The $1.7b private equity takeover of Electronics For Imaging (EFI) is now complete with chief executive officer Bill Muir saying the acquisition marks the next step in the company’s 30-year history as a digital imaging technology leader.
Siris Capital Group announced it had made an offer to purchase the Silicon Valley based digital printing giant on April 15, 2019 with the transaction approved in a shareholder vote on July 15.
The company will continue to operate as Electronics For Imaging but is now wholly owned by an affiliate of Siris with EFI’s common shares delisted from the NASDAQ exchange.
A statement from EFI says the transaction was approved in the vote with 72.2 per cent of EFI’s outstanding shares and 99.7 per cent voted shares in favour of the transaction.
“This acquisition marks a new, exciting path forward in EFI’s 30-year history as a digital imaging technology leader,” Muir said in a statement.
“With Siris’ partnership, we will look to create new opportunities for our customers, partners and EFI employees worldwide. We are looking forward to working with Siris to write the next chapter of innovation across our growing portfolio of solutions.”
EFI develops technologies for the signage, packaging, textiles, ceramic and personalised documents areas. It also manufacturers a wide range of printers, inks, digital front ends and comprehensive workflow suites that streamline the production process.
Siris executive partner and EFI executive chairman Jeff Jacobson said Siris is committed to providing guidance and support to help EFI continue to transform the printing industry.
“EFI’s portfolio of best-in-class solutions presents an exciting opportunity to drive further growth in high-quality inkjet and integrated, digital workflows,” Jacobson, a former chief executive officer of Xerox Corporation, said in a statement.
“I look forward to working closely with management and know Siris is committed to providing the guidance and support needed to help EFI continue accelerating the transformation of industries where colourful images matter.”
Siris is a private equity firm that invests primarily in mature technology and telecommunications companies with mission-critical products and services, facing industry changes or other significant transitions. Siris’ development of proprietary research to identify opportunities and its extensive collaboration with its Executive Partners are integral to its approach.
Siris’ Executive Partners are experienced senior operating executives that actively participate in key aspects of the transaction lifecycle to help identify opportunities and drive strategic and operational value. Siris is based in New York and Silicon Valley and has raised nearly $6 billion in cumulative capital commitments
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