Altium will acquire Morfik Technology - an Australian software company. Its products are used by software engineers to design, engineer and deploy cloud-based software applications. Morfik's software engineering approach to web-application development makes it suitable for building web-based systems for domains such as electronics design, which involve large amounts of complex, dynamic content. Altium's objective is to help electronics designers expand their role from designing the electronics in devices to the larger role of designing and engineering web-based 'device ecosystems'.

Altium will continue Morfik's existing business model, which sells software tools and subscriptions for building web-based applications, for Morfik's existing customers. Altium has been using Morfik's technology and development tools for a number of years as key elements in the development of its own web-based infrastructure for the electronics design process.

Altium will acquire Morfik in a scrip transaction with Altium issuing 13.3 million fully paid ordinary shares (representing between 14 percent and 15 percent of outstanding shares) for 100 percent of Morfik's outstanding shares. All members of Morfik's team will join Altium and Altium will acquire all Morfik's IP and other assets, which are located in Sydney, Hobart, and Kiev in the Ukraine. Morfik's CEO, Aram Mirkazemi, will join Altium as chief of engineering, part of Altium's senior management team. He will work with Altium's founder and CEO/CTO Nick Martin on defining R&D strategy and directing product development.