Market News Battery Ventures acquires Cimatron and GibbsCAM
Businesses to join Battery-owned SigmaTEK under new corporate umbrella; combination to spur growth and continue product investment
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.”