Ansys will acquire Apache Design Solutions, a provider of simulation software, for a purchase price of approximately $310 million in cash. The agreement also includes retention provisions and incentives for key members of management and employees, earned over a three fiscal year period following closing, including an additional $13 million of performance equity awards.

The transaction, currently anticipated to close in the third calendar quarter of 2011, is subject to customary closing conditions and regulatory approvals. After the closing, Apache will become a wholly-owned subsidiary of Ansys.

Apache's software enables engineers to design power-efficient devices such as tablets, smartphones, LCD televisions, laptops and high end computer servers. With over 60 sales locations and over 20 development centers on three continents, the combined company will employ approximately 2,000 people.