Cadence Design Systems Inc. is one of the largest players in the so-called electronic design automation (EDA) space. Founded in 1988, the San Jose-based company supplies the software used to design computer chips. The company went through a rough patch in 2008, when it restated earnings and several executives, including CEO Michael Fister and longtime general counsel. R.L. Smith McKeithen, left the company. (Cadence maintains the restatement and and departures were unrelated, and is contesting shareholder and derivative litigation that alleges fraud.) Cadence has since revamped its top leadership with the appointment of Lip-Bu Tan as president and CEO. Tan, formerly CEO of VC firm Walden International and a fixture in Forbes magazine’s Midas List, has been widely credited with helping turn the company around. Cadence has acquired more than 30 companies since 2001, and on May 13 announced a definitive agreement to purchase of EDA IP provider Denali Software Inc. of Sunnyvale for $315 million in cash. Traded on the Nasdaq (CDNS), Cadence employs approximately 4,400 people and reported 2009 revenues of $853 million, down 18 percent from $1.04 billion in 2008.
LEGAL TEAM AND OUTSIDE COUNSEL
James Cowie, 45, is senior vice president, general counsel and secretary, and heads Cadence’s 27-person legal department. His team has 13 licensed attorneys and supports the company’s worldwide commercial group, R&D group, human resources, government affairs and stock administration. In-house attorneys in the commercial group, several of whom are based in Boston, London, Shanghai and Yokohama, handle mostly contract work focusing on customer and vendor relationships and any other sales-related legal matters. The IP group supports the R&D department and manages the company’s patent portfolio. One attorney is assigned to handle employment law issues and oversees all litigation.
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