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Altair (ALTR) Unveils SmartWorks, Bolsters Product Innovation

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Altair Engineering Inc. ALTR has launched a next-generation, cloud-native platform — Altair SmartWorks — to empower augmented, data-driven decision making.

About SmartWorks

SmartWorks acts as a problem solver for every department across the enterprise. Although it is totally cloud-native, it can be deployed on premises. It enables organizations to manage data access, analytics and automation. Also, it is built to be highly scalable and performant, having the best of underlying technology components.

This extensible and future-proof technology provides a collaborative environment, and is designed to work with various analytic engines. Notably, the platform helps organizations to improve and ensure production quality, develop connected product lines, optimize maintenance schedules as well as implement recurring revenue models. Also, it allows companies to customize marketing analytics and automate financial systems, among others.

Moreover, it allows organizations to collaborate, generate and share data-driven insights, develop artificial intelligence (AI)-augmented analytics as well as create scalable, secure IoT/analytics applications faster and with smaller teams more effectively. Importantly, SmartWorks integrates the features of Altair Monarch and Altair Knowledge Studio with new, cloud-native and targeted capabilities that offer organizations end-to-end data analytic capabilities.

The new platform is accessible via Altair Units, Altair's patented, subscription-based licensing model.

Product Launch to Aid Altair

Altair is a global technology company that provides software and cloud solutions in areas of simulation, high-performance computing (HPC), data analytics and AI. Over the past 36 years, the company has been providing solutions to engineers and scientists. Moreover, rising expectations of end-market customers are enhancing the use of advanced simulation, data analytics and AI across many industry verticals. This allows Altair to provide high-performance and cloud computing workload as well as workflow tools that give support to customers for exploring designs and analyze data in a contemporary manner.

It currently serves universities, government agencies, manufacturers, pharmaceutical firms, banking, financial services and insurance, weather prediction agencies as well as electronics design companies.

The company also invests in research and development, as timely development of new products is essential for maintaining its competitive position.

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Altair’s shares have gained 2.4% against the industry’s 1% decline in the past month. The company’s focus on developing great software and helping customers succeed despite hardships due to the COVID-19 outbreak has been driving growth.

Currently, Altair carries a Zacks Rank #4 (Sell). Nonetheless, these product launches, focus on innovation, regular research and development as well as strategic acquisitions will probably help the company — which shares space with Gates Industrial Corporation PLC GTES, AECOM ACM and KBR, Inc. KBR in the same industry — spur growth.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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