Software startup Altair Engineering raised $156 million in an IPO of 12 million shares at $13.
Altair Engineering provides enterprise analytics, engineering, and on-demand computing software technologies to optimize business and engineering information management. The company’s products include HyperWorks, an enterprise simulation solution for design exploration and decision-making, and PBS GridWorks, a software environment for grid, cluster, and on-demand computing. Altair Engineering also provides product development consultancy services, business intelligence software solutions, and solid state lighting products, as well as develops and markets industrial design/styling software. The company sells its products through resellers and distributors in North America, South America, Europe, Africa, Russia, Asia, and Australia.
Altair Engineering intends to use $70.5 million of the net proceeds of this offering to repay its term loan.