EFI secures first textile software acquisition
Friday, June 17, 2016
EFI has boosted its textile portfolio with the acquisition of 2D/3D fashion design and prototyping software developer Optitex.
EFI said that Optitex’s portfolio of products, which are essentially used to shorten the time from apparel design to manufacture, was a solid fit with Reggiani – the Italian manufacturer of industrial textile printers it bought last summer.
Gabriel Matsliach, senior vice-president and general manager, EFI Productivity Software said: "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."
Israel-headquartered Optitex has offices in the US, Italy, India and Hong Kong. It specialises in 2D pattern making and 3D clothing simulation software as well as cutting room optimisation software.
EFI will pay up to $52.8m (£37m) for the the circa $12m turnover company. This includes a $20m cash payment, $3m of which was placed into escrow. On top of that, annual earn-outs for the next three years, worth up to £32.8m in total, will be paid if Optitex hits its yearly growth and profit targets and combined sales exceed $73m over the three years.
The company will be integrated into EFI’s Productivity Software business. Its 115 staff will join EFI, with Optitex chief executive Asaf Landau becoming EFI Optitex general manager.
More than 7,000 companies use the company’s products, ranging from fashion houses such as Robert Cavalli and Tommy Hilfiger to major clothing brands and retailers including Nike, Levi’s and Gap.
"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," said Landau.