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EFI acquires Matan

EFI acquires Matan

EFI has acquired privately-held Matan Digital Printers, an award-winning provider of innovative technologies for superwide-format display graphics and other industrial printing applications.

Commenting on this development ,EFI CEO, Guy Gecht, said: “This acquisition gives EFI an even broader range of products to help our customers capture important opportunities in superwideformat display graphics printing, while Matan’s strong R&D capability will further accelerate our inkjet innovation, while also filling a key spot in the portfolio for a lower cost line of roll-to-roll production printers focused on the production of signage, banners, billboards and fleet graphics.”

Former Matan President and CEO, HananYosefi said: “Our technology and, most importantly,  our customers have a great future ahead with EFI in terms of ongoing support and innovation and we are excited to continue our growth and innovation growing 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, whileMatan’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 the latter a significant presence in Israel, a centre for innovation in the printing industry. In addition, HananYosefi has also 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 approximately $29 million to acquire all of its 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 the indemnification obligations of the Matan shareholders. Subject to EFI’s claims against the escrow, portions of the escrow may be released to the sellers in 2017 and 2022.

The transaction is expected to be slightly accretive to FY 2015 earnings. The Company will provide selected financial information about its anticipated Q3 2015 results, including the impact of this transaction, during its regular Q2 2015 earnings call scheduled for 21st July 2015.

For further information visit: www.efi.com

A presentation with additional information on the transaction is also available on the investor relations portion of EFI’s website at ir.efi.com.

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