MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Feb. 10, 2004 -- Verisity Ltd. (Nasdaq:VRST), the leading supplier of Verification Process Automation (VPA) solutions, today announced it has completed its acquisition of Axis Systems, Inc., a privately-held company that offers a unique, third-generation simulation technology for hardware, embedded software and system-level verification.
Verisity announced a definitive agreement to acquire Axis on December 11, 2003, to enable Verisity to create a comprehensive and highly differentiated VPA platform. Together, the combined company is able to exploit multiple discontinuities in the rapidly changing functional verification market, which according to Gartner Dataquest, is expected to grow beyond $1 billion in the next few years.
"The advent of nanometer SoCs requires more intelligent verification platforms that can automate the processes from verification planning to closure," said Moshe Gavrielov, chief executive officer for Verisity. "We are now the only company that can combine process automation with performance that scales to meet block, chip and full system-level verification needs. This will provide our customers the next 10X boost in productivity, predictability and quality required for nanometer SoC development."
Axis' President and Chief Executive Officer Mike Tsai has assumed the role of Executive Vice President and General Manager of the Platform Division at Verisity, and Steve Wang has assumed the role of Vice President and Integration Executive.
"The Axis team is excited to be part of Verisity," said Tsai. "Together, we have all the elements necessary to address a very large and rapidly growing market."
Verisity Ltd. (Nasdaq:VRST) is the leading supplier of process automation solutions 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 VPA solutions enable projects to move from executable verification plans to unit, chip/system and project level 'total coverage' and verification closure, while maximizing productivity, product quality and predictability of schedules. 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.
To the extent statements contained herein are not purely historical, they are forward-looking statements. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially, as discussed in the company's filings with the Securities and Exchange Commission. Words such as "anticipate," "estimate," "expects," "projects," "intends," "plans," "believes" and words and terms of similar substance used in connection with any discussion of future operating or financial performance identify forward-looking statements. All forward-looking statements represent only management's present expectations of future events and are subject to a number of factors and uncertainties that could cause actual results or performance to differ materially from those described in the forward-looking statements. In particular, these include the anticipated benefits to Verisity resulting from the transaction, the ability of Verisity to integrate its existing products with Axis' products in an efficient and effective manner, potential future revenue opportunities to Verisity, Verisity's ability to integrate and retain Axis' employees, Verisity's ability to retain Axis' current customers, predict customer demand due to the continued economic and geopolitical uncertainty and the related effects on customers' budgets, maintain market leadership position, and predict the timing of significant orders. Verisity Ltd. is not under any obligation, and expressly disclaims any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.
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