Aram mirkazemi7/8/2023 "While TASKING is a great business, it does not play a central role in our design to realisation strategy for the electronics industry, which is being delivered through our new cloud platform, Altium 365. "The strategic divestment of TASKING combined with our recent organisational changes and hard pivot to the cloud marks an inflection point for Altium in its pursuit of industry transformation," chief executive Aram Mirkazemi said. The product recorded no revenue growth in the 2020 financial year because of its exposure to the COVID-19-hit automotive manufacturing sector. The price implies a five to six times sales multiple for TASKING. The US-based ASX-listed company entered a definitive agreement with European private equity firm FSN Capital to buy TASKING for up to $US110 million ($146 million), with $US10 million of it conditional on the company hitting certain revenue targets in the 2021 financial year.Īltium chief executive Aram Mirkazemi says TASKING was not key to its core vision. Electronic design software company Altium is divesting its development tool TASKING, as the company homes in on its vision of connecting all aspects of the engineering process (manufacturers, suppliers and designers) via the cloud.
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