Form 4: Altair Engineering Director Teresa A. Harris Reports Share Cancellation Following Siemens Acquisition

Director Teresa A. Harris reports the cancellation of Class A Common Stock and related derivative securities due to the acquisition of Altair Engineering Inc. by Siemens Industry Software Inc.

Summary

• On March 26, 2025, Altair Engineering Inc. was acquired by Siemens Industry Software Inc.
• As a result of the merger, Teresa A. Harris, a director of Altair, reported changes in her beneficial ownership.
• Each share of Class A Common Stock was canceled and converted into the right to receive $113.00 in cash.
• Restricted stock units (RSUs) were vested, canceled, and converted into the right to receive $113.00 in cash.
• Outstanding options were vested, canceled, and converted into the right to receive the cash value of the option, representing the difference between the exercise price and $113.00.
• Harris received $1,303,929.60 for 12,020 options with an exercise price of $4.52 and $431,280.00 for 4,000 options with an exercise price of $5.18.

Sentiment

Score: 7

Explanation: The sentiment is neutral to positive. The acquisition provides a clear exit strategy for shareholders at a defined price. The director's filing is simply a procedural update following a previously announced event.

Positives

• The acquisition by Siemens resulted in a cash payment of $113.00 per share for Class A Common Stock.
• RSUs and options were cashed out at a premium, benefiting the holders.

Future Outlook

The document does not contain forward-looking statements beyond the completion of the acquisition.

Industry Context

This announcement reflects a trend of consolidation in the engineering software industry, with larger players like Siemens acquiring specialized firms like Altair to expand their product offerings and market reach.

Comparison to Industry Standards

• Acquisition multiples in the software industry vary widely based on growth rate, profitability, and strategic fit.
• Comparable acquisitions in the engineering software space include Siemens' previous acquisitions and those by companies like Autodesk and Dassault Systèmes.
• The $113 per share valuation would need to be compared to Altair's historical trading multiples and analyst estimates to determine if it represents a premium or discount.

Stakeholder Impact

• Shareholders received $113.00 per share in cash.
• Employees' RSUs were vested and converted to cash.
• Option holders received cash payments based on the difference between the exercise price and $113.00.

Key Dates

Keywords

Siemens, Altair Engineering, Acquisition, Merger, Class A Common Stock, Options, RSUs, Beneficial Ownership, Form 4