsibility for business operations in both Europe and Asia. Directly reporting to Coby is Sean Redmond, Verisity's newly promoted vice president of European sales, in charge of growing an already impressive customer base in Europe.
Mr. Hanoch joined Verisity as a founding member in 1996 and has most recently served as Verisity's vice president and general manager of European operations. Prior to joining Verisity, Mr. Hanoch was director of design automation and verification at nSOF, Ltd. in Israel. Before that, Hanoch held similar positions at ACRI, SARL (Advanced Computer Research Institute) in France, as well as National Semiconductor. Mr. Hanoch holds a Bachelor's of Science degree in computer engineering from the Israel Institute of Technology (Technion) in Haifa, Israel.
Mr. Redmond joined Verisity as the area director for Northern Europe in 2000 and in his new role, is chartered with continuing the company's outstanding success and penetration in Europe. Prior to coming on board at Verisity, Mr. Redmond held sales management and engineering positions at IP-DA, Galax! (a subsidiary of Avant!), COMPASS Design Automation, VLSI Technology, and Philips Semiconductors. He earned a Bachelor's degree in electronic engineering from Brighton University, a Master's of Science in digital systems from Kings College; London University, and a Master's of Business Administration from Henley Management College.
"Coby and Sean will play an instrumental role in helping the company fulfill its goal of becoming the leading functional verification solution provider in Europe and the Far East," said Moshe Gavrielov, CEO of Verisity. "Their wealth of experience, leadership capabilities, and proven track records make them tremendous assets to the Verisity team. As we enter this new growth period, we will be faced with many challenges and opportunities, and I'm confident we have the right people in place to take Verisity to the next level."
Verisity Spreads Far and Wide
As part of the expansion, Verisity has partnered with an impressive array of regional distributors to assist with the sales and adoption of Verisity technology and methodology. The company's expanded verification team includes a growing list of sales professionals and application engineers working in parallel with local resources. Verisity is represented by CyberTec and LSI Systems in Japan; Maojet Technology Corporation in Taiwan; KT Design in Korea; Reliant Electronic Design Services Pte Ltd. in Singapore; and CMR Design Automation Ltd. in India.
"Verisity has already established a strong presence in Japan," said Naoya Tsuruta, president and CEO of CyberTec in Japan. "The market potential is significant and we are glad to see Verisity investing in the future by adding the focused resources necessary to expand and cultivate the business. We look forward to contributing to their success."
The Need for Functional Verification Solutions on the Rise Worldwide
With the complexity of designs increasing and market windows shrinking, traditional verification methods are stressed to their limits. Today, verification is the largest time and resource sink in the design process - accounting for anywhere between 50 to 70 percent of the schedule. Consequently, companies worldwide are looking for new, more effective methods to ensure functionally correct silicon.
Verisity provides solutions that automate the functional verification aspect of the design cycle, thereby providing global customers with the means to perform more thorough verification in the shortest amount of time. Customers employing Verisity's solutions have been able to cut their verification schedules by up to two thirds. Such customer success and continued innovation to the company's product portfolio has contributed to the rapid adoption of Verisity tools in Europe and Asia, in addition to the rest of the world.
"Our customer base in Europe and Asia is rapidly expanding due to the increasing need for proven, reliable functional verification solutions," said Coby Hanoch, vice president and general manager of international operations for Verisity. "Verisity delivers the essential technology and methodology customers need to address their most critical verification challenges. With market acceptance skyrocketing, we are taking the necessary steps in preparation for our much anticipated growth."
"As we expand global operations, Verisity is committed to developing an unprecedented customer base while continuing to deliver the highest quality technology and support for customers and partners worldwide," said Sean Redmond, vice president of European sales for Verisity. "With the recent surge of Verisity momentum in Europe, including several major customer wins in strategic markets, Verisity is positioned to become the next dominant player in the industry. I'm looking forward to applying my experience and understanding of the European market to deliver the unmatched abilities of Verisity to our customers."
Verisity, Ltd. (Nasdaq: VRST), is the leading supplier of essential technology and methodology for the functional verification market. The company addresses customers' critical business issues with its market-leading software and intellectual property (IP) that effectively and efficiently verify the design of electronic systems and complex integrated circuits for the communications, computing, and consumer electronics global markets. Verisity's flagship verification solution, Specman Elite™, automates manual processes and detects critical flaws in hardware designs enabling delivery of the highest quality products and accelerating time to market. The company's strong market presence is driven by its proven technology, methodology, and solid strategic partnerships and programs. Verisity's customer list includes leading companies in all strategic technology sectors. Verisity is a global organization with offices throughout Asia, Europe, Israel, and North America. Verisity's principal executive offices are located in Mountain View, California, with its principal research and development offices located in Rosh Ha'ain, Israel. For more information, visit www.verisity.com.
Verisity is a registered trademark of Verisity Design, Inc. Specman Elite is a trademark of Verisity Design. Inc.