Electronics For Imaging to Acquire Printcafe: Leaders Comment on the Future
Press release from the issuing company
FOSTER CITY, Calif. & PITTSBURGH--Feb. 26, 2003-- Electronics For Imaging, Inc., the world leader in imaging solutions for network printing, and Printcafe Software, Inc., a leader in print supply chain management software, today announced that they signed a merger agreement providing for EFI's acquisition of Printcafe for $2.60 per share for each outstanding Printcafe share. Printcafe is the leading provider of enterprise solutions specifically designed for both printers and buyers in the printing and publishing industries.
"We are excited to join forces with the Printcafe team to bring the most comprehensive procurement to production offerings to the printing industry," said EFI CEO Guy Gecht. "Our global leadership in printing workflow and Printcafe's dominance in print supply chain management will offer both printers and their customers powerful end-to-end solutions to maximize their efficiency and profitability."
"Our combination with EFI will expand our markets by offering integrated management software solutions for both our print buyer and printer clients. This will also improve the depth of our printer solutions on the shop floor and in the back office. EFI's global reputation in digital printing and their emphasis on open standards architecture will provide both our existing customers and new customers with accessible solutions to help them grow their businesses," said Marc Olin, President and CEO of Printcafe.
The acquisition fits with EFI's strategy of expanding its software product offerings for the professional printing market. With the convergence of traditional and digital printing, the combination of EFI's imaging and workflow solutions with Printcafe's enterprise management software will help to accelerate the adoption of digital printing management throughout the process from procurement to production.
The acquisition of Printcafe will result in a one-time charge to EFI in the quarter the transaction closes for certain acquisition-related expenses. EFI will provide further information during its earnings conference call in April.
The merger agreement provides each Printcafe stockholder with the right to elect whether to receive the merger consideration in cash or shares of EFI's common stock. Following completion of the merger, EFI plans to buy back approximately the number of shares of its common stock issued in connection with the merger.
The merger agreement contains customary conditions to closing and may be terminated by each party under certain conditions, including in connection with a superior proposal for Printcafe. The transaction must be approved by Printcafe's stockholders and is expected to close in the second calendar quarter of 2003.
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