Synopsys SNPS recently announced that it has completed the previously announced acquisition of semiconductor and flat panel display solutions from the South Korea based engineering equipment systems and artificial intelligence (“AI”) applications provider, BISTel. Announced in June, the financial terms of the deal have been kept under wraps. Synopsys stated that the purchase isn’t material to its financials.The acquisition is likely to broaden Synopsys’ industry-leading process control solutions with adaptive intelligence capabilities required by semiconductor fabs for enhancing manufacturing quality and efficiency.The buyout also adds a team of experienced engineers. This team of engineers will help in accelerating technology development using real-time manufacturing predictive analysis.Advised by the international law firm, Hogan Lovells, the buyout will offer smart manufacturing solutions, high quality wafer fab operations and enhanced efficiency to Synopsys.Synopsys, Inc. Price and Consensus Synopsys, Inc. price-consensus-chart | Synopsys, Inc. QuoteAcquisitions: A Key Growth DriverIn recent years, acquisitions have been crucial to Synopsys’ growth. In June this year, the company completed the buyout of Code Dx with an aim to provide customers with risk reporting capabilities across correlated software vulnerability data. This purchase expanded its security applications portfolio.In May, it purchased MorethanIP, an Ethernet Digital Controller IP supporting data rates provider, to expand its DesignWare Ethernet Controller IP portfolio. With the buyout, the company will be able to provide its customers a complete low-latency, high-performance Ethernet IP solution for networking, AI, and cloud computing SoCs (system on a chip).In November last year, Synopsys bought Moortec, an in-chip monitoring solutions provider, for an undisclosed amount. The acquisition helped the company enhance its capabilities and strengthen the firm’s position in the Silicon Lifecycle Management Platform.Synopsys is likely to pursue more acquisitions that strategically align with its current offerings. Along with investments in research & development, the buyouts are likely to strengthen the firm’s product offerings and clientele over the long run.Zacks Rank & Stocks to ConsiderSynopsys currently carries a Zacks Rank #3 (Hold).Some better-ranked stocks in the broader technology sector include Avnet AVT, PTC PTC and Shopify SHOP, all sporting a Zacks Rank #1 (Strong Buy), at present. You can see the complete list of today’s Zacks #1 Rank stocks here.The long-term earnings growth rate for Avnet, PTC and Shopify is currently pegged at 25.4%, 23.2% and 25%, respectively. 5 Stocks Set to Double Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2021. Previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%. Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Avnet, Inc. (AVT): Free Stock Analysis Report Synopsys, Inc. (SNPS): Free Stock Analysis Report PTC Inc. (PTC): Free Stock Analysis Report Shopify Inc. (SHOP): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research