Engineering software provider Ansys Inc. said Monday that it has completed its acquisition of Apache Design Solutions Inc. for $314 million in cash.

Apache Design, a privately held company based in San Jose, Calif., specializes in designing simulation software for advanced, low-power solutions in the electronics industry.

Engineers use Apache's products to design and simulate efficient, low-power integrated circuits for high-performance electronic products such as tablet and laptop computers, smartphones, LCD televisions and high-end computer servers,

The acquisition included up to $12 million in cash payments to be paid in equal portions on the first three anniversaries of acquisition as long as Apache co-founder and CEO Andrew T. Yang stays with the company.

Yang will serve as president of Apache Design Inc., which becomes a subsidiary of Ansys. Yang also will serve as vice president and general manager at Ansys.

The agreement also included retention provisions and incentives for key members of management and employees, earned over three years beginning Jan. 1, 2012, including an additional $13 million of performance stock awards.

Ansys said it expects the acquisition to add modestly to earnings in the first full year of combined operations.

Canonsburg, Pa.-based Ansys employs 2,000 people in 60 sales offices and 21 development centers on three continents.

The company intends to provide updated financial guidance and financial outlook, including the Apache acquisition, on Aug 4.

Shares of Ansys fell 29 cents to $50.31 in afternoon trading.