Altair Engineering Explained

Altair Engineering Inc.
Type:Public
Hq Location:Troy, Michigan, U.S.
Key People:James R. Scapa (chairman & CEO)
Matthew Brown (CFO)[1] [2]
Revenue: (2023)
Operating Income: (2023)
Net Income: (2023)
Assets: (2023)
Num Employees:3,000+ (2022)[3]

Altair Engineering Inc. is an American multinational information technology company headquartered in Troy, Michigan. It provides software and cloud solutions for simulation, IoT, high performance computing (HPC), data analytics, and artificial intelligence (AI). Altair Engineering is the creator of the HyperWorks CAE software product, among numerous other software packages and suites. The company was founded in 1985 and went public in 2017. It is traded on the Nasdaq stock exchange under the stock ticker symbol ALTR.[4] Altair develops and provides software and cloud services for product development, high-performance computing (HPC), simulation, artificial intelligence, and data intelligence.[5] [6]

History

Founding

Altair Engineering was founded in 1985 by James R. Scapa, George Christ, and Mark Kistner in Troy, Michigan. Since the company's outset,[7] Scapa has served as its CEO (and now chairman).[8] Initially, Altair started as an engineering consulting firm,[9] but branched out into product development and computer-aided engineering (CAE) software.[10] In the 1990s, it became known for its software products like HyperWorks, OptiStruct,[11] and HyperMesh,[12] which were often used for product development by the automotive industry.[13] [14] Some of Altair's early clients included the Ford Motor Company, General Motors, and Chrysler.[15] Its software also aided in the development of the Young America[16] and AmericaOne racing yachts, the former of which was used to compete in the 1995 America's Cup.

Its software also found uses in other sectors, including aerospace (NASA),[17] aviation (Airbus),[11] consumer electronics (Nokia),[17] and toy manufacturing (Mattel), among others.[10] In 2002, Altair software aided in the design of the Airbus A380 by weight optimizing the aircraft wing ribs.[11] Also in 2002, Altair opened offices in Seongnam, South Korea and Shanghai, China,[18] adding those locales to its international footprint alongside India where it had begun investment in 1992.[12]

Early 2000's and 2017 IPO

In addition to its software production, Altair hires out engineering consultants to its corporate clientele.[10] Its consultancy services accounted for the majority of the company's revenue until 2004, when the sale and licensing of software overtook that.[19] In October of that year, General Atlantic invested $30 million in Altair.[20] Also in 2004, Altair partnered with General Motors and the United States Department of Defense on the design and construction of a new military vehicle.[21]

Altair also branched out into the life sciences, finance, and pharmaceutical industries with its high performance computing software, PBS Professional,[19] which it had acquired the rights to in 2003.[22] In June 2006, Altair acquired the French CAE software company, Mecalog, and its Radioss technology suite.[19] In 2007, it spun off a new wholly-owned subsidiary called ilumisys, which would focus on light-emitting diode (LED) lamps[23] designed to be used as direct replacements for fluorescent light tubes. Ilumisys' operations were moved to Michigan in 2011,[24] and it was rebranded as Toggled in 2012.[25]

In the early 2010s, Altair's product design division (Altair ProductDesign) began creating prototypes of various vehicles including a hydraulic hybrid transit bus known as BUSolution[26] and an electric concept car called the Avant GT.[27] By 2013, the company had offices in 19 countries worldwide and 1,800 employees.[28] That year, it also bought out General Atlantic's equity stake in the company.[29]

In 2016, Altair acquired Solid Iris Technologies. The company developed a photorealistic rendering and visualization tool named Thea Render. By bringing this technology in-house, additional Solid Iris rendering capabilities were added to Altairs technologies.[30] [31]

On November 1, 2017, Altair went public with an IPO on the Nasdaq stock exchange and began trading under the stock ticker symbol ALTR. The company raised $156 million with share prices starting at $13.[29] In the years leading up to the IPO, Altair acquired 11 different companies with strategic assets and expertise in fields like material science, electronics, industrial design, rendering, and others.[12] The company then made its products available to qualified startup companies through its Startup Program, formed in 2018 and relaunched in 2021.[32] [33]

By 2019, the company had acquired a total of 30 businesses. It also began making efforts to incorporate artificial intelligence technology into its new software packages. That year, it opened a new office in Greensboro, North Carolina after acquiring the data analytics company, Datawatch, which had offices in the area.[34]

2020s

In June 2020, the company announced that it would be providing software updates for all of its products. The updates were implemented to improve workflows and provide access to a broader set of tools for data analytics, machine learning, and physics.[35] In January 2021, Altair announced that it would collaborate with Rolls-Royce Holdings on a project using AI and machine learning to improve the aero jet engine design process.[36] In November 2021, Altair's PBS Professional workload manager was selected by the Argonne National Laboratory to be used across the organization's high performance computing (HPC) systems, including the Polaris and Aurora supercomputers.[37] That same month, Altair was also included on Inc. Magazine's 2021 Best-Led Companies list.[38] In December, Altair was named as one of Investor's Business Daily's Best 100 ESG Companies.[39]

In March 2023, Altair rebranded its AI and data analytics product now known as Altair RapidMiner.[40] In May 2023, the US Court of Appeals issued a favorable ruling in a copyright infringement case pertaining to SAS software.[41] In October 2023, Altair acquired OmniQuest, a software company out of Novi, Michigan, to further its optimization technology.[42]

Corporate acquisitions

Since 1985, Altair has acquired over 30 businesses, business units, and software packages.[8] The following is a list of selected corporate acquisitions:

YearCompanyBusiness typeLocation
2006Mecalog GroupCAE softwareAntony, France
2008solidThinkingIndustrial design softwareVicenza, Italy[43]
2010SimLab CorporationFeature-based modeling technologyRancho Santa Margarita, California[44]
2011Acusim Software, Inc.Computational fluid dynamics technologyMountain View, California[45] [46]
2014EM Software & Systems (EMSS)Electromagnetic technology softwareStellenbosch, South Africa[47]
Visual Solutions, Inc.Mathematical modeling, simulation, and model-based embedded system development Westford, Massachusetts[48]
2016CEDRAT S.A.Low frequency electromagnetics simulations for electric motor designGrenoble, France
Magsoft Corporation(CEDRAT subsidiary)New York
2017MODELiiSElectronic design automation (EDA) technologyGrenoble, France[49]
Runtime Design AutomationHigh performance computingSanta Clara, California[50]
Carriots S.L.IoT application enablement platform (AEP)Madrid, Spain
Componeering Inc.Composite structural analysis and design technologyHelsinki, Finland
2018TES InternationalComputational fluid dynamics (CFD) technologyMichigan
SimSolidStructural analysis simulationMississauga, Ontario, Canada[51]
Datawatch CorporationData analytics technologyBedford, Massachusetts[52]
FluiDyna GmbHNVIDIA CUDA and GPU-based Computational Fluid Dynamics (CFD) and numerical simulation technologiesMadrid, Spain
CANDI Controls, Inc. (Intellectual Property Assets)Cloud-based SaaS; platform connects edge gateway computers to IoT devicesOakland, California[53] [54]
2019Polliwog Co.EDA technologySeoul, South Korea[55]
SEAM Software
Noise and vibration predictive technologyConcord, Massachusetts[56]
DEM SolutionsDiscrete Element Method software used for the simulation and bulk and granular materialEdinburgh, UK[57]
newFASANTComputational and high-frequency electromagneticsAlcala de Henares, Spain[58]
2020WRAP Software
Spectrum management and radio network planningSweden[59]
S&Wise Co., Ltd.Polyurethane foam processing solutionSeoul, South Korea
UnivaWorkload management, scheduling, HPC, and AIHoffman Estates, Illinois[60]
M-Base Engineering + Software GmbHSupplier of material database and material information systemsAachen, Germany
EllexusInput/Output (I/O) analysis toolCambridge, England[61] [62]
2021Flow Simulator
Flow, heat transfer, and combustion design softwareEvendale, Ohio[63]
S-FRAME SoftwareStructural analysis and design softwareBritish Columbia, Canada[64]
World ProgrammingData Science and Data Engineering Specializing in AnalyticsHampshire, United Kingdom[65]
2022CassiniNext-gen cloud native technology for Industry 4.0Hyderabad, India[66]
PowersimSimulation and design tools for power electronicsRockville, Maryland[67]
Gen3DAdditive manufacturing design softwareBath, England[68]
Concept EngineeringElectronic system visualization softwareFreiburg, Germany[69]
Altair RapidMinerData science Data Analytics and AI platformDortmund, Germany
2023OmniVDigital EngineeringUK[70]
2024Cambridge Semantics Knowledge graph technologyBoston, MA[71]
Research in FlightComputational fluid dynamics softwareAuburn, AL
Metrics Design Automationa simulation as a service (SaaS) business model for semiconductor electronic functional simulation and design verificationOttawa

See also

Notes and References

  1. Web site: Muskett. Lauren. CFOs On the Move: Week Ending December 11. 11 December 2020. CFO. 1 May 2021.
  2. Web site: ICAT signs MoU with Altair to work in simulation and testing space. 28 March 2019. ET Auto. 1 May 2021.
  3. Web site: Altair Engineering, Inc.2022 Annual Report (Form 10-K) . . 31 December 2022.
  4. Web site: Altair Engineering Inc. (ALTR) Stock Price, News, Quote & History - Yahoo Finance . 2022-05-28 . finance.yahoo.com . en-US.
  5. Web site: 2022-01-25 . Accordo tra Altair e Hewlett Packard Enterprise per il supercomputing . 2022-04-11 . Automazione Plus . it-IT.
  6. Web site: Warfield . Andy . 14 October 2019 . Altair moving into larger office with and eye toward growing Greensboro data extraction and preparation team - Triad Business Journal .
  7. Web site: Bennett. Jeff. CEO has low-key style. 3 April 2002. Detroit Free Press. 1 May 2021.
  8. Web site: Ray. Tiernan. Computer simulation enters the AI age: the Altair story. 21 December 2019. ZDNet. 1 May 2021.
  9. Web site: Snavely. Brent. James Scapa, Altair's quiet risk taker. 10 February 2014. Detroit Free Press. 1 May 2021.
  10. Web site: Bennett. Jeff. Computer-aided prototyping is a growing field. 3 April 2002. Detroit Free Press. 1 May 2021.
  11. Web site: Konrad. Alex. Altair Engineering and the Evolution of Everyday Things. 9 April 2013. Forbes India. 1 May 2021.
  12. Web site: Talgeri. Kunal. How Altair engineering has evolved, from software to sparks. 29 August 2019. Forbes India. 1 May 2021.
  13. Web site: Firms order entry level Cray systems for 1st time. 30 July 1991. Chippewa Herald-Telegram. 1 May 2021.
  14. Web site: The High-Tech Supplier Invasion. 10 November 1997. Detroit Free Press. 1 May 2021.
  15. Web site: Menn. Joseph. The Man With the Money. 21 August 2000. Los Angeles Times. 1 May 2021.
  16. Web site: McKesson. Mike. Ford finds a place in the water. 6 April 1995. Lansing State Journal. 1 May 2021.
  17. Web site: Tippoo. Sofia. Altair-ing the world of product design. 10 November 2002. Times of India. 2 May 2021.
  18. Web site: Moore. Roberta. Altair expands to Korea, China. 24 June 2002. Detroit Free Press. 2 May 2021.
  19. Web site: From humble beginnings come Big things. 6 August 2006. The Oakland Press. 2 May 2021.
  20. Web site: Dietderich. Andrew. Altair Engineering to acquire French company. 27 June 2006. Crain's Detroit Business. 2 May 2021.
  21. Web site: Altair Engineering To Present Military Vehicle to Media. 9 November 2004. The Auto Channel. 2 May 2021.
  22. Web site: 2021-11-10 . On the Eve of Exascale, Argonne Lab Turns to Altair PBS Pro After 20+Years of Rolling Their Own Workload Manager . 2022-04-11 . HPCwire . en-US.
  23. Web site: Szczesny. Joseph. Altair spins off subsidiary. 1 May 2007. The Oakland Press. 2 May 2021.
  24. Web site: Yung. Katherine. Emerging light market a good fit for state. 29 August 2010. Detroit Free Press. 2 May 2021.
  25. Web site: Altair LED Lighting Subsidiary Ilumisys Rebrands as TOGGLED. December 11, 2012. WWJ-TV. 2 May 2021.
  26. Barry. Keith . New Hybrids Will Pump it Up. 9 November 2011. Wired. 2 May 2021.
  27. Web site: Ashe. Suzanne . Altair ProductDesign joins Studio X-Gene on Avant GT concept. 16 September 2011. CNET. 2 May 2021.
  28. Web site: James R. Scapa reorganizes Altair Engineering Inc. on a yearly basis to keep it moving forward. 30 October 2013. Smart Business Online. 2 May 2021.
  29. Web site: Roof . Katie . Altair Engineering soars 41% in public debut. 1 November 2017. TechCrunch. 2 May 2021.
  30. Web site: Altair Acquires Rendering Company Solid Iris Technologies . 2024-05-22 . Engineering.com.
  31. Web site: 2016-09-14 . Altair acquires Greek visualisation tech startup Solid Iris Technologies . 2024-05-22 . Tech.eu . en-GB.
  32. Web site: 2018-08-08 . Altair launches simulation startup scheme for startups . 2022-04-11 . Vehicle Dynamics International . en-GB.
  33. Web site: 2018-07-31 . Altair's Global Startup Program to support new technology and emerging markets . 2022-04-11 . Metal Additive Manufacturing . en-GB.
  34. Web site: Warfield. Andy. Tech company taking more space in Triad downtown building. 14 October 2019. Triad Business Journal. 2 May 2021.
  35. Web site: Saini. Ruchika. Altair announces software updates for its entire line of products. 8 June 2020. Graphic Speak. 2 May 2021.
  36. Web site: Fretty. Peter. Rolls-Royce and Altair Collaboration Leverages AI. 9 March 2021. IndustryWeek. 2 May 2021.
  37. Web site: staff . 2021-11-10 . Argonne Selects Altair Workload Manager for Polaris, Aurora . 2022-04-21 . insideHPC . en-US.
  38. Web site: Meet the Top 250 Best-Led Companies in America . 2022-04-21 . Inc.com . en.
  39. Web site: 2021-12-17 . Altair expands data analytics abilities with World Programming buy . 2022-04-21 . Weirdware . en-GB.
  40. Web site: Altair Releases Altair RapidMiner . Digital Engineering. 17 March 2023 .
  41. Web site: The US Court of Appeals Rules 'Copyright Infringement of SAS Software' in Favor of Altair . 2023-10-19 . www.ceoinsightsindia.com.
  42. Web site: 4 October 2023 . Altair furthers optimisation technology with acquisition of OmniQuest . Metal AM.
  43. Web site: Frausto-Robledo. Anthony. solidThinking acquired by Altair Engineering, releases version 7.6 globally. 24 July 2008. Architosh. 3 May 2021.
  44. Web site: Michigan company buys O.C. software firm. 3 November 2010. Orange County Register. 3 May 2021.
  45. Web site: Altair Engineering buys Acusim Software. 11 January 2011. Silicon Valley Business Journal. 3 May 2021.
  46. Web site: Newton . Randall . Altair Engineering acquires Acusim Software for CFD . Graphic Speak . 11 January 2011 . 11 Jan 2011.
  47. Web site: Dec 10, 2013 . Altair To Acquire South African Electromagnetic Software Firm . CBS Local Detroit.
  48. Web site: Altair To Acquire Mass. Modeling Software Maker. 18 July 2014. TechCentury. 3 May 2021.
  49. Web site: Altair acquires MODELiiS. 24 May 2017. Scientific Computing. 3 May 2021.
  50. Web site: Black . Doug . 2018-12-13 . Video: How Altair Powers HPC with PBS Works . 2022-05-19 . insideHPC . en-US.
  51. Web site: Computer simulation enters the AI age: the Altair story . 2022-06-02 . ZDNet . en.
  52. Web site: Computer simulation enters the AI age: the Altair story . 2022-06-02 . ZDNet . en.
  53. Web site: Altair Acquires CANDI Controls and Its Edge Gateway Technology . 2022-06-02 . Engineering.com.
  54. Web site: CANDI Controls - Headquarter Locations, Products, Competitors, Financials, Employees . 2022-06-02 . www.cbinsights.com.
  55. Web site: Altair Acquires Polliwog Co. Ltd, Growing Software Toolset for EDA. 10 October 2019. Microwave Journal. 3 May 2021.
  56. Web site: 2019-04-13 . Altair expands solver portfolio with SEAM acquisition . 2022-06-02 . Vehicle Dynamics International . en-GB.
  57. Web site: Altair Engineering Acquires DEM Solutions Mergr . 2022-08-08 . mergr.com.
  58. Web site: Altair Acquires newFASANT, Expanding High Frequency EM Portfolio 2020-01-06 Microwave Journal . 2022-08-08 . www.microwavejournal.com . en.
  59. Web site: Altair Acquires WRAP Software. 11 May 2020. FinSMEs. 3 May 2021.
  60. Web site: Miller. Ben. Hoffman Estates computer company Univa purchased by Altair. 14 September 2020. Chicago Business Journal. 3 May 2021.
  61. Web site: Chawla . Vishal . 2020-09-21 . Why Altair Acquired Analytics Firm Ellexus . 2022-08-08 . Analytics India Magazine . en-US.
  62. Web site: Ellexus - Headquarter Locations, Products, Competitors, Financials, Employees . 2022-08-08 . www.cbinsights.com.
  63. Web site: Lahiri. Anusuya. Altair Acquires Flow Simulator From GE Aviation For Undisclosed Terms. 24 February 2021. Yahoo!. 3 May 2021.
  64. Web site: Nehls. Grace. Altair acquires structural analysis and design software, S-FRAME Software. 13 August 2021 . CompositesWorld. 1 September 2021.
  65. Web site: Programming. World. Altair Acquires World Programming to Advance Organizations' Digital Transformation. World Programming Ltd.. 15 December 2021.
  66. Web site: New Electronics - Altair acquires Cassini. 2022-02-18. New Electronics. 18 February 2022 . en.
  67. Web site: Altair Acquires Powersim to Boost Its Electronic System Design Capabilities . 2022-08-24 . Engineering.com.
  68. Web site: 2022-06-06 . Altair acquires Univ of Bath startup for additive manufacturing . 2022-06-14 . Schnitger Corporation . en-US.
  69. Web site: DEVELOP3D . 2022-06-14 . Concept Engineering acquired by Altair for electronics engineering . 2022-06-14 . DEVELOP3D . en-GB.
  70. Web site: Altair buys digital engineering software OmniV from XLDyn . verdict.co.uk. 28 July 2023 .
  71. Web site: Woodie . Alex . 2024-04-19 . Altair Bolsters Analytics Offering with Cambridge Semantics Buy . 2024-07-23 . Datanami.