PITTSBURGH -- Ansys Inc. will acquire Apache Design Solutions for $310 million in cash, including roughly $29 million in cash on Apache’s balance sheet.

The deal is expected to close in the September quarter and is subject to customary closing conditions and regulatory approvals.

Ansys intends to fund the transaction with cash on-hand from the combined organization. After the closing, Apache will become a wholly-owned subsidiary of Ansys.

The acquisition ties in to Ansys' vision for end-to-end products for integrated circuits, electronic packages and printed circuit boards, the companies said. Ansys develops electronics simulation software mainly for PCB and system evaluation, while Apache makes software for designing power-efficient components.

"The combination of these two great companies with emerging 3DIC technologies will lead to considerable advances within electronics," said Dr. Andrew T. Yang, co-founder, chief executive and chairman of Apache. "The complementary nature of our electronic and thermal product offerings provides key technological strengths that enhance our ability to deliver comprehensive, innovative and world-class simulation technologies that customers demand."

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 $13 million of performance equity awards.