Form 4: Altair Engineering Inc. Chief Legal Officer Raoul Maitra Reports Acquisition by Siemens, Cancels Stock and Options for Cash

Raoul Maitra, Chief Legal Officer of Altair Engineering Inc., reports the cancellation of stock and options following the acquisition of the company by Siemens Industry Software Inc. on March 26, 2025, with each share converted to $113 in cash.

Summary

• On March 26, 2025, Altair Engineering Inc. was acquired by Siemens Industry Software Inc. pursuant to a merger agreement.
• Raoul Maitra, Chief Legal Officer, filed a Form 4 reporting changes in beneficial ownership due to the acquisition.
• Each outstanding share of Altair's Class A Common Stock was canceled and converted into the right to receive $113 in cash.
• Restricted stock units (RSUs) scheduled to vest on or before December 31, 2025, were vested, canceled, and converted into the right to receive $113 in cash.
• RSUs scheduled to vest on or after January 1, 2026, were canceled and converted into the right to receive $113 in cash, payable on the last day of the calendar quarter preceding the quarter in which they would have vested.
• Outstanding options scheduled to vest on or before December 31, 2025, were vested, canceled, and converted into the right to receive the cash value of the option.
• Options scheduled to vest on or after January 1, 2026, were canceled and converted into the right to receive the cash value of the option, payable on the last day of the calendar quarter preceding the quarter in which they would have vested.

Sentiment

Score: 7

Explanation: The sentiment is neutral to positive. The acquisition provides a clear exit strategy for shareholders with a defined cash payout. The cancellation of stock and options is a standard procedure in such transactions.

Positives

• Shareholders received $113 in cash for each share of Class A Common Stock.
• Holders of RSUs and stock options received cash payments based on the value of their holdings.

Negatives

• The acquisition resulted in the cancellation of all outstanding shares and options of Altair Engineering Inc.

Risks

• The document does not explicitly mention any ongoing risks, but the acquisition means Altair Engineering Inc. will no longer operate as an independent publicly traded company.

Future Outlook

The document does not provide a future outlook for the acquired entity, Altair Engineering Inc., as it is now part of Siemens.

Industry Context

The acquisition of Altair Engineering Inc. by Siemens Industry Software Inc. reflects a trend of consolidation in the software and engineering solutions industry, where larger companies acquire specialized firms to expand their product offerings and market reach.

Comparison to Industry Standards

• It is difficult to compare this acquisition to industry standards without knowing the specific financial details and strategic rationale behind the deal.
• However, acquisitions in the software industry often involve a premium paid to shareholders, which in this case was $113 per share.
• Comparable companies that have been acquired in the past include Mentor Graphics (acquired by Siemens) and ANSYS (acquired by Synopsis), which also involved significant cash considerations for shareholders.

Stakeholder Impact

• Shareholders received $113 per share in cash.
• Employees may experience changes as the company integrates into Siemens.
• Customers may see changes in product offerings and support as a result of the acquisition.

Key Dates

Keywords

acquisition, Siemens, Altair Engineering, merger, Form 4, beneficial ownership, stock options, RSUs, cash consideration