EFI to Acquire Best GmbH for $9 Million Plus Earn-out
Press release from the issuing company
FOSTER CITY, Calif.---Dec. 16, 2002-- Electronics For Imaging, Inc., the world leader in imaging solutions for network printing, today announced plans to acquire Best GmbH in a cash deal valued approximately at $9 million U.S. plus an earn-out based on Best's achievement of revenue targets over the next 15 months. Best is a global software company providing products for the print and publishing markets. The acquisition complements EFI's strengths in graphic arts and workflow software, adding a range of pre-print, pre-press and remote proofing solutions for inkjet printers to EFI's portfolio. It also furthers EFI's strategy of increasing its market share in the professional and corporate printing sectors. The acquisition is expected to close in January 2003.
"We are delighted to welcome Best into the EFI family. Their tradition of excellence in color inkjet proofing is a great match with our own commitment to industry-leading solutions for the graphic arts market," said EFI CEO Guy Gecht. "With the addition of Best's technology and talented employees, EFI is further expanding its penetration of the professional printing market by offering customers a wider range of feature rich proofing solutions."
Founded in 1994, Best is headquartered in Krefeld, Germany and has offices in the U.S. and Malaysia as well as a global network of resellers. Thorsten Breiding is Best's CEO and will continue to lead their operations, reporting to Ghilad Dziesietnik, EFI Vice President of Advanced Software. The company employs approximately 90 people worldwide.
"This is an exciting day for our company," said Best CEO Thorsten Breiding. "EFI has the international reputation and financial and technological resources to help us grow and develop our next generation of products. EFI understands our business and they are strongly committed to making Best the `Best' solution for printing software."
The acquisition of Best will result in a one-time charge in the first quarter of 2003 for certain acquisition-related expenses. The operating results of Best are not expected to materially impact EFI's pro forma earnings for 2003. EFI will provide further information during its quarterly earnings conference call in January.
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