ANSYS, which offers simulation software and technologies designed to optimize product development processes, has agreed to acquire Apache Design Solutions, a simulation software provider for low power solutions in the electronics industry. The purchase price is approximately $310 million in cash.

The price includes an estimated $29 million in cash on Apache’s balance sheet. ANSYS intends to fund the transaction with cash on-hand from the combined organization.

The agreement also includes retention provisions and incentives for certain members of management and employees, earned over a three year period, including an additional $13 million of performance equity awards.

Notably, Apache recently filed a registration statement with the SEC for a proposed IPO of its common stock (14 March 2011 to be more precise).

Apache’s software enables engineers to design and simulate efficient, low power integrated circuits for high-performance electronic products found in devices such as tablets, smartphones, LCD televisions, laptops and high end computer servers.

The acquisition of Apache complements ANSYS’ software solutions for integrated circuits, electronic packages and printed circuit boards.

Headquartered in San Jose, California, with locations throughout the world, Apache employs approximately 275 people. The combined company will employ approximately 2,000 people.

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