Israel based Optitex, which develops 3D software solutions for the textile industry, has been acquired by Nasdaq-listed company Electronics For Imaging (EFI) for $20 milliona in cash. The total value of the acquisition is $52.8 million.
Following the deal, Optitex will be integrated into EFI’s software solutions business unit. Annual cash earnout payments will be made over three years totaling $32.8 million. Optitex has offices in the US, Italy, India, and Hong Kong.
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Optitex’s technology combines 2D and 3D systems to streamline processes for designing and developing products and is aimed at retailers, manufacturers, and fashion brands. It shortens the time-to-market for products, reduces development costs and enhances sales & marketing activities through its generation of 3D content. Users can type in precise measurements to determine their look in real-time.
Founded by Israeli Efi Arazi, EFI is an international company based in Silicon Valley that specializes in digital printing technology.
Asaf Landau, CEO of OptiTex: “We are thrilled to add the OptiTex team and its fast-growing base of industry-leading customers to the EFI family, ” said
Gabriel Matsliach, senior vice president and general manager, EFI Productivity Software:. “Optitex technology, combined with EFI Reggiani digital printers, will expand our textile ecosystem and help our customers set new standards for time-to-market, on-demand manufacturing, cost efficiency and automation in the Textile industry.”
