MEDIA RELEASE PR41937
Altair Engineering to Acquire SimLab Corporation
TROY, Mich., Oct. 28 /PRNewswire-AsiaNet/ --
Acquisition of SimLab technology and expertise increases powertrain
depth and broadens Altair's software portfolio
provider of simulation technology and engineering services that empowers
client innovation and decision-making, today announced it has entered into an
Headquartered in Santa Margarita, Calif., SimLab specializes in highly
automated, tailored finite element modeling solutions for powertrain systems
within the automotive and heavy equipment industries. Under the agreement,
Altair will acquire SimLab's technology and development staff within its
HyperWorks computer-aided engineering (CAE) software development operations.
With the unique ability to recognize computer-aided design (CAD) feature
information (bolts, chamfers, fillets, cylinders, etc.), SimLab's
template-driven, solid meshing solutions have allowed manufacturers of
complex systems to develop higher quality CAE models five-times faster than
with conventional methods. The addition of SimLab and its feature-based
meshing domain knowledge will extend Altair's simulation footprint across
broad industry segments while advancing the company's long-standing
leadership position in CAE modeling and assembly solutions.
"Altair is dedicated to providing the very best in modeling and
visualization technology for the engineering community, and the addition of
SimLab to our range of CAE tools reinforces that commitment," said James R.
Scapa, chairman and CEO of Altair. "We recognize the value of SimLab's
technology, especially for customers who benefit from CAD associativity. This
acquisition and a shared vision fit perfectly with our technology roadmap for
CAE process automation."
"By joining with Altair, we are ensuring the continued growth of our
technology," said Dr. Shan Nageswaran, president and CEO of SimLab. "SimLab
provides additional specialized functions for Altair's market-leading
applications suite; and, in turn, Altair opens new opportunities for
advancing SimLab in new markets and application scope to improve CAE modeling
efficiency."
Altair anticipates completing the acquisition before the end of 2010.
SimLab will continue to operate from its California facility, while working
closely with the HyperWorks development organization at Altair's headquarters
in Troy, Mich. on integration roadmaps.
About Altair
Altair Engineering, Inc. empowers client innovation and decision-making
through technology that optimizes the analysis, management and visualization
of business and engineering information. Privately held, with more than 1,400
employees, Altair has offices throughout North America, South America, Europe
and Asia/Pacific. With a 25-year track record for product design, advanced
engineering software, grid computing technologies and enterprise analytics
solutions, Altair consistently delivers a competitive advantage to customers
in a broad range of industries. To learn more, please visit
SOURCE: Altair Engineering, Inc.
CONTACT: Jennifer Wilt
Airfoil Public Relations on behalf of Altair Engineering
+1-248-304-1418
wilt@airfoilpr.com
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