EFI Acquires Optitex in Bid to Extend Marketshare in Textile-Printing Industry
Electronics For Imaging (EFI) reports that it’s acquired Optitex Ltd., a provider of 3D-design software that it says enables the textile-printing industry’s to convert to digital printing technology, while accelerating the adoption of “fast fashion.” Privately held Optitex will be integrated into EFI’s Productivity Software business unit.
Optitex’s 3D technology is said to enable the textile industry’s leading retailers, brands, and manufacturers to transform how they do business, gaining benefits of significantly improved time-to-market, cost, and efficiency, as well as enabling new capabilities for their design, sales, and marketing activities.
The firm says its maximum purchase price of approximately $52.8 million for Optitex includes a $20 million upfront cash payment, $3 million of which was placed into escrow, and annual cash payments over three one-year periods of up to an additional $32.8 million in total. While the acquisition is not expected to affect EFI’s second-quarter 2016 financial results, EFI expects the acquisition to contribute $4 million to $6 million in revenue for the balance of 2016 and be neutral to earnings per share during that time.
The firm says Optitex is well-known for its superior customer service and consulting capability, Optitex has developed strong partnerships with its customers, serving as their advisor for their digital transformation.
“We are very excited to join the EFI family,” said Asaf Landau, CEO of Optitex. “EFI’s global presence, holistic solution approach, strong professional services abilities, and growing portfolio of innovative textile industry-specific products will be of great benefit to the leading companies we serve worldwide in the fashion, automotive, aerospace and technical textiles industries. I am truly enthusiastic about what is to come for these industries in the years ahead.”
Landau and the approximately 100 employees of Optitex have joined EFI, with Landau serving as EFI Optitex’s general manager. Optitex has offices in the United States, Italy, India, Hong Kong, and Israel.
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- April 2016: EFI: Record First-Quarter Revenue of $234 Million, up 20 Percent
- March 2016: EFI Showing New High-Volume Inkjet Press, Other New Production Offerings at Fespa
- March 2016: EFI Acquires U.K.’s Rialco, Supplier of Dye and Color Products for Printing
- January 2016: ‘Record Revevue’ for EFI’s Fourth-Quarter, but Net Income Down
- January 2016: Canon and EFI Expand Relationship with Integration of Production-Printing Workflow Suites
- November 2015: DuPont Artistri Pigment Inks Now Available for Use with EFI Reggiani Digital Textile Printers