Altair Engineering Inc. Stockholders Approve Proposed Merger with Siemens

TROY, Mich., Jan. 22, 2025 - In a significant development, Altair Engineering Inc. (“Altair”) (Nasdaq: ALTR), a global leader in computational intelligence, has announced that its stockholders have voted to adopt the merger agreement with Siemens Industry Software Inc. (“Siemens”), a leading provider of industrial software. The approval paves the way for the two companies to merge their operations and create a powerful new entity that will offer a comprehensive suite of software solutions to customers across various industries.

The special meeting of Altair’s stockholders was held on January 22, 2025, where the proposed merger agreement was put to a vote. According to the company, a majority of its stockholders voted in favor of the merger, which represents approximately 75% of the outstanding shares of Altair’s common stock. The voting results were announced after the market close on January 22, 2025.

Under the terms of the merger agreement, Siemens will acquire all outstanding shares of Altair’s common stock for $47 per share in cash, representing a total equity value of approximately $3.9 billion. The deal, which was first announced on November 18, 2024, is expected to close in the first quarter of calendar year 2025, subject to customary closing conditions and regulatory approvals.

The merger is expected to create a powerful new entity that will offer a comprehensive suite of software solutions to customers across various industries. The combined company will have a strong portfolio of product lifecycle management (PLM), computer-aided design (CAD), computer-aided manufacturing (CAM), computer-aided engineering (CAE), and other related software solutions.

The merger is also expected to provide significant benefits to Altair’s customers, who will have access to Siemens’ extensive resources and expertise in the field of industrial software. The combined company will have a strong global presence, with operations in over 100 countries, and a diverse portfolio of products and services that can be tailored to meet the specific needs of customers across various industries.

James R. Scapa, Altair’s Chairman and Chief Executive Officer, said, “We are pleased that our stockholders have approved the merger agreement with Siemens. This combination will create a global leader in computational intelligence and industrial software, and we believe it will provide significant benefits for our customers, employees, and partners.”

The merger is also expected to create new opportunities for Altair’s employees, who will have access to Siemens’ global resources and expertise. The combined company plans to invest in research and development, and expand its operations in key markets around the world.

In conclusion, the approval of the merger agreement between Altair Engineering Inc. and Siemens Industry Software Inc. represents a significant milestone in the history of both companies. The combined entity is expected to create a powerful new player in the field of computational intelligence and industrial software, offering customers a comprehensive suite of software solutions that can be tailored to meet their specific needs. With its strong global presence, diverse portfolio of products and services, and commitment to innovation, the combined company is well-positioned to succeed in a rapidly changing marketplace.