The print software provider acquired Italian manufacturer Reggiani Macchine and Matan Digital Printing in transactions amounting to $188 million (€169 million).
EFI is to pay up to $140 million (€125 million) for the strategic acquisition of Reggiani Macchine, which is a leading provider of industrial inkjet printers, BizJournals reported.
Reggiani shareholders will receive up to $30.8 million (€27.7 million) in EFI stock in cash to purchase the remaining Reggiani shares, and EFI will pay up to $56.2 million (€50.6 million) over the next 30 months based on the achievement of revenue and profitability targets by the joint enterprise.
Reggiani’s technology is based on water-based inks printing on fabric, and its inkjet technologies are to be rebranded as EFI Reggiani. It is more than 60 years old and has “versatile printers” suited to water-based dispersed, acid, pigment and reactive dye printing inks. The company has customers in over 120 countries, employs almost 190 people, and develops technology for industrial solutions for fashion and home furnishing textiles.
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Guy Gecht, CEO of EFI, commented: “The addition of Reggiani’s innovative team and their ‘Made in Italy’ textile printing technology, which is renowned worldwide, will drive continued growth in industrial textile, and also enable EFI’s customers to expand into soft signage-based display graphics using Reggiani’s water-based industrial inkjet printers.”
EFI paid upwards of $48 million (€43 million) on 2 June for privately-owned Matan Digital Printers, a superwide-format display graphics and printing applications provider. Matan is based in Israel, and develops digital printers and presses for a number of industrial solutions with a low ownership cost. Its 70-strong workforce will give EFI a strong presence in Israel, which is a “hub” for the printing industry.
Matan’s staff of almost 70 employees joined EFI and will give EFI a strong presence in Israel, a hub for the printing industry. Former Matan CEO Hanan Yosefi takes on the role of Vice President and General Manager of EFI Inkjet Israel.
Yosefi said in a press release: “Our technology and – most importantly – our customers have a great future ahead with EFI in terms of ongoing support and innovation.”
Gecht added: “This acquisition gives EFI an even broader range of products to help our customers capture important opportunities in superwide-format display graphics printing. Matan’s strong R&D capability will further accelerate EFI’s inkjet innovation, while filling a key spot in EFI’s portfolio for a lower-acquisition cost line of roll-to-roll production printers focused on signage, banners, billboards and fleet graphics.”