Form 4: Altair Engineering Executive Ravi Kunju Disposes of Shares and Options Following Siemens Acquisition
SEC Form 4
Following the acquisition of Altair Engineering by Siemens Industry Software Inc., Chief Product Strategy Officer Ravi Kunju reports the cancellation and conversion of his shares and options into cash.
Summary
- Ravi Kunju, Chief Product Strategy Officer of Altair Engineering Inc., filed a Form 4 on March 26, 2025, reporting changes in beneficial ownership of securities.
- The filing is related to the acquisition of Altair by Siemens Industry Software Inc. on March 26, 2025.
- As a result of the merger, Kunju's Class A Common Stock was canceled and converted into the right to receive $113.00 in cash per share.
- Similarly, his restricted stock units (RSUs) and stock options were also canceled and converted into the right to receive cash, with vesting schedules considered for payment.
- Kunju disposed of 34,388 shares of Class A Common Stock at $113 per share.
- He also disposed of options for Class A Common Stock with various exercise prices and expiration dates, resulting in cash values based on the difference between the exercise price and $113.00.
- The total cash value of the disposed options is significant, reflecting the value of the options at the acquisition price.
Sentiment
Score: 7
Explanation: The document is a standard regulatory filing related to a completed acquisition. The sentiment is neutral, reflecting the completion of a transaction that provided a defined cash value to shareholders and option holders.
Future Outlook
The document does not contain any specific forward-looking statements regarding the future of Siemens or the acquired Altair Engineering.
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
- Acquisitions in the software industry often involve a premium paid over the existing share price, as seen with the $113 per share paid by Siemens for Altair's Class A Common Stock.
- Comparable companies that have been acquired at similar multiples include [hypothetical company 1] and [hypothetical company 2], which were acquired at [hypothetical multiple] times their revenue.
- The conversion of stock options and RSUs into cash is a standard practice in acquisitions, ensuring that employees and executives are compensated for their equity holdings.
Stakeholder Impact
- Shareholders received $113.00 in cash for each share of Class A Common Stock.
- Employees holding RSUs and stock options received cash payments based on the terms of the merger agreement and their 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 by Siemens Industry Software Inc. and the transaction date for the reported changes in beneficial ownership. |
| June 02, 2030 | Expiration date of some of the Class A Common Stock Options. |
| December 02, 2030 | Expiration date of some of the Class A Common Stock Options. |
| February 15, 2032 | Expiration date of some of the Class A Common Stock Options. |
| November 09, 2032 | Expiration date of some of the Class A Common Stock Options. |
| December 15, 2032 | Expiration date of some of the Class A Common Stock Options. |
| March 02, 2033 | Expiration date of some of the Class A Common Stock Options. |
| March 15, 2034 | Expiration date of some of the Class A Common Stock Options. |
Keywords
Form 4, Altair Engineering, Siemens, Acquisition, Ravi Kunju, Beneficial Ownership, Class A Common Stock, Stock Options, RSUs, Merger
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