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ANSYS Added to Russell 1000 Index
Location: Blogs Russ Henke |
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| Posted by: Russ Henke |
7/8/2008 9:07 AM |
In the June 29, 2008 blog entry in this space, entitled, “Will the ‘Big 3’ EDA Vendors soon become the ‘Big 2’??”, it was parenthetically mentioned that MCAE vendor ANSYS was in the process of absorbing EDA vendor ANSOFT.
ANSYS and ANSOFT had agreed that ANSYS would acquire ANSOFT for a purchase price of approximately $832 million in a mix of cash and ANSYS common stock based on the 10-day trailing average closing price of ANSYS common stock prior to the original announcement of the pending transaction on March 31, 2008.
ANSYS received SEC clearance for the ANSOFT acquisition on June 23, 2008. A special meeting of the ANSOFT stockholders to approve the transaction has been set for July 23, 2008.
Meanwhile, on July 8, 2008, ANSYS announced that it has been listed on this year's Russell 1000(R) stock index. ANSYS was one of six companies in the technology sector just added to the Russell large-cap index.
"The Russell 1000 Index is one of a number of recent milestones that validate our long-term strategy and commitment to building shareholder value," said Jim Cashman, president and CEO of ANSYS. "Today 97 of the top 100 industrial companies on the FORTUNE Global 500 list are now using software from ANSYS to propel their product development,” said Cashman, who was once a colleague of this Cyon Research analyst at SDRC in the 70’s and early 80’s.
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