Product category: Design and Development Software
News Release from: Innoveda
Edited by the Electronicstalk Editorial Team on 25 April 2002
Innoveda returns to the Summit
Immediately ahead of its acquisition by Mentor Graphics, Innoveda has sold its system-level design (SLD) software unit to Divestiture Growth Capital (DivestCap)
The SLD business unit will begin operations immediately as a separate company, under the name Summit Design,headquartered in Westlinn, Oregon. This new company will be managed by Larry Gerhard, chief executive officer, and Guy Moshe, former vice president and general manager of the SLD business unit at Innoveda.
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Financial terms were not disclosed.
"System-level design is an emerging market with new methodologies that require intense focus and commitment of resources, particularly in sales and engineering", said William J Herman, chairman and chief executive officer, Innoveda.
"It was in the best interest of our respective customers to complete this transaction and allow the two companies to concentrate on their core strengths.
Further reading
New router fires up PCB design suite
Innoveda has enhanced its PowerPCB tool suite with a complete high-speed routing solution
Innoveda is focused on PCB systems design with its proven, industry-leading solutions and the emerging automotive solutions segment".
"We are excited about the opportunities ahead of us and we are moving forward immediately to execute against our business plan", said Larry Gerhard, chief executive officer, Summit Design.
"Because the products, infrastructure and resources already are in place, we can provide a seamless transition for customers and begin engaging new prospects".
With more than 30 years of senior management experience, Gerhard has been president, CEO and director of major electronics corporations including Enterprise Communications and Computing, Ventura Software and Decision Data as well as vice president of engineering at Raytheon Data Systems.
Prior to joining Innoveda, Guy Moshe was a founder and director of marketing and sales at Israeli-based SEE Technologies.
He also held positions at Daisy, worked as a design engineer in computerized vehicles at Aniam Maracoht Ltd., and managed the computerized process of all the Kibbutzim in Drom Hasharon in Israel.
"Divestiture Growth Capital's investment will catalyse growth opportunities and further differentiate Summit as a leading player in its market", said Charles Hale, Partner, Divestiture Growth Capital.
"This transaction will be beneficial to both Summit and Innoveda's customers and employees.
We are extremely excited about our investment".
Innoveda has also reported its financial results for the first quarter, ended 30th March 2002.
For the first quarter 2002, revenue was $15.7 million with an operating loss, before amortisation, of $2.2 million.
The net loss for the quarter was $3.1 million, or $0.08 per share.
The economic climate and the company's restructuring in August 2001 contributed to a decline in year-over-year results.
For the same period last year, Innoveda reported revenue of $27.3 million, operating income, before amortisation, of $1.8 million and a net loss of $2.1 million, or $0.05 per share.
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