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Synopsys reported strong financial results for Q2 2024, with revenue reaching $1.455 billion, marking a 15% increase year-over-year and hitting the high-end of guidance. GAAP earnings per diluted share were $1.92, while non-GAAP earnings reached $3.00, up 26% from the previous year and exceeding guidance. Due to solid execution and ongoing business momentum, Synopsys has raised its full-year targets for revenue and non-GAAP EPS. The company also announced the sale of its Software Integrity business, with results now reported for continuing operations only.
Net income for Q2 2024 was $299.1 million on a GAAP basis, up from $275.6 million in Q2 2023. Non-GAAP net income was $466.9 million, compared to $368.3 million the previous year. The planned acquisition of Ansys, approved by Ansys shareholders, is expected to bolster Synopsys' mission to provide essential silicon to systems design solutions.
Ansys (NASDAQ: ANSS) announced that its stockholders approved the proposed acquisition by Synopsys (NASDAQ: SNPS) in a special meeting held on May 22, 2024. The merger agreement stipulates that Ansys stockholders will receive $197.00 in cash and 0.3450 shares of Synopsys common stock per Ansys share, valuing the deal at approximately $35 billion based on Synopsys' closing price as of December 21, 2023. Approximately 98.7% of the shares voted were in favor, representing 83.8% of Ansys' total outstanding shares. The transaction is expected to close in the first half of 2025, pending regulatory approvals and other conditions.
A recent report from Synopsys Software Integrity Group and Ponemon Institute reveals that 54% of global organizations suffered software supply chain attacks in the past year.
Many struggle to detect and respond, with 50% taking over a month to react. AI usage in code generation is prevalent, yet only 32% evaluate AI-generated code for risks.
Alarmingly, only 39% of leaders are committed to reducing software supply chain risks, and resources are often insufficient. Notably, just 35% of organizations implement Software Bills of Materials (SBOMs), critical for security.
Open source vulnerabilities are high, with 65% using it but less than half securing it effectively.
Synopsys Inc. (NASDAQ: SNPS) has entered into a definitive agreement with Clearlake Capital Group, L.P. and Francisco Partners to sell its Software Integrity Group business for up to $2.1 billion. The transaction aims to establish the Software Integrity Group as an independent application security testing software provider. Synopsys will focus on its core design automation and design IP businesses post-sale.
Synopsys and Samsung Electronics have collaborated to achieve the first production tapeout of a flagship mobile CPU with leading performance on Samsung Foundry's GAA process. Synopsys.ai EDA suite with CPU-specific optimizations delivers unparalleled PPA, highest frequency, and 10% lower power for the latest mobile CPU with generative AI capabilities.
Synopsys, Inc. introduced Polaris Assist, an AI-powered application security assistant on the Polaris Software Integrity Platform. Polaris Assist combines LLM technology with Synopsys' security knowledge to provide vulnerability summaries and code fixes for security and development teams. The AI capabilities include issue summaries and fix suggestions to enhance productivity and build more secure software.
