SAN JOSE -- Cadence Design Systems reported second-quarter revenue fell 15.9% to $329 million versus the same period in 2007. GAAP net income was $5 million, down 92% year-over-year.
Sales were up 15% sequentially, but the company called the quarter "difficult" and subsequently lowered its 2008 outlook.
PITTSBURGH -- Ansoft Corp.'s stockholders have voted to adopt and approve the merger agreement under which ANSYS Inc. would acquire the EDA company for $16.25 in cash and 0.431882 shares of ANSYS common stock per Ansoft share.
The closing has been scheduled for July 31, 2008.
Dr. Zoltan J. Cendes, founder, chairman and chief technology officer of Ansoft will join ANSYS' board following the closing.