Electronics For Imaging (EFI) recently announced its buyout of Optitex, an emerging leader in integrated 3D design software that enables the textile industry’s digital transformation and accelerates the adoption of fast fashion. The deal is worth up to $52.8 million.
“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.”
Optitex, based in Petah Tikva, has offices in the US, Italy, India, and Hong Kong.
“We are very excited to join the EFI family,” said Asaf Landau, CEO of Optitex. “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.”
The deal states that the maximum purchase price of the Israeli startup will be $52.8 million, including a $20 million upfront cash payment, $3 million of which was placed into escrow, and annual cash earnout payments over three one-year periods of up to an additional $32.8 million in total.