Nasdaq-quoted Mentor Graphics has bought a 20.1% stake in electronic simulation software developer Flomerics.
Oregon-based Mentor is an electronic design automation business. It offers software and hardware products that help companies design new electronic products more quickly and cheaply. It has annual revenues of around $880m (£438m) – service and support revenues account for just under two-fifths of this. In contrast, Flomerics has revenues of less than £17m.
Flomerics shares rose 7p to 60.5p. That values the company at £13.1m. Mentor has just over $126m (£63m) of cash in the bank.
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