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Cadence Cloud Offering Extends Support for TSMC's OIP VDE

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Cadence Design Systems, Inc. (CDNS - Free Report) recently expanded its Cloud services portfolio to enable customers in reducing time-to-market by accelerating their system-on-chip (“SoC”) design processes.

The company now offers users with secure access to Taiwan Semiconductor Manufacturing Company’s (TSM - Free Report) latest Open Innovation Platform Virtual Design Environment (“OIP VDE”).

TSMC OIP VDE will be integrated with Cadence’s electronic design automation (“EDA”) optimized Cloud-Hosted Design Solution. The move is aimed to provide users with an enhanced platform having robust scalability, productivity, flexibility and security features.

The company’s Cloud-Hosted Design Solution is supported by leading cloud platforms, including Microsoft (MSFT - Free Report) Azure and Amazon’s (AMZN - Free Report) Amazon Web Services (“AWS”).

The mutual customers can access scalable compute resources in real time, consequently accelerating their development processes and time-to-market. Apart from Cadence tools, the customers of Cloud-Hosted Design Solution can leverage TSMC’s design collateral.

In the words of president of Cadence, Dr. AnirudhDevgan, “Working with TSMC, Microsoft Azure, and AWS to deliver TSMC’s OIP VDE provides our mutual customers with an efficient way to work across teams and regions on SoC design projects, speeding their time-to-market.”

Cloud-Hosted Design Solution: A Key Catalyst

Owing to robust capabilities of Cadence Cloud-Hosted Design Solution, TSMC has certified the offering for use with OIP VDE.

The company’s Cloud-Hosted Design Solution provides it a competitive edge over peers, including the likes of ANSYS and Synopsys, among others.

With this solution, the company enables users to deploy EDA processes over cloud, helping customers to mitigate compute-resource limitations.

The secure cloud infrastructure assists users to manage peak compute workloads seamlessly. The designers can build individual cloud deployment solutions and offload CAD simulation modeling workflows.

Share Price Performance

The shares of this electronic product designing solutions provider have gained 11.6% in the past year, underperforming the industry’s rally of 41%.

The underperformance can be attributed to investors’ concern over a challenging IT spending environment and intensifying competition.

However, robust adoption of the company’s digital and signoff, custom and analog, IP solutions, and an expanding customer base hold promise. Further, Cadence is witnessing notable demand from aerospace and defense sectors.

The aforementioned factors keep us hopeful and are expected to restore investors’ confidence sooner.

To Conclude

Cadence is focusing on providing comprehensive solutions, which rapidly reduces the time required to introduce a product in the market. Moreover, recent cloud collaborations with leading vendors augur well.

We believe that increasing investments on emerging trends like Internet-of-things ("IoT"), augmented and virtual reality ("AR/VR"), and autonomous vehicle sub-systems present significant growth opportunity for the company in the long haul.

Zacks Rank

Cadence currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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