9/24/2003 - Cadence Design Systems, Inc. (NYSE: CDN) and Mentor Graphics Corporation ( NASDAQ :MENT) announced they have agreed to settle all outstanding litigation between the companies relating to emulation and acceleration systems. The companies also reached agreement that, for a period of seven years, neither will sue the other over patented emulation and acceleration technology. Mentor will pay Cadence $18 million in cash.
"Healthy competition yields better technology platforms and results for our customers; chronic litigation does not," said Ray Bingham, president and chief executive officer of Cadence. "While it will always be important for us to protect our intellectual property, right now our customers, who face a continued weak economy and unprecedented challenges in chip design, need our undivided attention."
"We are pleased to have settled this litigation in a fair and reasonable manner," said Walden C. Rhines, chairman and chief executive officer of Mentor Graphics. "Helping customers keep pace with the growing complexity of today's SoC and ASIC designs is our overriding objective, and the end of this litigation will help us achieve that aim."
The companies further said that an immediate customer benefit of the agreement is that Mentor will now join Cadence in the OpenAccess Coalition, sponsored by Si2.
Mentor Graphics Corporation (Nasdaq: MENT) is a world leader in electronic hardware and software design solutions, providing products, consulting services and award-winning support for the world's most successful electronics and semiconductor companies. Established in 1981, the company reported revenues over the last 12 months of about $650 million and employs approximately 3,500 people worldwide. Corporate headquarters are located at 8005 S.W. Boeckman Road, Wilsonville, Oregon 97070-7777; Silicon Valley headquarters are located at 1001 Ridder Park Drive, San Jose, California 95131-2314. World Wide Web site: www.mentor.com.
Cadence is the world's leader in electronic design technologies, methodology services, and design services. Cadence solutions are used to accelerate and manage the design of semiconductors, computer systems, networking and telecommunications equipment, consumer electronics, and a variety of other electronics-based products. With approximately 5,000 employees and 2002 revenues of approximately $1.3 billion, Cadence has sales offices, design centers, and research facilities around the world. The company is headquartered in San Jose, Calif., and traded on the New York Stock Exchange under the symbol CDN. More information about the company, its products and services is available at www.cadence.com.
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