Renesas Electronics recently acquired Altium Limited, a global leader in electronic design systems, marking a significant step forward for both companies in building an innovative electronic system design and lifecycle management platform. The platform will enable full integration and standardization of electronic design data and functionality, while enhancing component lifecycle management and ensuring seamless digital iteration of the design process, resulting in significant productivity improvements. This change will dramatically reduce development costs, increase efficiency, accelerate the pace of innovation, and lower the barrier to entry for system designers.
"This merger is a historic milestone for Renesas and Altium and a major step forward in our goal of providing a better user experience for electronic system designers," said Renesas CEO. Together, we have built an open electronic systems design and lifecycle management platform that will enable electronic products to reach a wider range of markets and meet the needs of companies of all sizes and industries. In particular, I would like to emphasize that Renesas remains committed to the security and compliance of Altium customer data, which remains our top priority. With the integration of Altium's design software and cloud platform capabilities, we look forward to working with Aram Mirkazemi and his exceptional software engineering team to shape the future of electronic design systems."
Figure: Renesas Electronics successfully acquires Altium
Following the signing of the agreement between the two companies, Renesas has successfully brought Altium under its umbrella. Altium's CEO, Aram Mirkazemi, is now Senior Vice President of Software and Digital at Renesas, while continuing to serve as Altium's CEO.
"This is an important moment in Altium's history and marks the beginning of an exciting new chapter with Renesas," said Aram Mirkazemi. With Renesas' resources and professional support, we look forward to accelerating the cloudification of electronics design and development related industries, enabling electronics to enter a broader market and laying a solid foundation for software-defined products."
Renesas' acquisition of Altium was officially completed today, effective through a scheme of arrangement under Australia law. Under the plan, Renesas Electronics NSW Pty Limited, a wholly owned subsidiary of Renesas Electronics, acquired all outstanding shares of Altium for a cash price of $68.50 each, with a total equity value of approximately $9.1 billion (approximately 887.9 billion yen at an exchange rate of $1 to 97 yen). Renesas financed the acquisition through a bank loan. As part of the plan, Altium's common shares will be suspended from trading on the Australia Securities Exchange following close of trading on July 19, 2024, and will be officially delisted from the Australia Securities Exchange following close of trading on August 2, 2024.
