Altair Engineering, a US-based software company specialising in engineering solutions, is exploring a sale following an acquisition interest from an undisclosed buyer, Reuters reports.
The firm, valued at nearly $9bn, is said to have engaged investment bankers to assess acquisition interest from potential buyers, according to sources familiar with the matter who requested anonymity.
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While a deal could be imminent, with successful talks leading to an agreement in the coming weeks, the sources emphasise that the outcome is uncertain and Altair might remain independent.
The potential sale of Altair has attracted attention from competitors in the design software sector, including PTC and Cadence Design Systems.
These companies are considered potential bidders for Altair, which has an extensive range of software offerings.
Its simulation software enables engineers to design, analyse, and manufacture products by predicting real-world performance.
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By GlobalDataThe company recorded an 8.1% rise in its software revenue to $135.4m in Q2 2024, aligning with the upper range of its guidance.
Total revenue of Altair rose by 5.4% to $148.8m in Q2 2024 as against $141.2m in the year-ago period.
The company’s founder, James Scapa, who is also the chairman and CEO, maintains significant control over Altair with 53.42% of the voting stock through dual-class shares.
Altair’s clientele includes corporations such as Hewlett-Packard Enterprise, Ford Motor, and International Paper.
The exploration of a sale comes in the wake of other significant industry deals, such as Synopsys‘ agreement to acquire ANSYS for about $35bn in January and Bentley Systems‘ earlier discussions with Schneider Electric, which did not result in a transaction.
In July 2023, Altair acquired OmniV from product development software developer XLDyn for an undisclosed sum.
Altair aims to bolster its digital engineering technology capabilities through the acquisition of OmniV.
