Form 4: Altair Engineering COO Stephanie Buckner Discloses Transaction Following Acquisition by Siemens
SEC Form 4
Following the acquisition of Altair Engineering Inc. by Siemens Industry Software Inc., COO Stephanie Buckner reports the cancellation and conversion of her stock and option holdings into cash.
Summary
- Stephanie Buckner, Chief Operating Officer of Altair Engineering Inc., filed a Form 4 on March 26, 2025, detailing changes in her beneficial ownership following the acquisition of the company by Siemens Industry Software Inc.
- The transaction involved the cancellation and conversion of Class A Common Stock and stock options into cash at a rate of $113.00 per share.
- RSUs scheduled to vest on or before December 31, 2025, were vested, canceled, and converted into cash.
- RSUs scheduled to vest after January 1, 2026, were canceled and converted into the right to receive cash, paid out on the last day of the calendar quarter preceding the original vesting date.
- Stock options were also canceled and converted into the right to receive the cash value, representing the difference between the exercise price and $113.00, with payments scheduled similarly to RSUs.
- The report details the number of shares and options affected, their exercise prices, and the resulting cash values.
Sentiment
Score: 7
Explanation: The sentiment is neutral to positive. The document simply reports the outcome of a previously announced acquisition, with employees and shareholders receiving cash for their equity. The score reflects the completion of a major corporate event.
Future Outlook
The document does not contain any specific forward-looking statements beyond the scheduled cash payments for converted RSUs and options.
Industry Context
The acquisition of Altair Engineering by Siemens reflects a trend of consolidation in the software industry, where larger companies acquire specialized firms to expand their product offerings and market reach.
Comparison to Industry Standards
- Acquisition valuations in the software industry are often based on multiples of revenue or EBITDA.
- The $113 per share valuation would need to be compared against these metrics to assess its fairness relative to comparable transactions.
- Comparable companies in the engineering software space include Ansys and Autodesk, whose valuations can serve as benchmarks.
Stakeholder Impact
- Shareholders received $113 per share in cash.
- Employees with RSUs and stock options will receive cash payments based on vesting schedules.
Key Dates
| Date | Description |
|---|---|
| October 30, 2024 | Date of the merger agreement between Altair, Siemens, and Astra Merger Sub Inc. |
| March 26, 2025 | Date of the acquisition of Altair Engineering Inc. by Siemens Industry Software Inc. and date of Form 4 filing. |
| June 09, 2027 | Expiration date of some stock options. |
| March 11, 2030 | Expiration date of some stock options. |
| June 02, 2030 | Expiration date of some stock options. |
| December 02, 2030 | Expiration date of some stock options. |
| March 15, 2031 | Expiration date of some stock options. |
| February 15, 2032 | Expiration date of some stock options. |
| December 15, 2032 | Expiration date of some stock options. |
| March 02, 2033 | Expiration date of some stock options. |
| March 15, 2034 | Expiration date of some stock options. |
Keywords
Form 4, Beneficial Ownership, Siemens, Acquisition, Stock Options, RSUs, Altair Engineering, ALTR, Stephanie Buckner
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