ANSYS today announced that it intends to acquire Apache Design Solutions, Inc., which provides advanced, low power solutions in the electronics industry for approximately $310 million in cash. I am told that Apache was just about to price its IPO, so we’ll have to wait for the conference call to hear the rationale for this price. The deal will be funded with cash on hand at ANSYS and Apache,

I don’t know much about Apache, but ANSYS says “Apache’s software enables engineers to design power-efficient devices while satisfying ever-increasing performance requirements.  For example, smartphones continually add functionality to their platforms such as high definition video, GPS, video recording and conferencing with the consumer expectation that battery life will be extended.  Engineers use Apache’s products 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, to name a few.“

How Apache’s products will be integrated with Ansoft and other ANSYS brands is still being worked out.  ANSYS will provide additional details, including revenue and cost impact, after the closing — currently expected to be in Q3 2011.

One important point in the press release: The acquisition agreement includes retention provisions and incentives for key members of Apache’s management and employees, to be earned over a three year period following closing, including an additional $13 million of performance equity awards.

More after the conference call at 11:30 AM Eastern.