Altair Engineering Inc. - ALTR STOCK NEWS

Altair (ALTR) has formed a strategic partnership with CGI, a major IT consulting firm, to accelerate global IT modernization and digital transformation. The collaboration centers on Altair's RapidMiner data analytics and AI platform, featuring AI Studio and Altair SLC, a SAS language compiler that enables organizations to transition to modern analytics platforms while maintaining compatibility with SAS language programs.

The partnership combines Altair's software capabilities with CGI's business and IT consulting expertise, particularly in responsible AI implementation. This collaboration aims to help clients enhance operational efficiencies and business outcomes across various industries, including finance, healthcare, hospitality, and retail.

Altair (ALTR) and Auburn University's Samuel Ginn College of Engineering are collaborating on a $1.25 million AFWERX Phase II STTR contract to advance vortex rocket engines. The project will leverage Altair FlightStream, acquired from Research in Flight in April 2024, to develop analytical models for cyclonic flows and study vortex engine stability.

The collaboration aims to significantly reduce testing time, with FlightStream enabling predictions in minutes compared to the previous two-week timeframe. Auburn University's team, led by Dr. Joe Majdalani, will use FlightStream to identify optimal conditions within vortex engines and predict cyclonic flow performance and acoustic signature characteristics.

Altair (ALTR) announced its collaboration with Cleveland Golf on the design of the new HiBore XL Driver. Using Altair's HyperWorks platform, Cleveland Golf leveraged advanced simulation, AI, and digital twin technologies to revolutionize driver design while meeting USGA requirements. The partnership enabled rapid design exploration and optimization, resulting in innovative features like custom ribbing configurations that enhanced the club's stiffness, sound, center of gravity, and moment of inertia (MOI) while reducing weight. This collaboration demonstrates how computational intelligence can transform sports equipment manufacturing beyond traditional design limitations.

Altair (Nasdaq: ALTR) announced that several HyperWorks platform products now support NVIDIA Grace CPU and Grace Hopper Superchip architectures. Internal benchmarks showed the NVIDIA Hopper GPU series ran simulations up to twice as fast as its predecessor. According to a Lenovo study using OpenRadioss, NVIDIA Grace CPUs deliver up to 2.2x higher energy efficiency for CAE simulations compared to reference configurations. The support extends to key Altair solutions including OptiStruct, Radioss, ultraFluidX, nanoFluidX, PBS Professional, and Grid Engine.

Altair (ALTR) has entered into a collaboration agreement with aerospace startup Moya Aero through its Aerospace Startup Acceleration Program (ASAP). Moya Aero will utilize Altair's HyperWorks design and simulation platform to develop eVTOL and unmanned aerial vehicles. The collaboration aims to reduce product development time, decrease prototyping costs, and enhance system design efficiency. Moya Aero, founded in 2020 and based in Brazil, focuses on developing autonomous aircraft for sustainable cargo transportation, with the goal of becoming a market leader in high-capacity unmanned aerial vehicles.

Altair (ALTR) has signed a collaboration agreement with the European Space Agency (ESA) through the ESA Partnership Initiative for Commercialisation (EPIC). The partnership will make Altair's aerospace technology, including HyperWorks and RapidMiner platforms, available to European startups, companies, research centers, and universities collaborating with ESA. Through EPIC, ESA-supported startups will gain access to Altair's AI-powered engineering technology, simulation, data analytics, and technical mentorship to accelerate product development and testing. This initiative connects corporate, academic, and institutional partners with ESA-supported startups to enhance the commercialization pathway of European space innovation.

Altair (Nasdaq: ALTR) has announced the availability of Altair® PollEx™ for ECAD, offering engineers advanced PCB verification tools at no cost. This solution, available as a one-year free trial, integrates with leading electronic computer-aided design (ECAD) tools, aiming to streamline design processes and enhance product quality from the early stages. PollEx for ECAD is part of the Altair® HyperWorks® platform and includes essential PCB verification tools for design review, analysis, and early verification. It helps users detect potential manufacturing and electrical issues early, reduce design iterations, and boost production yield. Altair will present this solution at Electronica 2024 in Munich, Germany, and PCB Carolina in Raleigh, North Carolina. For more information and to register for the trial, visit Altair's website.

Altair (ALTR) reported strong Q3 2024 financial results, with software revenue increasing 16.5% to $138.7 million and total revenue rising 13.0% to $151.5 million compared to Q3 2023. The company achieved a net income of $1.8 million, improving from a $4.4 million loss in the previous year. Adjusted EBITDA grew 66.3% to $25.7 million with a margin of 17.0%. Notably, Altair announced entering into a merger agreement with a Siemens subsidiary for acquisition.

Altair (ALTR) has announced a definitive agreement to be acquired by Siemens for $10.6 billion, with stockholders receiving $113.00 per share in cash. The offer represents a 19% premium to Altair's closing price on October 21, 2024, and a 13% premium to its unaffected all-time high closing price.

The strategic combination aims to merge Altair's broad portfolio in simulation, data science, and HPC with Siemens' position in mechanical and EDA design. The transaction, unanimously approved by Altair's Board of Directors, is expected to close in the second half of 2025, subject to regulatory approvals and stockholder approval. Upon completion, Altair will be delisted from public exchanges.