Ansys, a developer of computer-aided engineering analysis and optimisation software, has entered into a definitive agreement to acquire CFX, a supplier of computational fluid dynamics software and services.
Ansys has agreed to pay approximately $21 million in cash to CFX’s parent company, UK-based AEA Technology, to complete the acquisition. Ansys estimates that the transaction will be accretive to adjusted earnings in fiscal year 2003, excluding the impact of purchase accounting adjustments relative to the recognition of deferred lease revenue and the amortisation of ‘purchased intangibles.’
The transaction, which is subject to certain closing conditions, is expected to close in February 2003. CFX, which will continue to be headquartered in Waterloo, Ontario, will separately maintain its product and service businesses.
CFX provides CFD solutions to industries including turbo-machinery, aerospace, automotive, chemical processing, biomedical and power generation. For its fiscal year ended March 31, 2002, CFX had revenues of approximately $19 million.
The CFX acquisition, if completed, will represent ANSYS’ second acquisition in the CFD market segment. Ansys previously acquired ICEM CFD Engineering, in August 2000. ICEM CFD Engineering will remain separate from CFX and continue to offer independent pre- and post-processing products and services to customers and OEM partners.