Five years ago, 3D Systems acquired Cimatron for $97m. Today, the AM company has signed an agreement to sell that company for $65 million. The purchase price includes Cimatron Ltd’s related subsidiaries which includes CAD/CAM software and GibbsCAM® CNC programming software businesses.
The announcement follows 3D Systems’ restructuration after poor Q2 2020 financial results. The US-based company confirms that Cimatron Ltd’s sale is part of this restructuring plan which ultimately aims to maintain the strategic leading position of the global company on the AM market.
Cimatron Ltd has been sold to Battery Ventures, a global, technology-focused investment firm and will join a manufacturing portfolio that includes SigmaTEK Systems, a CAD/CAM software provider for the metal fabrication industry.
“Over the last several months, we’ve made significant progress in aligning our business to our core strengths to achieve growth,” said Dr. Jeffrey Graves, president and chief executive officer, 3D Systems. “With this announcement, we continue to demonstrate our commitment to focus on additive manufacturing, creating value through solutions designed to address our customers’ unique application needs.”
Completion of the transaction is expected to occur during the fourth quarter of 2020.
Given the anticipated completion of the sale of the Cimatron and GibbsCAM businesses and the receipt of the proceeds from the sale, 3D Systems does not expect to issue shares of its common stock under its previously announced at-the-market equity offering program during the fourth quarter of 2020. Following the completion of the sale of the Cimatron and GibbsCAM businesses, the company plans to evaluate the continued need for the at-the-market equity offering program and may ultimately elect to terminate such program.
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