Electronics For Imaging, Inc. (EFII) has announced the acquisition of Petah Tikva-based Israeli company Optitex Ltd which produces 3D design software for the textile industry. Optitex will be integrated into EFIâ€™s Productivity Software business unit. EFI has boosted its textile portfolio with the acquisition.
EFI said that Optitexâ€™s portfolio of products, which are essentially used to shorten the time from apparel design to manufacture, was a solid fit with Reggiani â€“ the Italian manufacturer of industrial textile printers it bought last summer.
The deal is worth up to $52.8 million. $20 million was an upfront cash payment, $3 million of which was placed into escrow, and annual cash earnout payments will be made over three one-year periods of up to an additional $32.8 million in total.
Gabriel Matsliach, senior vice-president and general manager, EFI Productivity Software said: that Optitex technology, combined with EFI Reggiani digital printers will expand their textile ecosystem and help their customers set new standards for time-to-market, on-demand manufacturing, cost efficiency and automation in the textile industry.
More than 7,000 companies use the companyâ€™s products, ranging from fashion houses such as Robert Cavalli and Tommy Hilfiger to major clothing brands and retailers including Nike, Leviâ€™s and Gap.
The company will be integrated into EFIâ€™s Productivity Software business. Its 115 staff will join EFI, with Optitex chief executive Asaf Landau becoming EFI Optitex general manager.
Landau said that 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 they serve worldwide in the fashion, automotive, aerospace and technical textiles industries.
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.
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