Altair is known for its computational science and AI for industrial simulation and data analytics.
German conglomerate Siemens has agreed to buy Altair Engineering in a multibillion-dollar deal.
Altair is a US-based tech company known for its IoT, simulation, high-performance computing, AI and data analytics software.
Through the acquisition, Altair shareholders will receive $113 per share, representing a total deal value of $10.6bn.
Siemens hopes the purchase will boost the company’s industrial software and AI offering with Altair’s data science and AI-powered simulation portfolio.
Roland Busch, president and CEO of Siemens, said the acquisition is a significant milestone for the company as it aligns with Siemens’ plans.
“The addition of Altair’s capabilities in simulation, high-performance computing, data science and artificial intelligence together with Siemens Xcelerator will create the world’s most complete AI-powered design and simulation portfolio,” he said.
“It is a logical next step: we have been building our leadership in industrial software for the last 15 years, most recently, democratising the benefits of data and AI for entire industries.”
Altair founder and CEO, James Scapa, said the deal is an excellent fit. “This acquisition represents the culmination of nearly 40 years in which Altair has grown from a start-up in Detroit to a world-class software and technology company,” he said.
“We believe this combination of two strongly complementary leaders in the engineering software space brings together Altair’s broad portfolio in simulation, data science, and HPC with Siemens’ strong position in mechanical and EDA design.”
The deal will be Siemens’ largest acquisition since its subsidiary, Siemens Healthineers, acquired medical device maker Varian Medical Systems for $16.4bn.
Siemens Healthineers was spun off from Siemens in 2016 and successfully went public in 2018. The medtech business has a presence in Ireland and, in 2023, announced the creation of 100 new jobs as part of an expansion in Swords Co Dublin.
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