Electronics For Imaging (EFI), a world leader in digital printing technology, has been acquired by New York-based private equity giant Siris Capital Group in an all-cash transaction valued at $US1.7 billion.
|EFI headquarters in Fremont, CA|
'Exciting path': Bill Muir, CEO EFI
In connection with the closing of the transaction, which was initially announced in April, the California-based digital manufacturer will continue to operate as EFI but its shares will be delisted from the NASDAQ exchange.
“This acquisition marks a new, exciting path forward in EFI’s 30-year history as a digital imaging technology leader,” said EFI CEO, Bill Muir. “With Siris’ partnership, we will look to create new opportunities for our customers, partners, and EFI employees worldwide. We are looking forward to working with Siris to write the next chapter of innovation across our growing portfolio of solutions.”
Former Xerox CEO Jeff Jacobson joined Siris Capital a few weeks before the deal was confirmed, to provide “due diligence assistance to the Siris team and help direct strategic and operational improvements post-investment.”
|Jeff Jacobson, Siris & EFI|
Jacobson, now Siris executive partner and EFI executive chairman, said: “EFI’s portfolio of best-in-class solutions presents an exciting opportunity to drive further growth in high-quality inkjet and integrated, digital workflows. I look forward to working closely with management and know Siris is committed to providing the guidance and support needed to help EFI continue accelerating the transformation of industries where colourful images matter.”
The deal was approved in a shareholder vote in July 15. Under the terms of the agreement which was unanimously approved by EFI’s Board of Directors, a Siris affiliate acquired all the outstanding common stock of EFI for $37.00 per share in cash.
Frank Baker, a Siris co-founder and managing partner, said, “EFI is at the forefront of the digital transition in the imaging and print industry, underpinned by a strong software heritage and culture of innovation. We believe that, by partnering with Siris, EFI will be well positioned to capture this transformational opportunity associated with increased digital inkjet penetration, industrial automation and software enablement.”
EFI, based in Silicon Valley, develops technologies for the manufacturing of signage, packaging, textiles, ceramic tiles, and personalized documents, with a range of printers, inks, digital front ends, and a production workflow suite that streamlines the entire production process.
Siris is a leading private equity firm “focused on investing and driving value creation in technology companies that provide mission-critical solutions and are facing technology transitions.”
Siris has raised almost $6 billion in capital.