Cadence Design Systems, Inc. (Cadence) develops electronic design automation (EDA) software and hardware. It licenses software, sells or leases hardware technology and provides engineering and education services worldwide to help manage and accelerate electronics product development processes. The Company offers three license types for its software: perpetual, term and subscription. The Company combines its products and technologies into platforms for four design activities: functional verification, digital integrated circuit (IC) design and implementation, custom IC design and verification, and system interconnect design. These are branded as Incisive functional verification, Encounter digital IC design, Virtuoso custom design, and Allegro system interconnect design.