3d systems agreed to sell Cimatron Ltd and its subsidiaries linked to an investment company for $ 65 million.
Battery Ventures acquired the Cimatron Group, which operates Cimatron CAD / CAM software companies and GibbsCAM CNC programming software companies, to support a CAD / CAM software provider serving professional manufacturers called SigmaTEK Systems. 3D Systems has accepted the sale, which is expected to take place before the end of the year, to focus on its “ strategic goal as a leader in delivering additive manufacturing solutions for applications in growing markets. which demand high reliability products.
The deal came in what has been a difficult year for 3D Systems, with revenues down to $ 112.1 million in Q2 2020, from $ 157.3 million in Q2 2019 and to $ 134, $ 7 million in Q1 2020, compared to $ 152.0 million in Q1 2019. By CONTEXT, this comes as investments in 3D printers in design and industry classes are down year on year last, due to the reduction in short-term spending during the pandemic.
3D Systems acquired the Cimatron business in 2015 for approximately $ 97 million as it sought to increase its status as a leader in advanced manufacturing, expanding its portfolio and global sales coverage. Five years later, she decided to sell the division and focus more on the additive manufacturing market.
“Over the past few months, we have made significant progress in aligning our business with our core strengths to achieve growth,” commented 3D Systems CEO and President Jeffrey Graves. “With this announcement, we continue to demonstrate our commitment to focus on additive manufacturing, creating value through solutions designed to meet the unique application needs of our customers.”
According to the company, given the expected conclusion of the deal and receipt of the proceeds from the sale, 3D Systems does not plan to issue any shares of its common stock as part of its share offering program. previously announced in the fourth quarter of 2020. It also plans to assess the continued need for the share offering program in the market and may ultimately decide to terminate this program after the sale is completed. by Cimatron and GibbsCAM.
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