PITTSBURGH, May 1, 2014 /PRNewswire/ -- ANSYS (NASDAQ: ANSS),
a global leader and innovator of engineering simulation software,
announced today that it has acquired SpaceClaim Corporation, a
leading provider of fast and intuitive 3-D modeling software for
engineers, for a purchase price of $85
million in cash, plus retention and an adjustment for
working capital. The transaction was closed on April 30, 2014. On a non-GAAP basis, the
transaction is expected to be neutral to slightly accretive to
ANSYS' non-GAAP earnings per share in 2014, and accretive in 2015
and beyond.
Concord, Massachusetts-based
SpaceClaim offers the first powerful and easy-to-use 3-D modeling
tool that can be utilized by any engineer during the product
development process. This process, called "direct modeling,"
differs dramatically from traditional CAD software, which is used
by a relatively small percentage of engineers – typically late in
the development process, to document the detailed design.
SpaceClaim and ANSYS have partnered in the past to offer customers
ANSYS® SpaceClaim Direct Modeler.
ANSYS' longtime vision is "Simulation Driven Product
Development"™, in which organizations can derive tremendous value
by harnessing computer simulation early in the design cycle to
predict how a product will perform in the real world. With the
addition of SpaceClaim, ANSYS will provide customers with a
powerful and intuitive 3-D direct modeling solution to author new
concepts and then leverage the power of simulation to rapidly
iterate on these designs to drive innovation. The broad appeal of
the SpaceClaim technology can help ANSYS deliver simulation tools
to any engineer in any industry – at the earliest stages of the
design cycle. ANSYS has always been an open platform and
SpaceClaim's offerings are also CAD-neutral, allowing users to
modify geometries regardless of the system in which they were
created.
"This transaction is consistent with our strategic vision and
M&A strategy, and accelerates our technological product roadmap
to enhance our customer offering and drive growth," said
Jim Cashman, president and CEO of
ANSYS. "SpaceClaim is an exciting addition to our portfolio, as it
addresses unmet 3-D modeling needs in the conceptual modeling,
manufacturing and 3-D printing spaces, which represents an audience
of 5 million users. In addition to driving innovation, the addition
of SpaceClaim helps ANSYS accelerate the growth of the simulation
market by broadening our user base from analysts and expert users
to the millions of design and systems engineers in the industry. We
welcome the SpaceClaim team to ANSYS."
"Leading companies know they need to modernize their engineering
software and platforms if they want to develop truly innovative
products," said Daniel Dean, senior
vice president of research and development at SpaceClaim.
"SpaceClaim's 3-D tools – combined with ANSYS' proven simulation
software – are ideally suited to the rapid pace of today's
business, driving a shorter product development process from
concept to prototype."
Benefits of the Transaction:
- Accelerates ANSYS' technological product roadmap and
longtime vision for Simulation Driven Product
Development: SpaceClaim can help simplify and automate
what has traditionally been a time-consuming process of preparing
geometry for use in a simulation system, enhancing ease-of-use to
help ANSYS accelerate product adoption and the growth of the
simulation market overall. The transaction enables ANSYS to
accomplish what would have taken the Company many years to develop
alone, adding the talent pool, best-in-class design and expertise
of a technology leader in 3-D modeling software.
- Enhances customer offering
through complementary technologies: The
transaction enables ANSYS to provide its customers with a powerful
and intuitive 3-D direct modeling solution to author new concepts
and then leverage the power of simulation to rapidly iterate on
these designs to drive innovation. SpaceClaim's offerings are also
CAD-neutral, allowing users to modify geometries regardless of the
system they were created in.
- Drives growth through an expanded customer base and
cross-selling opportunities: The broad appeal of
SpaceClaim's technology can help ANSYS deliver simulation tools to
any engineer in any industry – at the earliest stages of the design
cycle – expanding ANSYS' user base from analysts and expert users
to 5 million design and systems engineers.
- Increases innovation: SpaceClaim's flagship product is
SpaceClaim Engineer, the world's fastest and most innovative 3-D
direct modeler. It offers best-in-class UI/UX design for both 3-D
applications and mobile devices. SpaceClaim provides customers with
3-D direct modeling tools to rapidly iterate product designs and
drive innovation.
- Financial benefits: ANSYS will be able to leverage
its infrastructure and global footprint to accelerate the combined
company's growth and profitability. On a non-GAAP basis, the
transaction is expected to be neutral to slightly accretive to
ANSYS' earnings per share in 2014 and accretive in 2015 and beyond.
Additionally, SpaceClaim has net operating losses (NOLs), which
ANSYS will be able to carry forward to reduce future tax
payments.
Advisers
In connection with the transaction, Goodwin
Procter LLP is legal counsel to ANSYS. Deutsche Bank
Securities Inc. is exclusive financial adviser to SpaceClaim, and
Latham & Watkins LLP is legal counsel.
About ANSYS, Inc.
ANSYS brings clarity and insight to
customers' most complex design challenges through fast, accurate
and reliable engineering simulation. Our technology enables
organizations ― no matter their industry ― to predict with
confidence that their products will thrive in the real world.
Customers trust our software to help ensure product integrity and
drive business success through innovation. Founded in 1970, ANSYS
employs more than 2,600 professionals, many of them expert in
engineering fields such as finite element analysis, computational
fluid dynamics, electronics and electromagnetics, and design
optimization. Headquartered south of Pittsburgh, U.S.A., ANSYS has more than 75 strategic sales
locations throughout the world with a network of channel partners
in 40+ countries. Visit www.ansys.com for more information.
ANSYS also has a strong presence on the major social channels.
To join the simulation conversation, please visit:
www.ansys.com/Social@ANSYS
Forward-Looking Information
The Company cautions that its performance is subject to risks
and uncertainties. Some matters discussed herein may constitute
"forward-looking" statements (as defined in the Private Securities
Litigation Reform Act of 1995) that involve risks and uncertainties
which could cause actual results to differ materially from those
projected, including statements regarding the transaction being
expected to be neutral to slightly accretive in 2014 and accretive
in 2015 and beyond, statements regarding ANSYS' longtime vision,
statements regarding organizations deriving tremendous value by
harnessing computer simulation, statements regarding ANSYS
providing customers with a powerful and intuitive 3-D modeling
solution, statements regarding our strategic vision and M&A
strategy, statements regarding accelerating our technological
product roadmap to enhance our customer offering and drive growth,
statements regarding the addition of SpaceClaim accelerating the
growth of the simulation market by broadening our user base,
statements regarding SpaceClaim's products being ideally suited to
the rapid pace of today's business driving a shorter product
development process, statements regarding the transaction enabling
ANSYS to accomplish what would have taken many years to develop
alone, statements regarding expanding ANSYS' user base from
analysts and expert users to 5 million design and systems
engineers, statements regarding ANSYS leveraging its infrastructure
and global footprint to accelerate the combined company's growth
and profitability, and statements regarding SpaceClaim net
operating losses and ANSYS's ability to carry them forward to
reduce future tax payments. All forward-looking statements in this
press release are subject to risks and uncertainties including, but
not limited to, the risk that adverse conditions in the global
economy and financial markets will significantly affect ANSYS'
customers' ability to make new purchases from the Company or to pay
for prior purchases, the risk that adverse conditions in the global
economy may lengthen customer sales cycles, the risk of declines in
the economy of one or more of ANSYS' primary geographic regions,
the risk that ANSYS' operating results will be adversely affected
by changes in currency exchange rates, the risk that the
assumptions underlying ANSYS' anticipated revenues and expenditures
will change or prove inaccurate, the risk that ANSYS has
overestimated its ability to maintain growth and profitability and
control costs, uncertainties regarding the demand for ANSYS'
products and services in future periods, the risk that ANSYS has
overestimated the strength of the demand among its customers for
its products, uncertainties regarding customer acceptance of new
products, including ANSYS 15.0, the risk that ANSYS' operating
results will be adversely affected by possible delays in
developing, completing or shipping new or enhanced products, the
risk that enhancements to the Company's products may not produce
anticipated sales, the risk that the Company may not be able to
recruit and retain key executives and technical personnel, the risk
that third parties may misappropriate the Company's proprietary
technology or develop similar technology independently, the risk of
unauthorized access to and distribution of the Company's source
code, the risk of difficulties in the relationship with ANSYS'
independent regional channel partners, the risk that the expected
income tax impacts of the merger of the Company's Japan subsidiaries will not be realized in one
or more future periods, the risk that ANSYS may not achieve the
perceived benefits of its acquisitions, including the Reaction
Design acquisition, or that the integration of its acquisitions may
not be successful, and other factors that are detailed from time to
time in reports filed by ANSYS, Inc. with the Securities and
Exchange Commission, including ANSYS, Inc.'s 2012 Annual Report and
Form 10-K and 2013 Annual Report and Form 10-K. We undertake no
obligation to publicly update or revise any forward-looking
statements, whether changes occur as a result of new information or
future events, after the date they were made.
ANSYS and any and all ANSYS, Inc. brand, product, service and
feature names, logos and slogans are registered trademarks or
trademarks of ANSYS, Inc. or its subsidiaries in the United States or other countries.
All other brand, product, service and feature names or
trademarks are the property of their respective owners.
ANSS-G
Contact: Media:
Tom
Smithyman
724.514.3076
tom.smithyman@ansys.com
Investors: Annette
Arribas,
CTP
724.514.1782
annette.arribas@ansys.com
SOURCE ANSYS, Inc.