Businesses to join Battery-owned SigmaTEK under new corporate umbrella; combination to spur growth and continue product investment
BOSTON — (BUSINESS WIRE) — November 3, 2020 — Battery Ventures, a global, technology-focused investment firm, has agreed to acquire the combined Cimatron and GibbsCAM software businesses from global additive manufacturing solutions company 3D Systems Corporation (NYSE: DDD). The transaction is expected to close during the fourth quarter of 2020, subject to customary closing conditions.
As part of the acquisition, Cimatron and GibbsCAM will join Battery-backed SigmaTEK Systems*, a CAD/CAM software provider serving professional fabricators, in a new holding company called CAMBRIO. Headed by Robbie Payne, current SigmaTEK Systems CEO and a veteran tech executive, 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.
Current SigmaTEK Chairman Richard Smith, previously the CEO of Vero Software*, a U.K.-based CAD/CAM software maker acquired by Hexagon AB in 2014, will join CAMBRIO’s board, along with Steve Sivitter, another former Vero executive who is currently the CEO of 1WorldSync*, a product-content solutions company whose software helps large brands share product data with retailers, operators and distributors. "We are extremely pleased for the companies to be combining forces - it is a great strategic match,” Smith said. “The teams have a proven track record, and we can leverage our extensive domain expertise in manufacturing software to drive product development and benefit our customers like never before.”
Commenting on the acquisition, Payne said: "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.”
*For a full list of all Battery investments and exits, please click here.
About Battery Ventures
Battery partners with exceptional founders and management teams developing category-defining businesses in markets including software and services, enterprise infrastructure, online marketplaces, healthcare IT and industrial technology. Founded in 1983, the firm backs companies at all stages, ranging from seed and early to growth and buyout, and invests globally from offices in Boston, San Francisco, Menlo Park, Israel, London and New York. Follow the firm on Twitter @BatteryVentures, visit our website at
www.battery.com and find a full list of Battery's portfolio companies
here.
About 3D Systems
More than 30 years ago, 3D Systems brought the innovation of 3D printing to the manufacturing industry. Today, as the leading Additive Manufacturing solutions partner, we bring innovation, performance, and reliability to every interaction - empowering our customers to create products and business models never before possible. 3D Systems’ solutions address a variety of advanced applications in Healthcare and Industrial markets such as Medical and Dental, Aerospace & Defense, Automotive and Durable Goods. More information on the company is available at
www.3dsystems.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20201103005187/en/
Contact:
Rebecca Buckman
VP, Marketing/Communications
becky@battery.com
650-703-0364
Marc Freebrey
Vice President, Marketing
Marc.feebrey@sigmanest.com
+44 (0) 7887 542720
