News & Analysis
Mentor completes acquisition of Flomerics
John Walko
10/9/2008 9:54 AM EDT
Terms of the deal were not revealed but there were suggestions in July that Mentor would have to pay about $60 million for the company.
Mentor already owned 29 percent of Flomerics and had made several bids to take control. In June, Autodesk also emerged as a possible rival bidder.
Throughout a long process, Flomerics had on many occasions suggested that Mentor's offers were inadequate and recommended shareholders to reject them.
Gary Carter, former CEO of Flomerics, will head the new division, reporting to Henry Potts, vice president of Mentor Graphics and general manager of the Systems Design Division.
Mentor said in a statement the acquisition not only complements its offerings in printed circuit board systems design with advanced electronic cooling thermal analysis capabilities typically used by mechanical engineers, but broadens the company's product offerings into the engineering fluid dynamics (EFD) market for mechanical computer aided design analysis.
"As a supplier of design automation software, we must consider the entire product development process and provide analysis and collaboration tools wherever we can help our customers be more competitive. As the provider of the world’s most advanced computational fluid dynamics products, Flomerics products fall squarely into this strategy. Additionally, we see significant potential with the EFD products that address multiple analysis applications in many industries," said Potts.
Carter added that with Mentor's global strength and greater financial resources, "the success and potential of Flomerics' technology, technical expertise, and customer relationships can be better cultivated and significantly enhanced."
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