Siemens strengthens leadership in industrial software and AI with acquisition of Altair Engineering

• Acquisition of Altair Engineering Inc., a global leader in computational science and artificial intelligence software, strengthens Siemens' position as a leading technology company
• Creates the world's most complete AI-powered design and simulation portfolio
• Altair shareholders to receive USD 113 per share, representing an enterprise value of USD 10 billion; the offer price represents a 19% premium to Altair's unaffected closing price on October 21, 2024
• Siemens expects to achieve significant cost and revenue synergies
• The transaction is expected to be EPS (pre-PPA) accretive by year two post-closing

MUNICH, Oct. 30, 2024 /PRNewswire/ -- Siemens has signed an agreement to acquire Altair Engineering Inc., a leading provider of software in the industrial simulation and analysis market. Altair shareholders will receive USD 113 per share, representing an enterprise value of approximately USD 10 billion. The offer price represents a 19% premium to Altair's unaffected closing price on October 21, 2024, the last trading day prior to media reports regarding a possible transaction. With this acquisition Siemens strengthens its position as a leading technology company and its leadership in industrial software.