In the Electronic Design and Automation (EDA) industry a gap between design and productivity exists and is even expanding. Also, consumers demand fancy products and new features at a faster pace. Consequently, to fulfill these rigid design cycles companies are reusing Intellectual Property (IP) components provided by third-party suppliers instead of creating them anew. However, no common format exists amongst companies which complicates IP exchange and reuse. Moreover, verification information, if existing, is provided separate from the IP. This paper introduces a novel approach to enable IP exchange with added verification information and metadata. To represent IP the new IP-XACT format is extended. Our developed library is able to store the extended IP with all its resources. The novel component selection strategy uses this information to retrieve matching IP based on their functionality and achieves accurate results. ß Springer-Verlag 2009