Battery Ventures buys Cimatron & GibbsCAM from 3D Systems
It was just announced that Battery Ventures, an investor across our PLMish universe and most recently in Tech Soft, will buy the Cimatron and GibbsCAM software businesses from 3D Systems Corporation.
But they won’t be a standalone company Per Battery’s announcement, Cimatron and GibbsCAM will join another of Battery’s assets, SigmaTEK Systems, in a new holding company called CAMBRIO. CAMBRIO will be run by Robbie Payne, SigmaTEK’s current CEO. Says Battery, “CAMBRIO will leverage Cimatron and GibbsCAM to offer a diverse set of design and machining software solutions, and firmly position itself as a CAD/CAM innovator in the fabrication, toolmaking, and production machining industries”.
Mr. Payne said of the combination, “We are often serving the same customer profile and trying to solve similar industry issues with innovative software technology. As a combined entity, we will continue to invest in each of the individual products, make our customers more productive, and enlarge our distribution capability. Finally, we are excited about working with the existing Cimatron and GibbsCAM employees and partners, and look forward to further expanding our presence in the global market.”
In its press release, 3D Systems said that the purchase price is $65 million and that it took this decision as “part of the company’s announced reorganization and restructuring plan, designed to focus the company on its strategic purpose as the leaders in enabling additive manufacturing solutions for applications in growing markets that demand high-reliability products..”
Jeffrey Graves, CEO of 3D Systems explained it this way: “Over the last several months, we’ve made significant progress in aligning our business to our core strengths to achieve growth. 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.”
The transaction is expected to close during the fourth quarter of 2020, subject to customary closing conditions.