Cadence buys IP reuse specialist Chip Estimate

Cadence, based here, said the deal was completed on March 7. Other terms of the deal were not disclosed.

Chip Estimate (Cupertino, Calif.) developed a Web portal aimed at sharing and reusing intellectual property within the EDA industry.

Chip Estimate also specializes in chip planning and IP reuse management products. It was founded in 2003.

The acquisition complements "our strategy to partner with the design IP industry instead of compete with them," Craig Johnson, corporate vice president for marketing and strategy at Cadence, said in a statement.

The deal comes days after Magma Design Automation Inc. disclosed that it has acquired analog IP provider Sabio Labs Inc.