Software company Synopsys Inc. (SNPS) agreed to acquire intellectual property provider and Internet company Virage Logic (VIRL) for $315 million.

Synopsys will pay $12 per share, a 28% premium to Wednesday's closing price. Synopsys's final cost will be $289 million when the cash on Virage's books is included.

Virage officials said the deal would strengthen the company's product development and delivery.

The deal is expected to close on the fourth quarter.