TROY, Mich. - Altair (NASDAQ:ALTR), known for its computational intelligence software, has entered into a partnership with CGI, a top IT and business consulting services firm, to propel IT modernization and digital transformation across various industries. This collaboration focuses on leveraging Altair's data science and artificial intelligence (AI) technologies to enhance operational efficiency and business outcomes.
The partnership centers around Altair's RapidMiner data analytics and AI platform, which includes AI Studio and Altair SLC, a SAS language compiler. Altair SLC allows for seamless migration to modern analytics platforms, supporting SAS, Python, R, and SQL languages, facilitating major migration projects and maintaining SAS program libraries at reduced costs. The company's focus on innovation is reflected in its solid 7.2% revenue growth over the last twelve months.
Stephanie Buckner, Altair's Chief Operating Officer, emphasized the partnership's alignment with the company's dedication to advancing digital transformation through superior data science and AI technologies. The collaboration with CGI is expected to strengthen Altair's efforts and assist customers in achieving ambitious objectives.
CGI brings to the table its expertise in business and strategic IT consulting, including the responsible use of AI, to help clients navigate complex IT landscapes and legacy systems. Industries such as finance, healthcare, hospitality, and retail are anticipated to benefit from this partnership by adopting AI solutions to improve their operations.
Douglas Vargo, Vice President of Consulting Services at CGI, highlighted the combination of CGI's scientific rigor and human-centric AI approach with Altair's solutions, enabling organizations to enhance their modernization and digital strategies for sustained business value from AI investments.
The collaboration aims to provide exceptional value to organizations striving to update their IT infrastructures and leverage the vast potential of AI. For additional information on Altair's RapidMiner platform, interested parties can visit the company's website.
This partnership announcement is based on a press release statement from Altair. InvestingPro analysis indicates that while Altair maintains a "GOOD" overall financial health score, the stock appears to be trading above its Fair Value. Investors seeking deeper insights can access comprehensive financial analysis and 12 additional ProTips through InvestingPro's detailed research reports, available for over 1,400 US stocks including Altair.
In other recent news, Altair Engineering Inc. has seen significant developments in its operations. The computational intelligence company's Q2 2024 earnings showed a robust increase with total revenue of $148.8 million and software revenue of $135.4 million, a 10.6% year-over-year rise. Altair has also entered into a definitive agreement to be acquired by Siemens (ETR:SIEGn) for $10.6 billion. Following this announcement, RBC Capital raised its price target for Altair to $113, while William Blair downgraded the company's stock from Outperform to Market Perform.
Altair has partnered with Auburn University on a $1.25 million AFWERX Phase II STTR contract to advance aerospace technology. The collaboration aims to develop and analyze models for cyclonic flows and vortex engines, addressing challenges faced by aerospace organizations. Altair has also teamed up with Moya Aero to develop electric vertical takeoff and landing vehicles and unmanned aerial vehicles. This partnership is part of Altair's Aerospace Startup Acceleration Program.
Additionally, Altair has announced a collaboration with the European Space Agency to provide its aerospace technology to various European entities. This partnership, part of the ESA Partnership Initiative for Commercialisation, aims to support startups, companies, research centers, and universities involved with ESA in developing aerospace technologies. These are recent developments that continue to shape Altair's trajectory in the engineering software solutions market.
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