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MARLBORO, Mass.--(BUSINESS WIRE)--Aug. 7, 2001--Innoveda, Inc. (Nasdaq: INOV), a leading provider of software and services for the design of advanced electronic products, today announced it has reduced its global workforce by approximately 140 people in a move aimed at positioning the company for a rapid return to profitability. This action is part of a larger plan to focus more sharply on its key technology strengths to promote future revenue and profit growth, the company said. Innoveda expects to take a restructuring charge in connection with this move.

Innoveda will provide more detail on its overall technology and financial plans in a conference call set for August 23, 2001.

About Innoveda

Innoveda, Inc. (Nasdaq:INOV) is a leading provider of innovative software and services that help engineers visualize, design and build advanced electronic systems for companies participating in the telecommunications, transportation, computer and consumer electronics markets. The company enjoys a rich heritage of technical innovation from the merger of Viewlogic Systems, Inc. and Summit Design, Inc. that formed Innoveda, and the subsequent merger of Innoveda and PADS Software, Inc. These unions form the foundation of Innoveda's comprehensive electronic product solutions for system-level design, design capture, board design and electromechanical design. Headquartered in Marlboro, Mass., Innoveda has offices worldwide. Additional information can be found at: http://www.innoveda.com/

Forward-Looking Statements

This press release includes forward-looking statements that are subject to a number of risks and uncertainties. All statements, other than statements of historical facts, included in this press release including, without limitation, statements regarding Innoveda's financial projections for any period, strategy, future operations, financial position, prospects, plans, goals and objectives of management are forward-looking statements. When used in this press release, the words ``will'', ``believe'', ``anticipate'', ``intend'', ``estimate'', ``expect'', ``project'', ``plan'' and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We cannot guarantee future results, levels of activity, performance or achievements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future transactions or strategic alliances. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including the ability of Innoveda to successfully integrate its business combinations, recent economic uncertainty, weakness in the business of our customers, the cyclical nature of the electronics industry, the failure of Innoveda's quarterly results to meet market expectations, the impact of financial charges related to business combinations and restructuring, the intense competition Innoveda faces, Innoveda's ability to develop new products, and the other risks described in Innoveda's annual report on Form 10-K for the fiscal year ended December 30, 2000 as filed with the Securities and Exchange Commission on March 30, 2001, Innoveda's most recent quarterly report on Form-10Q and the other public filings made by Innoveda with the SEC, which factors are incorporated herein by reference.

     Innoveda, Inc.
     North America
     Sarah Miller
     508.303.5254
     smiller@innoveda.com
      or
     Innoveda, Inc.
     Europe/Middle East
     Peter van der Sluijs
     +44 1442 879222
     peterv@neesham.co.uk
      or
     Innoveda, Inc.
     Asia Pacific
     Mieko Takiyama
     011-81-3-5485-8101
     mtakiyama@innoveda.com