Exa Corporation

Exa Corporation was a United States-based developer and distributor of computer-aided engineering software, with a particular focus on computational fluid dynamics (CFD). Founded in November 1991 in Lexington, Massachusetts, the company developed simulation technology intended to help engineers model fluid movement around and through complex products before physical prototypes were built. Its principal commercial offering was PowerFLOW, a CFD platform based on lattice-Boltzmann methods and designed for the simulation of low-Mach-number internal and external flows. The company’s technology was used especially in automotive and transportation engineering. Typical applications included the study of vehicle aerodynamics, airflow through intake and exhaust systems, thermal and fluid-management questions, and other design problems in which the movement of air or liquids affects performance, efficiency, noise, or durability. Exa’s approach was differentiated from more conventional CFD workflows by its underlying lattice-Boltzmann-derived implementation and by its suitability for large-scale, detailed simulations of complex geometries. Exa financed its development through venture-capital and individual investments. It raised approximately $2.4 million between April 1993 and 1994 from Fidelity Ventures and individuals, followed by additional funding in 1994, 1996, 1998, and 2005, including investment from Boston Capital Ventures. The company generated its first commercial revenue in 1994 and reported eighteen consecutive years of annual revenue growth through fiscal 2012. It became profitable in fiscal 2011 and fiscal 2012 after losses in the preceding three fiscal years. Stephen A. Remondi became chief executive in 1999. Exa later pursued public-market financing, filing for an initial public offering in June 2012, although it was ultimately acquired rather than becoming an independently traded public company. The company reported fiscal 2012 revenue of $45.9 million, net income of $14.5 million, and adjusted EBITDA of $7.1 million. Revenue reached $61.4 million in fiscal 2015, while the company projected fiscal 2016 revenue in a range of $64.7 million to $67.0 million. Before its acquisition, Exa operated internationally from headquarters in Burlington, Massachusetts. Its United States locations included Livonia, Michigan, and Brisbane, California. It maintained European operations with a regional headquarters in Paris and offices in Germany, Italy, and the United Kingdom. Its Asian organization was headquartered in Japan, with offices in China, India, and South Korea. The company employed more than 350 people worldwide. Dassault Systèmes announced a definitive agreement to acquire Exa on September 28, 2017, in a transaction valued at approximately $400 million. The acquisition was completed on November 17, 2017. Exa’s technology and activities were subsequently incorporated into Dassault Systèmes’ SIMULIA brand, ending Exa’s independent corporate existence while extending PowerFLOW’s role within Dassault’s simulation portfolio.

Exa Corporation was established in November 1991 in Lexington, Massachusetts, as a developer of computer-aided engineering software. Its central technical and commercial focus became computational fluid dynamics: using numerical methods to represent the behavior of fluids and gases in and around engineered products. The company’s principal platform, PowerFLOW, used a lattice-Boltzmann-derived approach and was particularly associated with low-Mach-number internal and external flow simulation. Exa financed its early development through venture investment. Between April 1993 and 1994 it raised approximately $2.4 million from Fidelity Ventures and individual investors. Further financing followed in 1994, 1996, 1998, and 2005, with Boston Capital Ventures among the reported investors. The company generated its first commercial revenue in 1994 and subsequently recorded eighteen consecutive years of annual revenue growth through fiscal 2012. It reported profitability in fiscal 2011 and 2012 after three earlier fiscal years of net losses. Exa’s software found its strongest market position in the international automotive and transportation sectors. Engineers used PowerFLOW for problems such as vehicle aerodynamics, airflow through components, and other internal or external flow conditions where detailed simulation could support product development. The company’s technology was also relevant to broader engineering workflows requiring the analysis of fluid behavior around complex geometries. Its business model centered on developing and distributing specialized simulation software rather than manufacturing physical products. Stephen A. Remondi became chief executive in 1999. During the following years Exa expanded its international presence, establishing or maintaining operations in North America, Europe, and Asia. Prior to its acquisition, the company was headquartered in Burlington, Massachusetts, with additional United States offices in Livonia, Michigan, and Brisbane, California. European operations included a regional headquarters in Paris and offices in Germany, Italy, and the United Kingdom. Asian operations were coordinated from Japan and included offices in China, India, and South Korea. Exa employed more than 350 people worldwide. The company’s financial disclosures described a growing but specialized software business. Fiscal 2012 revenue was $45.9 million, with net income of $14.5 million and adjusted EBITDA of $7.1 million. Revenue increased to $61.4 million in fiscal 2015, and Exa projected fiscal 2016 revenue of between $64.7 million and $67.0 million. These figures belong to the specific fiscal periods reported and should not be treated as current results. Exa filed for an initial public offering in June 2012. It did not ultimately become an independently traded public company. On September 28, 2017, Dassault Systèmes announced that it had signed a definitive agreement to acquire Exa for approximately $400 million. The transaction closed on November 17, 2017. Exa was then integrated into Dassault Systèmes’ SIMULIA brand, which made Exa’s technology part of a larger portfolio of simulation and virtual-product-development products. The acquisition ended Exa’s independent corporate status and explains its current classification as a defunct standalone brand.

• 2017

  Acquisition by Dassault Systèmes

  [1]Exa Corporationen.wikipedia.org

  Dassault Systèmes announces the acquisition in September and completes it on November 17. Exa becomes part of SIMULIA.

• 2012

  Initial public offering filing

  [1]Exa Corporationen.wikipedia.org

  Exa files for an initial public offering in June.

• 1999

  Stephen A. Remondi becomes chief executive

  [1]Exa Corporationen.wikipedia.org

  Stephen A. Remondi assumes the role of chief executive officer.

• 1994

  Early venture financing and first commercial revenue

  [1]Exa Corporationen.wikipedia.org

  The company completes an early financing period that raised approximately $2.4 million and begins generating commercial revenue.

• 1991

  Exa is founded

  [1]Exa Corporationen.wikipedia.org

  Exa Corporation is founded in November in Lexington, Massachusetts.

Specialist engineering-simulation software provider focused on lattice-Boltzmann-based computational fluid dynamics for automotive, transportation, and other low-Mach-flow applications.

• Computational fluid dynamics software

  PowerFLOW

  PowerFLOW was Exa’s principal software platform and its best-known commercial offering. It implemented computational fluid dynamics using methods derived from the lattice-Boltzmann approach, allowing engineers to simulate internal and external fluid flows, particularly in low-Mach-number regimes. The platform was used extensively in automotive and transportation engineering, including aerodynamic and component-flow studies. Its role was to support virtual design analysis and reduce reliance on physical testing during product development. Following Exa’s acquisition, PowerFLOW became part of Dassault Systèmes’ SIMULIA portfolio.

• 2017

  Dassault Systèmes acquires ExaM&A

  Background

  Exa had developed an established position in specialized computational fluid dynamics software, particularly for automotive and transportation customers.

  Action taken

  Dassault Systèmes signed a definitive agreement in September 2017 and completed the acquisition on November 17, 2017, for an announced value of approximately $400 million.

  Aftermath

  Exa became part of Dassault Systèmes’ SIMULIA brand, and its independent corporate identity was discontinued.

  Transaction value. Approximately USD 400 million (Announced September 28, 2017; acquisition completed November 17, 2017)

  Source

• 2012

  Exa pursues public-market financingOther

  Background

  After years of commercial growth and reported profitability in fiscal 2011 and 2012, Exa sought to access public capital markets.

  Action taken

  The company filed for an initial public offering in June 2012.

  Aftermath

  Exa was later acquired by Dassault Systèmes rather than continuing as an independently traded public company.

  Source

1. 1Exa Corporationen.wikipedia.org