2026.10.08 | TB | Industrials | Altair Global Primer

Primer • 21 Sep 2026

Expert Former Senior Executive in Sales & Marketing

Fatema Patel (Analyst) — Third Bridge Sector Analyst

Agenda

• Over 14 years’ experience in the workforce mobility space
• Over two years’ experience at Altair Global (left within the last three years)

Introduction

Analyst: Please could you state I agree or I disagree to the following statement: You understand the definition of material non-public information and agree not to disclose any such information, or any other information which is confidential, during the Primer Interview today.

Expert: I agree.

Questions

Could you describe what Altair Global does and its products and services?

Expert: Altair Global are a global relocation management company. They offer end-to-end relocation services and coordinate all of those services from end to end. They also provide additional services such as destination services in EMEA and APAC. They also offer industry consulting, support things like business travellers and they have an Affinity Program, which is where they can connect people to their supply chain without them being involved. They benefit really from their vetted supply chain and work directly with their supply chain.

What is the value proposition of Altair's products and services?

Expert: The value proposition is really to support corporates in attracting, retaining and developing their talent. It's using relocation to onboard and attract new talent. It gives the possibility to actually develop through international exposure and international experiences. What I'm seeing from Altair, and what they push, is that they are an experienced management company. They use four key pillars, really, to drive that experience. It's the client, which is corporates they work with directly, mobility teams. It's the customer, which is a relocating employee. It's then the partner, which is their supply chain and then the team pillar, which obviously relates to their employees. Very much push the global expertise, so being in every region. So that's EMEA, which is Europe, the Middle East and Africa, the Americas, so APAC and they also stand out from a perspective of being almost right-sized. They are large enough in terms of their coverage, but in our industry, being the biggest isn't always the best. They are of a size where clients won't feel like they are lost or that they are not big enough to actually work without… I would say one callout, which might be of interest when looking on their website, is that they have called out being independent in terms of their supplier management. What they are pushing is that they will always look towards the best partners and not based on their own sort of P&L. The fact that they do deliver destination services in their offices in EMEA and APAC is quite a slightly conflicting message.

What is the full range of industries and business sizes that could use Altair's products and services? What might be the company's TAM?

Expert: I will break that down into two industries and then sizes of businesses. Industries are varied. It's very much that any industry is always looking for relocation support, whether it's tech, whether it's oil and gas, whether it's pharma, there's no one specific industry that's focused on. What we are seeing in the industry is that we are looking to diversify, so not focusing too much on one industry type because what happens is if that industry starts to see some challenges whether it's the tech side where we saw many layoffs for tech industries, if your client base is too heavily loaded in one industry those, [it's] severe impact on you as a company. So, trying to diversify those industries is really critical. It's also helpful just from a new business perspective because often new prospects are looking for client references that all RMCs will be asked for. Heavily in one industry that can become, when you are being asked, I will just make some up, "Can you give us a reference in the retail industry?" You may not actually have that, they will mark you down.

Analyst: What are the top three industries that Altair is currently servicing?

Expert: I would say, from my experience, technology was one of them. [We] had a couple of large pharma clients. Those are the two that stand out the most. I couldn't give you third off the top of my head, but those were two that stood out, knowing some of their client base.

Analyst: Might the third category be industry-agnostic?

Expert: Exactly. Yes. It could be a mix, food and beverage, oil and gas, anything along those lines.

Analyst: What business sizes could work with Altair?

Expert: I'd say they probably sit within the more mid-range in terms of their client base. What is focused on when it comes to new growth is looking at how many employees clients have because that always gives you how many relocations they potentially have. It's not always that straightforward. I would say they aim more for small-to-medium size, which could be movements of 100 people a year up to 500 people a year.

Analyst: Are there any specific industries that Altair does not work with?

Expert: I'm sure there are, but I cannot give them off the top of my head. There are a lot of industries out there. I would say Altair aren't one of the biggest relocation providers. There are a lot of prospects out there that they don't work with. There will absolutely be industries that they don't have clients in, but I couldn't tell you off the top of my head who they are.

Analyst: Are there any other industries that Altair can potentially service, but the company is currently not catering to?

Expert: Yes. I guess that goes back to the previous question in terms of there's any industry that any relocation management can service. There might be some, such as government, that might be a challenge, just depending on some of the restrictions that the government has and what needs to be in place. That could potentially be one, not just Altair, but other relocation companies would perhaps struggle, but there's no industry off-limits, let's say, or there's no industry a relocation company couldn't service.

Could you profile Altair's typical target customers within the range of industries and business sizes discussed?

Expert: I will start on business sizes. You are typically looking for, ideally, anything over 10,000 employees globally. Those are the bigger opportunities. I would say where they potentially fall is more within that 5,000-10,000 employees globally and that's not moving. That's just how many the companies actually employ. In terms of industries, my experience is it's not necessarily industry-specific. It's more specific to what I would call the volumes of how many people are moving. The fact about the volume of moves and also what does that generate? That is more of a focus rather than actually the industry, from my experience.

Analyst: How would you quantify small- and medium-sized businesses using any metric?

Expert: I would do it based on revenue more than anything. I would say small is USD 0 to, let's say, USD 200,000 a year in revenue. Revenue, by the way, that is what Altair Global would make because there's a big difference between what some of the revenue being reported is and what the true revenue is. When I say revenue, that's what they retain, that retained revenue. I would then say medium is more USD 200,000-500,000 and I'm talking USD, by the way. Then, anything over USD 500,000 starts to fall into that larger size.

Analyst: Does Altair work with larger-sized businesses?

Expert: It does. They have got a couple that would maybe fall in that larger, maybe even over USD 1m a year. I'm not going to be naming names, but I know there was maybe one or two that moved away within the past four or five years. I probably maybe got one or two that still fall within that larger opportunity threshold.

Analyst: What do you think is Altair's sweet spot within the TAM discussed?

Expert: I would say probably around the medium size, which would be USD 200,000-500,000. When you start with larger sizes, the programmes become a lot more complex. Based on their size, where they currently are, that medium size is probably their sweet spot.

Analyst: What might be the revenue contribution from small-, medium- and large-sized businesses for Altair in percentage ranges?

Expert: I would probably say 41-50% medium, 21-30% large, 11-20% small, but that is a rough guess.

Analyst: What might be the revenue contribution from tech, pharma and other industries in percentage ranges?

Expert: Again, this is going back three or four years. I would say tech at that point was a large percentage, maybe in the 51-60% range. I'm just going for it in my mind. I would say 11-20% would be pharma and then 11-20% within that all other.

Could you share any customer names that are on Altair's website or in the public domain?

Expert: No. I was looking into that. Not that I'm aware of. I was trying to see if there was link to Altair and a specific client that could include some awards that they have won or awards they have been nominated for.

Analyst: To confirm, could you share any customer names for Altair?

Expert: None I could see, I'm afraid.

What are the key regions that Altair derives its revenue from? What might be the revenue contribution from each region?

Expert: The big market is the US, and I would go so far as to say that's probably 81-90% of the global revenue. Followed by EMEA. That'd be Europe, the Middle East and Africa. Europe is probably 0-10%. Asia would be 0-10%.

Analyst: Are there any top three performing US states for Altair?

Expert: They have got a lot of connections in Texas because that's where their HQ is. I would say Texas is certainly one that I'm familiar with, but they have some clients there.

Analyst: Are there any other states that come to your mind that are a majority revenue contributor?

Expert: In the US specifically, nothing that jumps out. Texas was [one].

What are Altair's core revenue-generating service segments?

Expert: The first one will be coordination or management, relocation management. Then, the next one, I would say, will be destination services. I would then say consulting.

Analyst: Does the company have any other segments?

Expert: I would say I think they call it transition services.

Analyst: Might there be any other segment?

Expert: Those are the key ones that I'm aware of.

Analyst: Might Affinity Program be a core revenue-generating segment for Altair?

Expert: I think it'd be minimal, but yes, Affinity Program is another service they offer.

Analyst: Does Altair offer any SaaS that is generating revenue for the company?

Expert: No. There's technology, but that's included in the management. It's not any kind of subscription SaaS offering.

What might be the relative revenue size of each segment, starting with coordination and management – 0-10%, 11-20%, 21-30%, 31-40% or higher?

Expert: That really has to be high. 71-80%. [Destination services], 0-10%. I think [consulting, transition services and Affinity Program each] is 0-10%.

What might be the typical revenue model for each segment? Might it be transactional, recurring or reoccurring, starting with coordination and management?

Expert: They are all transactional.

Analyst: How does Altair charge clients?

Expert: Coordination management, so they are charged per employee that's relocated. There will be a fee for Altair Global to manage [Person A], to relocate from the UK to the US. There will be a management fee for that move. I was just going to say and this gets asked a lot in the industry, there are no subscription fees of any kind, there's no ongoing annual fee. It's all based upon a variable cost. You will only pay the cost as a corporate if you need to move someone.

Analyst: What standard services are included in the base fee? What out-of-scope events trigger additional fees for clients?

Expert: In terms of services, it's very specific to each client. What will happen is that, for each client, there will be an agreement, a scope of work of what will fall within a bundled fee. That could be anything from coordination of immigration, household goods, temporary living, destination services. You also have cultural training, language training, spousal support. It could be expense management, so paying expenses. It could be making recurring payments like allowances, rent payments. There's a long list of the potential services that can be provided, but it will be dictated by what's in each client's policy and programme. If something is requested that's out of scope, then it would need to be approved by the client as an exception, so an exception to policy and the client would need to approve for that to go ahead in order to charge anything that's outside of what's been agreed.

Analyst: What might be the standard contract length when signing a new enterprise client? Are payment terms tied to moving volume of fixed commitments?

Expert: Yes. In terms of contract length, industry standard is three years. I don't typically see much deviation from that other than potentially a plus-one extension. In terms of payment terms, that's a really good question. In the US, it tends to be quite straightforward, so 15 days, 30 days. Again, this is industry-specific. This isn't Altair-specific because it's often dictated by the clients. We are seeing a bigger push to go further and further out. Ideally, most relocation partners are looking for 30 days and then the potential of interest being charged on top of that, but some clients are pushing out further to 45 days, 60 days, 90 days. The decision on what to accept is very much dictated by the size and revenue of that opportunity. One client may have 30 days, another client might have 90 days, but the client with 90 days is bringing in larger revenue.

Could you provide a use case for each core segment? How are the services used by customers? What is included in the coordination and management segment?

Expert: That would be the coordination of an employee's relocation from start to finish. So, coordinating every service that employee will receive through the supply chain of Altair Global. So, initiating the partners, it would then be delivering the service. It'd be collecting information. It will be providing reporting. There would be account management involved to do things like business reviews and also supply chain. If anything goes wrong, there will be escalation management within that as well. It's very much that a client will initiate Altair to say, "We are contracted and we need to move [Person A] from A to B," and then Altair will manage that in line with the client's policy.

Analyst: What parts of moving are handled directly by Altair's in-house staff and which parts are handed off to third-party vendors?

Expert: Destination services is a service that they do offer in-house and they offer that only in the EMEA and APAC regions. The locations, off the top of my head, are France, UK, Ireland, Netherlands, Belgium, Shanghai and China. Other than those locations for destination services, everything else is through a third party.

Analyst: Might visa applications be done through third parties?

Expert: Correct, but managed and coordinated through Altair.

Analyst: How does money flow when being an external vendor for Altair? Does the company mark up vendors' prices to clients, or does it collect referral commissions behind the scenes?

Expert: Referrals and commissions.

Analyst: Could you elaborate on the referrals and commissions?

Expert: This is very much open and people are aware of this process and it's industry standard. This isn't Altair Global specifically, so just want to call that out that they are not doing anything every other company doesn't do. On every invoice that's sent through to Altair Global, they will pay the invoice to the provider and then pass that straight through to the client. There's no markup. There's no extra revenue added on to that invoice, but over the course of six months, a year, they will then be able to collect back referrals, so the partner would pay Altair 0-10% they have got through Altair and that will be paid to Altair. Not shared with the client, that would be retained by Altair. The reason behind that essentially is Altair are bringing that business to all of these different partners without the partners needing to contract, to do any marketing, to do sales. That's the approach they would take to pass through costs.

Analyst: How does Altair acquire most of its clients? What are the customer acquisition channels for the company?

Expert: It's a combination of things. It's been known in the market and if a client goes to bids, does an RFP, knowing that RMC, they will be invited to participate. It would be through events, so industry events and being seen at industry events and trying to connect with people to understand where they are and where they sit in the process. Like everyone else, really, trying to promote themselves on LinkedIn and trying to share updates and what's going on within LinkedIn as well.

Analyst: What might be a use case for destination services?

Expert: That would be essentially in those seven markets that I said. They would actually deliver destination services. That includes home finding, so physically finding them a house, going to viewings with them. It would be reviewing the lease. It would be helping them settle in, so setting up a bank account, supporting with utility set-up. They might give them an orientation of where they are going to. They might find schools. If somebody is moving with children, school search is always included, so they would need to find relevant schools for that employee as well. It's all those services when someone arrives that they will actually deliver themselves.

Analyst: What might be a use case for consulting?

Expert: This is providing clients with insights. It's doing policy reviews to make sure that if a policy has not been looked at in the past 3-4 years, it would be to go through the policy, maybe rewrite it, to give advice on you should include in this service. This is what we are seeing in terms of benchmarking. There are lots of different things. It's more strategy-related, working with mobility leaders on their programmes, their policy and what they should be doing based on the competitive landscape.

Analyst: Who does the company consult?

Expert: They will be consulting with clients. Let's say they have got client A and a contract with them, they are supporting them with relocation. We haven't looked at our policy in five years. It needs to be updated. We don't know if we are still competitive. They would then pay a fee to Altair's consulting team to go through a policy review for them to read through it. Is it relevant? Should they change their allowances? If they are offering 20 days of temporary living, you should actually offer 30 days. Doesn't necessarily need to be their client, but traditionally, it would be.

Analyst: What might be a use case for transition services?

Expert: Business travellers, mostly. These are people who aren't relocating, but travellers who might need some travel bookings. They might need a hotel or a temporary apartment. We are seeing corporates ask for EBTs, so extended business travellers, to be tracked from a compliance perspective, so that tends to be the business travellers.

Analyst: What might be a use case for Affinity Program?

Expert: That's when an employee isn't supported but is given a cash amount. "Here's USD 25,000. You are going to relocate. You're not being supported. Get the money. Go in and get it done." What Altair do is then link or connect those people to their supply chain without Altair. The employee would then work with Altair's supply chain, would pay them directly, but Altair would get that commission that we talked about, that referral fee, because they have introduced that employee to the company.

Which of Altair's segments – coordination and management, destination services, consulting, transition services and Affinity Program – do you anticipate growing the fastest and potentially driving the largest share of revenue in future? Why do you think so?

Expert: It's always going to be coordination and management because that's the core service line for Altair Global. The rest complements that, but that is the core where the growth will come from that bucket.

Could you specify the industry that best describes Altair's core operations?

Expert: HR and reward.

Analyst: Might relocation management be a more appropriate industry, or do you think HR and reward is more suitable?

Expert: It falls within HR. When you think of relocation global mobility, it's an industry in terms of what we are doing, but it always sits within HR and reward.

What has the HR and reward industry's AAGR been over the past three years?

Expert: For this industry specifically, I will say it's probably been 0-5% growth.

What do you think have been the 1-2 key drivers of the industry's historical growth?

Expert: A driver for growth is the war on talent. Corporate companies are looking to bring in specific talent. Pharma companies need to bring in very unique-ish talent and the way to do that is to be competitive and to give compensation which is related to mobility. I would say the war on talent is definitely what's going to help grow the industry.

What do you think the industry's AAGR will be over the next three years?

Expert: I would probably say it's 6-10%.

What do you think will be the 1-2 key drivers of the market's future growth?

Expert: Same again. It's all about talent when it comes to relocation and global mobility. Things like being able to work more remotely have helped or to actually relocate and not necessarily have to be in an office. The continued need to attract and retain talent is going to continue to help grow the market.

Analyst: Might there be any other future growth driver for the market?

Expert: Those are the key things, really. We are so talent-focused that that's really what's going to help grow it. Things like tech will support winning business for RMCs. It's just going to be interesting. I don't think it's necessarily a key driver for future growth, but the change in generations that are moving is going to mean that RMCs need to be more agile. Instead of being white-glove human support, there's going to need tech and AI included in the process as well.

Analyst: How might inclusion of tech and AI in the process grow the industry?

Expert: It's going to improve margins. It's going to be one where it can drive more efficiency, which will allow you to do more with less people and that, in turn, will help to increase and improve margins.

To what degree do you think the industry is correlated to economic cyclicality? Is it counter-cyclical, very cyclical, somewhat cyclical, somewhat resilient or resilient? Why do you think so?

Expert: Very cyclical because it's very much driven by what's going on in the economy in the world. COVID is a great example. When COVID happened, all relocations stopped, or in Ukraine, all of a sudden, oil and gas prices went up. We are moving people and their belongings, which pushes the price up, which has a huge impact because sometimes we have fixed pricing, so we can't change that. The industry is always being impacted. I mentioned the tech industry at the start of the call. When tech clients were laying off and some of the biggest clients in mobility are tech clients, they stopped relocating people. All of a sudden, that volume just completely drops. There are no fees, so all of a sudden, the revenue just completely dries up because people aren't being moved. It's a challenging industry.

Based on public information, what impactful technological evolutions or innovations should we anticipate for the industry over the next 3-5 years?

Expert: There's going to be a few things, really. We have already talked about AI. One of the things to call out about AI is it's a very emotive industry. It's not ordering a product. You' are being supported as you move your life, your family, your kids from one country to another, a brand-new country that you don't know anything about. You are moving house. You are moving jobs. Can't get more stressful than that. But it's never going to take away the human support. I think integration is going to be needed, trying to drive more of the work streams through one single system as opposed to multiple systems and trying to pull employees and clients away from having to use two or three systems to just using one centralised system.

Are there any downside risks that you believe might materially impact market growth over the next three years?

Expert: The other thing is we are seeing a lot more younger people relocating. Back 30-plus years or maybe not even that long ago, it used to be families moving. They would need all their belongings shipped. We are seeing a lot of younger people move in. It might be tech engineers. It might be people who literally are just moving out of their parents' house for the first time and they have got nothing to move. All of a sudden, there are less services needed because the generation is so different. There's been a bit of a theme whereby clients are starting to offer cash in lieu of. Instead of offering to be supported and someone is going to get your goods for you, you can have that or the other option you can have is, here's USD 5,000 and you go off and do it yourself. Immediately, people are thinking, "USD 5,000. I can do it cheaper and I got money left over to buy a TV." The other impact it's going to have on the industry is how service is delivered and how it's going to be changing from what we are used to in the past.

How fragmented do you consider the HR and reward industry to be? Is the majority of market share captured by 2-5 players? Is it a monopoly?

Expert: I would say it's a monopoly.

How protected is the market? What are the barriers to entry?

Expert: There's no major protection other than clients wanting to know that you can deliver on what you are promising. If you are a brand-new start-up company coming into the market and say, "Hey, we will move your employees for you," there needs to be an element of trust. The clients think, "We know you can do it. You have got the history, you have got references, you have got case studies." There's no protection for people to come into the market, but the barrier, you have got to build up that trust and that expertise for people to actually trust and believe in you.

Analyst: Why might there be a monopoly in the market and why might it not be very fragmented if the barriers to entry are so low?

Expert: Hold on a minute. It's fragmented.

What are the barriers to scale in the market?

Expert: A barrier would be that there are cycles when it comes to sales. We talked about earlier, contracts are for three years, let's say, but they ended. During that three-year period, you essentially can't win potential clients in that period because they are not going to move. They are going to stay within the contract because it's a big lift and shift for mobility programmes to be moved from, let's say, Sirva to Altair. That can be anywhere from 90-180 days of implementation. There's a lot of work involved. It's quite complex. So, you need to demonstrate a reason to clients for them to want to make the change. They are not just going to change for the sake of it and go on a whim. They're quite risk-adverse at the moment. Programme leaders do not want to change unless there's a real, valid reason for change. If you miss out on that bid, you're then waiting probably 3-5 years before you have got an opportunity to win that again.

Who are Altair's top three competitors?

Expert: The first one is Sirva. The second one is Cartus. The third one is Weichert.

What are Altair, Sirva, Cartus and Weichert's market shares? Alternatively, how would you rank them?

Expert: There are a lot more than just those four relocation companies. I would say Sirva is the top rank. They are the biggest in our industry. They are the largest. I'd rank Cartus as two. Weichert, three. Altair, four.

What were Altair, Sirva and Weichert's revenues for the last fiscal year in USD 100m ranges? Cartus is owned by a public company.

Expert: I would say USD 100m-200m for Altair. [Sirva], I would guesstimate USD 800m-900m. [Weichert], USD 200m-300m.

What were Altair, Sirva and Weichert's revenue growth rates for the last financial year – less than 0%, 0%, 0-5%, 6-10%, 11-20% or greater than 20%?

Expert: I will say Sirva, 0-5%. I would say Altair, 0-5%. I'd probably say 6-10% for Weichert.

What has been the growth driver for each player over the last financial year? Has the growth been organic, acquisition-based or mixed, starting with Altair?

Expert: Organic. [Sirva], mixed. [Cartus], organic. [Weichert], organic as well.

In your opinion, what is the average EBITDA margin for the players discussed – less than 0%, 0-10%, 11-20%, 21-30% or higher, up until greater than 60%? How profitable do you think the players are on average?

Expert: I would probably say 11-20%.

Might each player's EBITDA be above, on or below industry, starting with Altair?

Expert: I would say on industry. [Sirva], I would say below. [Cartus], below. [Weichert], on.

How do you think the players differentiate themselves, starting with Altair?

Expert: I think it's experience management that we talked about. They heavily pushed their differentiator being experience management approach, which they shortened to XM.

Analyst: Does Altair compete on pricing or any other comparable differences?

Expert: Not really, to be honest. The other thing they do push is their size, which can be a positive. If they are up against Sirva, they can say that's too big for you. We are smaller. You are going to be cared for better. You are not going to be lost in a big sea. So, I would say none of that stands out as to why somebody would choose Altair other than experience management and their size.

Analyst: How does Sirva differentiate itself?

Expert: They deliver a lot of services in-house and they pride themselves as being this sort of embedded ecosystem. They also have such a large portion of the market. There's an element of trust. They are the easy option.

Analyst: Does Sirva provide any services that Altair or other competitors don't?

Expert: Yes. They do household goods directly. They do immigration directly.

Analyst: Do the other players rely on partner relationships?

Expert: Correct.

Analyst: How is Sirva able to do immigration directly?

Expert: Just through their size. They are a very large company. They have probably got the most employees of all the RMCs. They have 2,500-3,500 employees. There's just trust that they have within the market as to why people would choose and people feel like they are in safe hands with Sirva.

Analyst: How does Cartus differentiate itself?

Expert: They talk a lot to having an independent network of suppliers. Instead of having that monopoly approach where they deliver it, they are net independent.

Analyst: Could you elaborate on that?

Expert: We talked about Altair doing destination services in EMEA. That means they are never going to use any other provider, even if the quality and price are better with a different provider because you have their own pockets. With Cartus and others, Weichert, they will say we are only going to use what's the best quality and the cheapest price for you. There's no conflict of interest. It's putting their best interests at the forefront. That's how they are trying to sell against the likes of a Sirva or an Altair.

Analyst: How does Weichert differentiate itself?

Expert: I don't actually know, if I'm being honest. They are winning clients, so there's something there. I believe it's family-owned, which can sometimes be seen as a positive, minimal debt, but that's about as much as I could tell you.

Analyst: How can being family-owned be seen as a positive?

Expert: There's just a feeling that when you are family-owned, there's a bit more stability, whereas if it's a PE-owned company, how long until they want to try and sell and it's a lot of the funds just being pushed into shareholders, etc. So, sometimes just a little bit more confidence when it's family-owned.

What do you think are customers' top three KPC [key purchasing criteria]?

Expert: First one is cost. Employee experience. Technology.

Analyst: How do you think the KPC rank by importance?

Expert: Cost one, employee experience two, tech three.

How important do you think price is to customers in the market?

Expert: Very.

Analyst: Would you say the industry is commoditised, somewhat commoditised or not commoditised?

Expert: Commoditised.

Analyst: Why do you think so?

Expert: Procurement lead bids. When you do an RFP, although mobility, they are a stakeholder in the decision, it's led by procurement and there's just a huge squeeze on price, not only in mobility, by the way, but across every industry.

What do you think has been the key driver of Altair's historical growth?

Expert: Probably referrals. That word-of-mouth, client would give testimonies of how well they are doing and the great service they receive, etc.

Analyst: Does the company have the same growth drivers as the industry or might it be growing differently compared to the industry?

Expert: No. There's nothing different about Altair in terms of growth from anyone else in the industry, so it's the same.

How fast do you think Altair could grow annually over the next three years – less than 0%, 0-5%, 6-10%, 11-20% or greater than 20%?

Expert: 6-10%.

In your opinion, what could be some of the most interesting ways to grow Altair? How would you look at improving its growth profile organically if you were running the company?

Expert: Just building that trust and just delivering on apparent clients who can spread the good words, that's how people get familiar with you. It's hearing the good success stories, the great work you are doing, that you can deliver on your promises.

Analyst: Are there any other strategies you would look at to improve the company's growth profile?

Expert: It's just getting your name out there, events, doing as much LinkedIn work as possible that can get you seen because everyone is on LinkedIn. It's just that they are in the market as well and making sure that people know who you are so that when bids come along, you are front and centre in terms of them contacting you.

Analyst: Are there any other organic growth strategies – such as penetration of existing verticals or geographies or new verticals or geographies – that you'd look at for Altair?

Expert: No. Those are the main ones that stand out to me.

How would you look at improving Altair's margin?

Expert: The same as every company in every industry. Tech efficiencies. That's always going to help with headcount. That would be one that every company is going to look at. It would be looking at tech efficiencies.

Analyst: What do you mean by tech efficiencies, and where would you implement them?

Expert: Just any admin work that's been done by someone, can that be done by technology? Just any gaps in processes where actually if we use tech that doesn't require as many people to work on a certain client or try to help consultants actually manage bigger caseloads by taking away some of those admin burdens. That would be the way I would go.

How would you look at improving Altair's growth profile through M&A?

Expert: That would certainly help the company grow because you'd be taking on business. It very much depends on if there's cash available. That's certainly one I'd look at and there are a few relocation companies who might be struggling financially, but that would definitely be one that I would look at.

Analyst: What synergies would you be looking at for Altair with any other company?

Expert: You just probably need to understand their client base because you are obviously going to be buying their client base. It's trying to get an understanding of who their clients are and what benefits that could bring to further bringing in new business.

Based on publicly announced acquisitions, how would you describe Altair's M&A strategy?

Expert: I'm only aware of one acquisition, but this is all public information. In 2016, they purchased European relocator, Nova, which is why they're in some of the European locations, but other than that, I'm not familiar with them making any M&A.

Analyst: Was the Nova acquisition opportunistic or growth-driven?

Expert: It was opportunistic to try and build more awareness in the EMEA market.

In your opinion, could it make sense for Altair to acquire, merge or be acquired by any other players in or outside the space?

Expert: Would it make sense? Yes. Maybe looking at just building up more awareness, building up a bigger client base and maybe looking at a company that might have better technology that would allow you to basically take on that technology.

Analyst: Are there any company names that come to mind?

Expert: Choose any relocation company. Any that spring to mind, I don't know. It depends on your budget as well, but maybe Cartus.

Analyst: Might Cartus be acquired by Altair?

Expert: Yes.

Analyst: What synergies might there be between Altair and Cartus?

Expert: Obviously, similar. They do exactly the same service. They take on those clients.

What would you say are the 1-2 biggest risks faced by Altair?

Expert: The industry that we are in is just seeing so much change when it comes to how services are delivered. We talked about generations, things like cash out or cash in lieu of. They are all impacting revenue. We are also seeing big impacts driven by the global economic landscape. Fuel prices are going up. That's driving prices up, but then procurement wants to drive prices down. It's just a challenging time in the industry.

In your opinion, is there anything that the market does not properly understand about Altair?

Expert: No. Not to my knowledge. They are quite an open company. They seem like they are quite nice, the reputation they have. Everyone is quite familiar with their size. So, no, there's nothing that springs to mind that people don't understand about them.