3D Systems has continued its lengthy restructuring by selling a substantial part of its CAM business to Battery Ventures, owners of CAD/CAM software provider SigmaTek Systems.
Cimatron and GibbsCAM will join SigmaTek, in a new holding company named Cambrio, which will be led by current SigmaTek CEO Robbie Payne.
Battery states that Cambrio will leverage Cimatron and GibbsCAM to offer ‘a diverse set of design and machining software solutions’, in order to position itself as a ‘CAD/CAM innovator’ in the fabrication, toolmaking, and production machining industries.
“We are extremely pleased for the companies to be combining forces – it is a great strategic match,” said current SigmaTek chairman Richard Smith, previously the CEO of Vero Software.
“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.”
The sale by 3D Systems is the latest in a long line by the 3D printing giant, as it struggles to restructure following a disastrous acquisition spree by former CEO Avi Reichental.
Purchased in February 2015 for approximately $97M, the then CEO claimed that the move represented ‘a perfect strategic fit’.
“We believe that this combination offers unique synergies with significant long-term customer benefits and shareholder value.”
Little over five years later, Cimatron and GibbsCAM are being shifted on for approximately $65M.
“Over the last several months, we’ve made significant progress in aligning our business to our core strengths to achieve growth,” said current 3D Systems CEO Dr. Jeffrey Graves.
“With this announcement, we continue to demonstrate our commitment to focus on additive manufacturing, creating value through solutions designed to address our customers’ unique application needs.”
It’s an interesting period for 3D Systems as it looks to cement its industrial additive manufacturing technologies.
Aligned with its vast range of developed polymers, metrology and reverse engineering tools the future looks to be for a more focussed product offering.
Yet, in a market where industrial giants like HP and GE have made bold steps, time will be of the essence.