In a bid to enhance its strong analytics and data science team with deep data warehousing expertise, Altair Engineering Inc. (ALTR) has acquired Cambridge Semantics.Cambridge Semantics is a modern data fabric provider and creator of one of the industry’s leading analytical graph databases. Its graph-powered data fabric technology simplifies the creation of comprehensive enterprise knowledge graphs by integrating the complex web of structured and unstructured enterprise data into one place.Cambridge Semantics’ transformational knowledge graph technology will be integrated into Altair’s RapidMiner platform. This will add knowledge graph, data governance, data virtualization and data discovery technology to Altair’s existing data preparation, ETL, data science, business intelligence, MLOps, workload management and orchestration tools.The deal will help organizations build a solid foundation for advanced analytics ecosystems that will incorporate artificial intelligence (AI) into day-to-day business operations. Accretive Acquisitions: A BoonAltair’s products, services and business models have been driving market share growth. Altair continues to evolve its product portfolio with a combination of sustainable and disruptive innovations. Also, strategic investments in engineering AI, accretive acquisitions and robust product demand are encouraging.Acquisitions are an important part of Altair’s strategy to supplement its organic growth and diversify extensively across its portfolio. Since 1996 through 2023, Altair has acquired 51 companies or strategic technologies.In 2023, the company acquired OmniQuest, a Michigan-based optimization software company, and OmniV technology from XLDyn, LLC. OmniQuest’s flagship product, Genesis, will boost Altair’s leadership in lightweight and structurally efficient designs across the globe. On the other hand, OmniV, which is a vendor-agnostic MBSE requirements management solution, will enhance Altair’s ability to engage in projects involving digital twins, simulation data management and engineering data analytics.This global leader in computational intelligence finished 2023 with record-high revenues and profits. Total revenues increased 7.1% in reported currency and 8.2% in constant currency. Adjusted EPS grew 27% from the 2022 level.For 2024, it expects revenue growth within 8.2-9.8% year over year. 
Image Source: Zacks Investment ResearchComing to share price performance, Altair has gained 34.9% in the past six months, compared with the Zacks Engineering – R and D Services industry’s 30.8% rise.Earnings estimates for 2024 have moved up over the past 60 days to $1.28 per share from $1.11. This indicates a 13.3% year-over-year increase and analysts’ optimism regarding its growth potential. Zacks Rank & Other Key PicksCurrently, Altair carries a Zacks Rank #2 (Buy).Some other top-ranked stocks in the same space are:Willdan Group, Inc. (WLDN) currently sports a Zacks Rank #1 (Strong Buy). WLDN delivered a trailing four-quarter average earnings surprise of a whopping 886.3%. The Zacks Consensus Estimate for WLDN’s 2024 sales and earnings per share (EPS) indicates growth of 3.9% and 3.4%, respectively, from the year-ago levels.Sterling Infrastructure, Inc. (STRL) presently sports a Zacks Rank #1. Sterling Infrastructure has a trailing four-quarter earnings surprise of 20.4%, on average.The Zacks Consensus Estimate for STRL’s 2024 sales and EPS indicates a rise of 11.7% and 11.4%, respectively, from the prior-year levels.M-tron Industries, Inc. (MPTI) currently carries a Zacks Rank #2. It has topped earnings estimates in two of the trailing four quarters, met on one occasion and missed once, with an average surprise of 24.7%.The Zacks Consensus Estimate for MPTI’s 2024 sales and EPS indicates a rise of 10.3% and 57%, respectively, from the prior-year levels. More By This Author:3 Energy Stocks To Buy Pre EarningsFord Gears Up To Report Q1 Earnings: What’s In The Cards? Time To Buy Chevron’s Stock As Q1 Earnings Approach?
