EFI to Acquire Entrac Technologies
Wednesday, July 20, 2011
Press release from the issuing company
FOSTER CITY, Calif., – Electronics For Imaging, Inc., a world leader in customer-focused digital printing innovation, today announced that it has reached an agreement to acquire privately-held Entrac Technologies ("Entrac"). Entrac is a leader in providing self-service and payment solutions for business services including mobile printing. While financial terms of the transaction were not disclosed, the acquisition is not expected to be material to EFI's 2011 results. The transaction, which is subject to various closing conditions, is expected to close in the third quarter of 2011.
"Entrac's self-service products expand the portfolio of products and services we can offer to providers of business services," said Toby Weiss, general manager of the Fiery business unit and senior vice president, EFI. "In addition, the Entrac payment technology offers new possibilities for future EFI products in both our traditional print-for-pay markets as well as the enterprise markets. For example, adding EFI's PrintMe cloud printing to existing Entrac products will make it even easier for customers to begin offering self-service printing to mobile workers, students, guests, and patrons."
Entrac will become part of EFI's Fiery business unit. With its global sales presence, EFI expects that it can offer Entrac's easy-to-use self-service and payment systems to a broader customer base such as franchise print shops, office supply retail stores, hotels and hospitality businesses, universities, convention centers, airports, transit stations, museums, libraries and many other locations worldwide.
Entrac is a privately-held corporation headquartered near Toronto, Canada. Entrac provides access control and payment systems for self-service business equipment with over 4,000 installations in North America in office supply stores, retail printing locations and business centers in hotels and convention halls. Service providers are drawn to its simple and intuitive, yet secure, user interface for self-service use of business machines including printers, copiers, computers/internet access points, fax machines, and photo printing kiosks.
"Entrac has been committed to providing superior self-service and payment solutions to our customers in North America," said Micah Kornberg, president of Entrac. "EFI has the global reach, printing industry leadership position, customer and partner relationships, and strong financial position to extend our geographic reach and market penetration, deliver more integrated products and services, and expand the markets and customers we target. I look forward to managing the Entrac product line within their world class organization."
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