Siemens has agreed to buy simulation software company Altair for $10.6bn in an all-cash deal, in the latest multibillion-dollar consolidation in the engineering software industry.
The German industrial conglomerate will pay $113 in cash per share of Altair, valuing the Michigan-based company at $10.6bn, Siemens said in a statement. Altair sells data analytics technology and services to big corporate clients in industrial manufacturing, consumer goods, energy and other sectors.
Siemens’ deal for Altair, its third-largest to date, was likely to mark a coda to the consolidation in the engineering software industry following Synopsys’ $35bn deal for design automation company Ansys earlier this year, according to analysts.
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