Missler becomes TOPSOLID, with new owners

Missler Software announced in April (yes, I know it’s old news, but it is important news, nonetheless) that it will now be known as TOPSOLID. It’s not as random as it sounds: the Topsolid CAM product has a great (if expensive) reputation and few knew that it was made by Missler. The press release went on to say that the French TOPSOLID employs 320, had revenue of €45 million in 2018, and that “about 70% of the software is exported through a network of 60 value-added resellers all over the world”. Further, the company said it 30% of revenue in “research and development for its integrated range of software”. Not insubstantial at all.

The name is not the only change, though. Earlier this year, Missler said that new investors had entered the scene. A bit of backstory: Missler was started in 1977 to develop NC software with and for Olivetti. The brothers decided to focus on software and, in 1984, formed Missler Informatique to distribute mechanical CAM software. This expanded soon after with the merger of Missler, TOPCAD, CATALPA and CN Industries. The group now makes and sells software targeted at mechanical, sheet metal and wood manufacturers.

In 2005, the then-management team acquired a majority stake in the Group. In 2015, iXO Private Equity invested €4 million in return for a minority stake as part of a process to buy out some of the original shareholders, recapitalize and fund expansion. At the time, Missler said this was “demonstrated the Group’s desire to rejuvenate its management team and to speed up its international development. Now that the domestic market is mature, exports represent a source of growth that can offset the very high development costs by addressing a broader customer base.” In 2015, Missler said it had revenue of about €30 million, with 35% of sales coming from exports.

Fast-forward to 2018. Missler’s management worked with financial investors Siparex, Bpifrance and IRDI to acquire what sounds like a majority of the company, including buying out iXO. The aim is accelerated growth and internationalization.

This rebranding puts all of the company’s brands under the TopSolid name, creating Topsolid CAM, TopSolid Design, TopSolid Sheetmetal, TopSolid Mold and so on.

What does it all mean? I talk to a lot of entrepreneurs who worry about selling part of their brilliant idea in order to get capital to start/grow a business. “But it’ll dilute my share” — true. But it might turn out to be a smaller slice of a much bigger pie, meaning more in the end. Missler (oops, I mean TOPSOLID) proves that bringing in new types of expertise and outside capital can help a company accelerate beyond the capabilities of the founders. You don’t go from revenue of €30 million // 35% from export in 2015 to €45 million // 70% from exports in 2018 without making radical changes.