Altair Engineering exploring sale, Reuters says; shares surge

Investing.comOct 22, 2024 5:54 PM

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Investing.com -- Altair Engineering surged Tuesday as the engineering software maker is exploring a potential sale, Reuters reported, citing unnamed sources.

Altair Engineering Inc (NASDAQ:ALTR) was up more than 6% in recent trading Tuesday following the news.

The Troy, Michigan-based company, which has a market capitalization of nearly $9 billion, has tapped investment bankers to gauge interest from potential suitors, the sources told Reuters.

If talks progress favorably, a deal could potentially be inked in the coming weeks, one source told Reuters, though the prospect of a deal isn't guaranteed and the company may opt to remain independent,

Potential bidders include rival PTC Inc (NASDAQ:PTC), and Cadence Design Systems Inc (NASDAQ:CDNS), the sources said.

Altair, PTC, and Cadence didn't immediately respond to Reuters' requests for comment.

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