EFI has continued its global expansion by acquiring award-winning Israel-based Matan Digital Printers, a provider of technologies for superwide-format display graphics and other industrial printing applications.
"This acquisition gives EFI an even broader range of products to help our customers in superwide-format display graphics printing," said EFI CEO Guy Gecht. "Matan's strong R&D capability will further accelerate EFI's inkjet innovation, while filling a key spot in EFI's portfolio for a lower-acquisition cost line of roll-to-roll production printers focused on signage, banners, billboards and fleet graphics."
"Our technology and our customers have a great future ahead with EFI in terms of ongoing support and innovation," said former Matan President and CEO Hanan Yosefi. "The Matan team is excited to continue growing and innovating as part of one of the world's leading providers of industrial inkjet printing products."
Based in Rosh Ha'Ayin, Israel, Matan has developed digital printers and presses for a wide range of industrial applications for more than a decade. The company's digital industrial inkjet printers are designed to offer high productivity, quality and durability, while ensuring a low cost of ownership. Matan's focus on roll-to-roll workflow has resulted in one of the industry's strongest offerings of material-handling features such as in-line cutting and slitting.
Matan's work force of approximately 70 employees has joined EFI, giving EFI a significant presence in Israel, a centre for innovation in the printing industry. Yosefi has joined EFI as vice president and general manager, EFI Inkjet Israel.
EFI's acquisition was an all-cash transaction in which EFI paid the shareholders of Matan about $29 million to acquire all of Matan's outstanding shares. Under the purchase agreement, EFI also assumed approximately $5 million of Matan's debt, and deposited $14 million into escrow to serve as security for EFI's benefit for indemnification obligations of the Matan shareholders.
Matan makes the Uvistar 3.5 and 5-metre grand format hybrid UV printers for Fujifilm and analysts say it will be interesting to see whether EFI will continue to make this OEM available to Fujifilm. According to Bernard Sun, senior manager marketing, Asia Pacific, it'll be business as usual while the team takes a deeper look at the ongoing Matan operation.
EFI has a long history of supplying OEM equipment as well as going to the market directly. And of course, it will be up to both companies as to whether the relationship is sustained.