SYDNEY – Altium reported 16% revenue growth for the first half of its fiscal year, totaling $138.6 million.

The company's Design Software segment saw a 21% increase in revenue to reach $110.6 million, while its Cloud Platform's revenue of $28 million represented a 0.3% increase.

"Despite intense engagement by Altium with Renesas during the crucial close period leading up to the proposed acquisition announcement, our first-half performance stands as a testament to our core strength," said CEO Aram Mirkazemi. "Altium delivered a strong business performance in the enterprise market and in the adoption of our cloud platform. The announcement of Renesas’ proposed acquisition of Altium marks a significant milestone that promises to propel our enterprise business to new heights."

"Our Design Software business performed strongly," said interim CFO Richard Leon. "We are encouraged by our ARR growth of 30% year-on-year. Additionally, our subscriber base has grown by 8% to over 62,700. We are seeing rapid adoption of higher value products and a significant shift from perpetual to term-based licensing, which further accelerates our transition to higher quality recurring revenue.

"The largest detractor to our performance in the first half was Octopart, which was hampered by weak cyclical conditions within the electronics supply chain. We have established secular growth drivers for Octopart and have seen a resumption of growth in the second half. Our Altium Limited ASX Announcement localization efforts are yielding promising results, with average daily clicks up 21% in the second half todate versus the average seen in the first half."