Hogan Lovells is advising Synopsys in its pending acquisition of Burlington, Massachusetts-based automated solutions and open source software provider, Black Duck Software, Inc. Additional information on the transaction can be found here.
Under the terms of the definitive agreement, Synopsys will pay approximately US$565 million, or US$548 million net of cash acquired. In addition, Synopsys will assume certain unvested equity of Black Duck employees. The transaction will be funded by Synopsys with U.S. cash, and is subject to Hart Scott Rodino regulatory review and other customary closing conditions. The acquisition is expected to close in December 2017.
Synopsys, the world's 15th largest software company, is a leading provider of high-quality, silicon-proven IP solutions for SoC designs. This is the third acquisition Synopsys has made since September 2017. Hogan Lovells also advised the company on its acquisition of Sidense Corporation, a leading provider of one-time programmable (OTP) non-volatile memory (NVM) for automotive, mobile, industrial, and Internet of Things (IoT) applications; and on its acquisition of QuantumWise, a leading provider of simulation tools for materials modeling in early manufacturing process development.
The Hogan Lovells team for the Black Duck Software transaction was led by Silicon Valley M&A partners Rick Climan and Chris Moore. They were assisted by corporate associates John Horton and Will Lamb, IP partner John Brockland, counsel Meryl Rosen Bernstein, and associates Max Scott and Margaret Pennisi. Tax partner Jeffrey Tolin and associate Catherine Chen, employee benefits partner Mike Frank and associates Meg McIntyre, Adrienne Jack and David Mitchell, international trade partner T. Clark Weymouth and associates Roy Liu and Patrick de Laperouse, and privacy & cybersecurity partner Scott Loughlin and associates Nathan Salminen and Joe Vladeck.
Synopsys’ in-house team was led by Vice President, Deputy General Counsel & Chief Ethics & Compliance Officer Erika Varga McEnroe, Sr. Corporate Counsel, M&A Gil Lee, and Legal Director of the Software Integrity Group Daniel Ogburn.
