TROY, Michigan, October 28, 2010 /PRNewswire/ -- Altair Engineering, Inc. (http://www.altair.com), a leading global provider of simulation technology and engineering services that empowers client innovation and decision-making, today announced it has entered into an agreement to acquire SimLab Corporation (http://www.simlabcorporation.com). 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.
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 http://www.altair.com.
SOURCE: Altair Engineering, Inc.
CONTACT: Jennifer Wilt, Airfoil Public Relations on behalf of AltairEngineering, +1-248-304-1418, email@example.com