Benzinga | Feb 24, 2021 09:03AM EST

Altair Acquires Flow Simulator From GE Aviation For Undisclosed Terms

* Software and cloud solutions provider Altair Engineering Inc (NASDAQ: ALTR) acquired integrated flow, heat transfer, and combustion design software Flow Simulator from General Electric Company (NYSE:GE) subsidiary GE Aviation.

* The financial terms of the transaction were not disclosed.

* The relationship will involve Altair's continuous development of Flow Simulator, granting GE Aviation access to Altair's complete software suite, and executive engagement between both parties.

* "Utilizing Altair's simulation and AI-driven approach to innovation, there is great potential to expand Flow Simulator's capabilities and make it available to new industries focused on simulating systems models including automotive, electromobility, battery, defense, and renewable energy," said Altair CEO James R. Scapa.

* ALTR cash and equivalents stood at $245.4 million as of September 30, 2020.

* Price action: ALTR shares were higher by 0.68% at $61 in the pre-market session on the last check Wednesday.