Hexagon AB Set to Acquire MSC Software
NEWPORT BEACH, CA--(Business Wire - February 2nd, 2017) - MSC Software Corporation announced today that it has reached an agreement to be bought by Hexagon AB. The acquisition is subject to clearance and standard regulatory filings and is expected to be complete in April of 2017.
MSC will continue to run as an independent business unit within Hexagon's Manufacturing Intelligence (MI) division. MI's main businesses are in the automotive, aerospace, machinery, consumer electronics and other discrete manufacturing markets, and is increasingly focused on offering end-to-end solutions in these workflows. Process-oriented solutions are essential for manufacturers, and MSC's solutions address key design and engineering processes.
"Our mission continues to be laser-focused on driving leadership in simulation tools, with solutions from materials to systems, said Dominic Gallello, President & CEO of MSC Software. "We will continue to work toward delivering breakthrough value to our customers. Although our mission and roadmap does not change, we anticipate that our ability to offer additional process oriented solutions from design to manufacturing will be enhanced by joining forces with Hexagon."
"MSC represents a game-changer in our mission to deliver actionable manufacturing intelligence, taking us another step closer to realizing our smart connected factory vision in discrete manufacturing industries such as automotive and aerospace," said Hexagon President and CEO Ola Rollén. "We can now leverage the data our MI division is generating to improve design choices and processes upstream in the workflow. The acquisition will also open up new markets and touchpoints for MSC via our Process, Power & Marine division."
About MSC Software
MSC Software is one of the ten original software companies and a global leader in helping product manufacturers to advance their engineering methods with simulation software and services. As a trusted partner, MSC Software helps companies improve quality, save time, and reduce costs associated with design and test of manufactured products. Academic institutions, researchers, and students employ MSC's technology to expand individual knowledge as well as expand the horizon of simulation. MSC Software employs 1,300 professionals in 20 countries. MSC Software is owned by Symphony Technology Group and Elliott Capital Management. For more information about MSC Software's products and services, please visit: www.mscsoftware.com
About Hexagon AB
Hexagon is a leading global provider of information technologies that drive productivity and quality across geospatial and industrial enterprise applications. Hexagon's solutions integrate sensors, software, domain knowledge, and customer workflows into intelligent information ecosystems that deliver actionable information. They are used in a broad range of vital industries. Hexagon (Nasdaq Stockholm: HEXA B) has more than 16,000 employees in 46 countries and net sales of approximately 3bn EUR. Learn more at hexagon.com and follow us @HexagonAB.
Goldman, Sachs & Co. is acting as financial advisor to MSC Software with Paul Hastings LLP acting as legal advisor.