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About Chris Savage

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Latest Chris Savage News

Why Bell Potter thinks Altium is still a takeover target

Nov 4, 2021

Share If Bell Potter is right, Autodesk is still lurking in the wings for ASX-listed electronic design software company Altium. Analyst Chris Savage believes Autodesk’s cloud-based 2D and 3D modelling platform Fusion 360 platform is not up to the task of converging both the mechanical and electrical design processes. Altium chief executive Aram Mirkazemi owns 7.25 per cent of the company. Ben Rushton With Altium Designer centred on the electrical side of the supply chain (specifically printed circuit board design), Savage believes a tie-up is still on the cards. “Its PCB design software - Altium Designer - is high-powered enough to provide the required functionality and so would be key in enabling Fusion 360 [to] become the platform of choice for converged processes,” Savage wrote in a note. “Given the size of the prize is so large and is effectively a race with other industry heavyweights like Dassault Systemes and Siemens, we figure Autodesk will likely be back with a revised bid at some stage.” Advertisement While it may be in Autodesk’s interest to acquire Altium, the US-based company would need to sweeten the deal substantially above its original offer for Altium and its CEO Aram Mirkazemi to even consider it. Savage evidently believes Altium is also worth more than $40 per share, having upgraded his price target this week by 31 per cent to $42.50, giving the company a buy rating. By connecting the supply chain with the manufacturers, you’ll be able to quickly determine if a design is manufacturable or not, whereas currently designs go through many hands before reaching this point. It’s an ambitious vision that requires the transformation of an entire industry, not just one component, and herein likes the risk. Advertisement While broadly analysts and fund managers are supportive of Mirkazemi and believe he has a management team capable of executing, with a goal this large, there’s a lot that needs to go right, including timing, and that carries substantial risk. Shared vision Like Altium, Autodesk also have a vision of unified mechanical and electrical design process. This, Savage says, provides another reason for the $US68 billion company to return with a revised bid. “Autodesk is more advanced in realising this vision than Altium so in our view it makes sense for Altium to be acquired rather than going it alone,” he said. “But in our view it is more than just Altium’s ECAD (electronic computer-aided design) capabilities that interests Autodesk, it is the ecosystem that Altium is building around its ECAD capabilities that would complement so well the ecosystem that Autodesk is building around its MCAD capabilities. “The combination of the two would form quite a formidable combined ECAD/MCAD ecosystem that would cover or connect most of the electrical and mechanical workflows across the design and manufacturing process.” Get a first look at tomorrow's headlines Sign up to the Street Talk First Look newsletter

Chris Savage Investments

2 Investments

Chris Savage has made 2 investments. Their latest investment was in Milk Video as part of their Seed VC on August 8, 2021.

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Chris Savage Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

8/25/2021

Seed VC

Milk Video

$1.5M

Yes

2

4/30/2018

Angel

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$99M

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10

Date

8/25/2021

4/30/2018

Round

Seed VC

Angel

Company

Milk Video

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Amount

$1.5M

$99M

New?

Yes

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Co-Investors

Sources

2

10

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