Altair Engineering Secures $30 Million in Capital through General Atlantic
New funding will accelerate growth and capital expansion, increase technology investment and support future corporate initiatives
TROY, Mich., October 05, 2004
- Today, Altair Engineering, Inc., a global leader recognized for innovative product development, advanced engineering software and grid computing technology, announced that it has secured $30 million in funding through a new partnership with General Atlantic Partners, LLC, the world's leading direct investment firm focused on investing globally in companies providing or using IT in ways that significantly transform the value proposition. Allen & Company acted as placement agent and financial advisor to Altair senior management during this first outside investment. Lipson, Neilson, Cole, Seltzer, Rivkin & Garin P.C. of Bloomfield Hills, Michigan acted as legal counsel for Altair in connection with the transaction.
"This investment was a logical step in the progression of our company," said Altair Engineering President and CEO James R. Scapa. "The offering was extremely well-received by the investment community, which I attribute to the employees, customers and partners that we collaborate with daily. Altair initiated this process after 19 years of growth without outside investors. Working with General Atlantic and Allen & Co. was instrumental in the transaction being as successful as it was."
As the developer of Altair®
- The Engineering Framework for Product DesignTM, Altair is the leading provider of high-end, open architecture Computer-Aided Engineering (CAE) software for modeling, visualization, optimization and process automation. The company's grid computing products, led by PBS ProTM , are the leading workload management solutions for high performance computing environments, LINUX clusters and desktop cycle harvesting.
As part of the transaction, General Atlantic made a significant investment for a minority position in Altair. General Atlantic brings global expertise in partnering with fast growing, market-leading companies like Altair to increase the value they deliver to the market. Joining the Altair Board of Directors from General Atlantic Partners will be Marc F. McMorris, Partner.
"Global clients will continue to demand sophisticated solutions for innovative product design and engineering applications," said Marc McMorris. "Altair is very well-positioned in this industry to provide the highest quality products and solutions to clients globally. We are excited about the opportunity to work with Altair's management team as they continue to build upon their success and pursue strategic growth opportunities."
Altair will use the new funding to accelerate growth and capital expansion, increase technology investments and secure additional liquidity as needed to support future corporate initiatives. Additionally, Altair will leverage the new investment to expand into new markets, both within North America and other key geographic regions around the world. Additional terms of the financing were not disclosed.
About General Atlantic Partners
General Atlantic Partners, LLC, is one of the world's leading direct investment firms focused on investing globally in companies providing or using IT in ways that significantly transform the value proposition. GA's investment focus in IT includes providers of IT, IT-related services and users of IT in traditional industries such as healthcare, finance and government. The firm was founded in 1980 and has almost $6 billion in capital under management. General Atlantic has invested in over 125 IT companies and has current holdings in over 50 companies, of which almost one-third are based outside the United States and which include Archipelago, Digital China, Eclipsys, Exult, iSoft Group, IXOS Software AG, Liberata plc, Patni Computer Systems, ProxyMed, SESA, SRA International, Upromise, Xchanging and Zagat. The firm is distinguished within the investment community by its deep experience and expertise in information technology, its global perspective and worldwide presence, its long-term approach to investments, and its commitment to provide sustained strategic assistance for its portfolio companies. General Atlantic has nearly 70 professionals among its 150 employees worldwide with offices in Greenwich, New York, Palo Alto, Washington, D.C., London, Düsseldorf, Singapore, Tokyo, Mumbai, Hong Kong, and São Paulo. See www.gapartners.com for additional information.
About Altair Engineering
Through product design consulting, advanced engineering software and high performance computing technologies, Altair Engineering increases innovation for clients around the globe. Founded in 1985 and privately held with offices throughout 11 countries, Altair's unparalleled knowledge and expertise in product development and manufacturing extend throughout North America, Europe and Asia. As the developer of Altair® HyperWorks® - The Engineering Framework for Product DesignTM, Altair is the leading provider of high-end, open CAE software solutions for modeling, visualization, optimization and process automation. The company’s grid computing software, PBS ProTM, is a workload management solution for high performance computing environments, LINUX clusters and desktop cycle harvesting that delivers an ROI within one year. For detailed information about Altair, visit www.altair.com