ANSYS agrees to acquire Apache Design Solutions

Engineering simulation software developer ANSYS and Apache Design Solutions, a simulation software provider for the electronics industry, have signed a definitive agreement whereby ANSYS will acquire Apache for approximately $310m (£192.8m) in cash.

The agreement includes retention provisions and incentives for key members of management and employees, earned over a three-year period following closing, including an additional $13m of performance equity awards.

When completed, ANSYS expects the transaction to be modestly accretive to non-GAAP earnings per share in its first full year of combined operations.

The transaction is anticipated to close in the third calendar quarter of 2011, after which time Apache will become a wholly-owned subsidiary of ANSYS.