"Intangible assets" are assets that have significant value but no physical presence and provide long-term financial value to a company. The company's identifiable intangible assets are those that can be sold independently, separated from other assets, and evaluated. Intellectual property, such as patents, trademarks, and copyrights, as well as non-cash government grants, like airport landing rights or broadcasting licenses, are examples of identifiable intangible assets. A trademark is a sign that can be used to separate the products or services of one company from those of other companies. Intellectual property rights offer protection for trademarks. Intangible assets are capitalized at fair value as of the date of acquisition rather than cost when acquired separately.
Cadence Design Systems Inc’s gross value of intangible assets surged from $381.43 million in FY2020 to $416.15 million in FY2021, an increase of 9.10%. In FY2021, the company's net value of intangible assets was $233.27 million. Trade names and Existing technology accounted for $10.67 million and $405.48 million respectively, based on the company's calculation of the fair value of identified intangible assets. The company's amortization expense for intangible assets was $67.22 million in FY2021.
In FY21, for a total cash payment of about $31.4 million, Cadence acquired all of the outstanding shares of Pointwise, one of the leaders in CFD mesh generation. Cadence's acquisition of Pointwise resulted in the recording of $16.7 million in definite-lived intangible assets and $16.7 million in goodwill. Cadence bought NUMECA and Pointwise during the fiscal year 2021, resulting in the acquisition of intangible assets worth $88.9 million.
Cadence Design Systems Inc (Cadence) is a provider of system design enablement solutions that are used for designing of electronics systems, integrated circuits, and electronic devices. The company’s product and solution portfolio include electronic design automation software, emulation and prototyping hardware, system interconnect and analysis, verification intellectual property and design intellectual property. Its products and services find application in designing and verifying advanced semiconductors, consumer electronics, networking and telecommunications equipment, and computer systems. The company operates its business through a network of subsidiaries and sales offices, and has business presence across Asia-Pacific, Europe, the Americas, Middle East, and Africa.
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