Intergraph Corp has agreed to a merger between its 80% affiliate Tangent Systems Corp and publicly-quoted Cadence Systems Inc, under which the Huntsville, Alabama company will end up with a holding in the enlarged Cadence. Cadence will pay 1.6m of its shares for Tangent, giving the firm an indicated value of $14.4m, and Cadence will do versions of its integrated circuit design software for Intergraph’s Clipper-based workstations for joint marketing by the two companies. It is not clear how much of the Cadence equity Intergraph will hold after the transaction. In April, Intergraph injected $2m into Tangent to take its stake to 80%; the Toshiba Corp-Motorola Inc joint venture earlier adopted Tangent’s Tangate sea-of-gates gate array design software (CI No 898).
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