Market adoption on fast track as customers embrace best-in-class technology
MOUNTAIN VIEW, Calif., December 2, 2002--Verisity Ltd. (Nasdaq:VRST), the leading supplier of essential technology and methodology for functional verification, has been named the undisputed leader in the functional verification automation market according to the most recent study conducted by Gartner Dataquest. With 58% market share - nearly twice that of its nearest competitor - Verisity is the top ranked company in the Electronic System Level (ESL) Test and Verification market. Today's news signals continued enthusiastic market adoption and brand loyalty by customers for the company's market-proven technology and superior verification methodology.
According to the latest Gartner Dataquest EDA Market Trends report, "EDA2002: The Automation of RTL Design" (October 31, 2002), the continued expansion of the ESL market for 2001 was driven by the rapid 49.2 percent growth of the ESL test and verification segment. "This market segment is the shining star of ESL and had the fastest rate of growth," said Gary Smith, Chief Analyst Design & Engineering.
Customers Embrace Verisity's Leading Technology
Customers have recognized that Verisity has the essential technology and methodology to meet the critical needs of the growing verification challenge. Verisity provides solutions that automate the functional verification aspect of the design cycle, thereby providing customers with the means to perform more thorough verification in the shortest amount of time. Customers employing Verisity's solutions cut their design schedules by up to two thirds and identify bugs that otherwise would have gone undetected. Dedication to customer success, expanding technology leadership, and continued innovation in driving verification methodology has contributed to Verisity earning the number one position in the market.
"The numbers speak for themselves," said Moshe Gavrielov, CEO of Verisity. "Customer loyalty and customer success is at an all-time high due to the fact that Verisity is enabling companies to address their mission-critical business challenges. As we head into 2003 and beyond, we are right where we want to be - number one."
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, 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 and Specman Elite are either registered trademarks or trademarks of Verisity Design, Inc. in the United States and/or other jurisdictions. All other trademarks are the property of their respective holders.