TROY, MI – Altair announced full-year software revenue of $611.9 million, an increase of 11.3% over 2023.

As a whole, the company's 2024 revenue of $665.8 million was up 8.7% compared to the previous year.

The company reported software revenue of $179.4 million for the fourth quarter, up 15% over the fourth quarter of 2023, and total revenue for the quarter was $192.6 million, an increase of 12.3% year-over-year. Net income was $14.2 million compared to a net loss of $8.9 million for the full year of 2023, an improvement in earnings of $23.1 million.

On Jan. 22, Altair's stockholders approved the previously announced merger agreement providing for the acquisition of Altair by Siemens Industry Software. Completion of the pending transaction remains subject to certain customary closing conditions, and Altair now anticipates that this transaction may close in the first half of 2025. In light of the pending transaction with Siemens, Altair is suspending quarterly financial results conference calls and its quarterly and annual guidance.