On July 20, 2023, Cadence Design Systems, Inc., an electronic systems design leader, acquired the SerDes and memory interface PHY IP business of Rambus Inc., a provider of high-performance chip and silicon IP, through a definitive agreement. The deal allows Cadence to expand its technology assets and engineering teams across the United States, India, and Canada. This strategic acquisition aligned with Cadence's focus on AI, data centers, and hyperscale applications.

Rambus retained its digital IP business, including memory and interface controllers and security IP. The acquisition, valued at $110 million, aimed to enhance Cadence's enterprise IP portfolio and broaden its reach in sectors like aerospace and defense. The transaction was expected to close in the third quarter of 2023, pending certain conditions.