Innoveda Announces Executive Promotions

Herman Names Lucier President

Dalton Becomes VP, Chief Marketing Officer

MARLBORO, Mass.--(BUSINESS WIRE)--Feb. 28, 2002--Innoveda, Inc. (Nasdaq:INOV - news), a leading provider of innovative software and services for the design of advanced electronic products, today announced the promotions of Richard G. (Rick) Lucier to president, reporting to William J. (Will) Herman, chairman and chief executive officer; and Joseph E. (Joe) Dalton to vice president, chief marketing officer, reporting to Lucier. Lucier directs all of Innoveda's day-to-day business functions; Dalton drives Innoveda's corporate, product and industry solutions marketing efforts.

"Rick Lucier has been a key contributor for many years, both at Innoveda and previously at Viewlogic Systems, Inc., and continually has demonstrated outstanding leadership as a top executive," said Herman. "His new expanded role adds management of sales and corporate G&A functions. I chose to name him president now, so that I can devote my full attention to Innoveda's strategic and financial initiatives, and become more actively involved in EDA industry affairs during the coming years. Rick is ideally suited for his new role, and I look forward to continuing our work to jointly drive Innoveda's success."

Lucier's experience includes more than 22 years in the EDA industry. He served as chief operating officer at Innoveda since the company's formation. For several years prior, he held various positions at Viewlogic Systems, Inc., including chief operating officer, group vice president, vice president of product engineering and director of consulting services. Previously, he served in engineering positions at computer-aided-engineering software and computer companies.

Dalton brings more than 20 years of experience in software sales, marketing and management to his new position. Most recently, he served as director of Innoveda's Strategic Product Group, managing sales and marketing efforts for the company's leading-edge software innovations. Previously, he was president of Yclip.com, an Internet marketing technology provider, Austin, Texas, and founder and chief executive officer of Knowledge Discovery One, Inc., a retail decision support software provider, Austin, Texas.

About Innoveda

Innoveda, Inc. (Nasdaq "INOV") is a worldwide leader in electronic design automation (EDA) technology, software and services for businesses in the consumer electronics, computer, telecommunications, automotive and aerospace industries. The company's innovative solutions are intended to empower people for mission-critical areas of the design process. Headquartered in Marlboro, Mass., Innoveda has sales offices and research centers 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 availability of financial resources, management's efforts to reduce expenses in specific business areas or across the company, recent economic uncertainty, weakness in the business of our customers, Innoveda's ability to develop new products and market acceptance of those products, the effects of business combinations and dispositions and any related financial charges, Innoveda's ability to successfully integrate its business combinations, the cyclical nature of the electronics industry, the failure of Innoveda's quarterly results to meet market expectations, the intense competition Innoveda faces, 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 10-Q and the other public filings made by Innoveda with the SEC, which factors are incorporated herein by reference.

Note to editors: Innoveda and the Innoveda logo are trademarks of Innoveda, Inc.

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