Israeli company Optitex, which develops 3D software solutions, announced on Sunday that it acquired Nasdaq-listed company Electronics for Imaging (EFI). The deal itself was signed for $20 million in cash, while $3 million will be deposited in a trusteeship account, and payment of $32.8 more in cash will be spread over three years.
Designed for the textile industry, Optitex’s technology combines 2D and 3D systems to streamline processes for designing and developing products. With the help of this platform, retailers, manufacturers, and fashion brands are able to create more efficient business processes, significantly shortening the time it takes to develop and launch new products while improving the cost of developing those products. They can also make their marketing and sales less expensive and more innovative with the help of the 3D content that Optitex helps generate.
Because the items are three-dimensional, every user can type in their precise measurements, and see in real time how the specific item will look on them.
Are there any fashion designers in the house?
For example, Optitex’s simulation technology is able to change and revise designs with 3D software within minutes, instead of waiting weeks for physical models. Entire collections can be reviewed and approved within three weeks after the initial confirmation is given, instead of 4-6 months. The technology is able to reduce the number of physical models by more than 50% and substantially decrease the time it takes to develop a product. As a result, time-to-market will be shorter. Also, rather than investing in a day-long photo shoot with dozens of models to produce studio photographs of the various products, a 3D online catalogue containing only the clothes can be generated instead.
Following the acquisition, the privately-held Israeli company will be integrated into EFI’s software solutions division, and a total of about 100 employees from Israel will join the team. Commenting on the acquisition, Optitex CEO Asaf Landau said, “We’re very glad to joint the EFI family. EFI’s global presence, penchant for providing holistic solutions, and ability to provide professional services, together with a growing basket of solutions and innovative products designed for the textile industry, will constitute a great advantage for all the companies we are serving all over the world in the fashion, auto, aviation, and technological textiles industries. I’m excited about the future in these industries in the coming years.”