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ANSYS Inc.

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ANSYS is a dominant player in the high-end design simulation software market. The company recently acquired 3DSIM. We note that ANSYS’s timely acquisitions have significantly expanded product portfolio. We believe that robust product portfolio, expanding total addressable market (due to rising complexity in manufacturing IoT related products), improving enterprise penetration, collaborations with leading vendors, and strong balance sheet are the catalysts. Notably, the stock has outperformed the industry on a year-to-date basis. However, declining perpetual license revenues will hurt top-line growth at least in the near term. Moreover, weakness in Europe remains a major concern.


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