Canonsburg-based software simulation company Ansys Inc. is continuing to press the accelerator on its efforts to expand its automotive-focused products and has announced plans to acquire a Germany-based leader in the sector.
Still subject to regulatory approvals, Ansys' (NASDAQ: ANSS) acquisition of DYNAmore Holding GmbH would expand the local company's portfolio of similar products, with DYNAmore offering Ansys a suite of better resources aimed at dynamic analysis solution development in the automotive industry.
The two companies announced the signing of a definitive acquisition agreement, which did not include the public disclosure of the deal's potential financial terms. Ansys anticipates the deal closing in Q1 2023.
"DYNAmore is an amazing company that offers unparalleled automotive crash expertise to the industry," Walt Hearn, vice president of worldwide sales and customer excellence at Ansys, said in a prepared statement. "Adding their invaluable knowledge to Ansys' direct selling motion will add tremendous benefits to our customers in Europe and across the globe."
According to Ansys, DYNAmore's products are used by about 800 industrial customers, including nine out of the top 10 automotive original equipment manufacturers and seven of the largest automotive suppliers globally. These software tools are also used at more than 150 universities.
Ansys said DYNAmore employs about 110 people across several locations in North America and Europe.
The company's planned acquisition of DYNAmore builds on the sentiment it shared during its most recent earnings call where Ansys executives outlined the many opportunities it sees to grow its automotive customers as the vehicle-making industry looks to electrify its offerings and test autonomous driving solutions. Ansys' automotive customers accounted for over $65 million or 16% of its annual contract value during its third quarter.
