FREMONT, Calif., Oct. 7, 2015 - Electronics For Imaging, Inc. (Nasdaq:EFII) announced today the acquisition of Corrugated Technologies Inc. (CTI), a leading provider of manufacturing execution software for the corrugated packaging market that has extended its offering in recent years to also include business and management capabilities, creating a leading software offering for sheet feeders, sheet plants, and full corrugated box plants. Headquartered in San Diego, California, privately held CTI brings more than three decades of global experience in the corrugated packaging market. CTI will be merged into the Electronics For Imaging (EFI) Productivity Software business unit.
While financial terms of the acquisition were not disclosed, it is not expected to be material to EFI's Q4 or full year 2015 results.
The EFI™ Enterprise Packaging Productivity Suite is the leading end-to-end productivity software offering for the packaging market, with global market leadership in the folding carton, tag and label, and flexible packaging segments. The addition of CTI technology and expertise will further strengthen the EFI software offering for corrugated packaging, helping such companies accelerate their adoption of digital technologies.
"We are thrilled to add the CTI team and technologies to our growing portfolio of industry-leading software solutions for the print and packaging industry," said Gabriel Matsliach, senior vice president and general manager, EFI Productivity Software. "Our goal is to offer our customers a complete product portfolio that drives their business and production workflows, allowing them to be more efficient and more profitable."
CTI employees, including co-founders and former principals Gordon Hay and Emma Hay, have joined EFI's Productivity Software business unit.
"We are very excited to join the EFI family," said Gordon Hay, president and CEO of CTI. "EFI has a scale and reach that will enable existing and future customers to benefit from our technology for years to come. I look forward to being an active member of this world-class organization and to continuing to help our industry and customers advance and prosper."
EFI™ is a global technology company, based in Silicon Valley, and is leading the worldwide transformation from analog to digital imaging. We are passionate about fueling customer success with products that increase competitiveness and boost productivity. To do that, we develop breakthrough technologies for the manufacturing of signage, packaging, textiles, ceramic tiles, and personalized documents, with a wide range of printers, inks, digital front ends, and a comprehensive business and production workflow suite that transforms and streamlines the entire production process. (www.efi.com)
The Electronics For Imaging, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=15847.
Safe Harbor for Forward Looking Statements Certain statements in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release that could be deemed forward-looking statements include, but are not necessarily limited to, statements regarding the impact of the acquisition on EFI's results, expansion of our product portfolio, our future product offerings to CTI customers, integration of CTI, future customer achievements, continuation of support to the existing CTI client base, the timing of payments to the former CTI shareholders, and any statements or assumptions underlying any of the foregoing.
Forward-looking statements are subject to certain risks and uncertainties that could cause our actual future results to differ materially, or cause a material adverse impact on our results. Potential risks and uncertainties include, but are not necessarily limited to, unforeseen expenses; the difficulty of aligning expense levels with revenue; management's ability to forecast revenues, expenses and earnings; any world-wide financial and economic difficulties and downturns; adverse tax-related matters such as tax audits, changes in our effective tax rate or new tax legislative proposals; the unpredictability of development schedules and commercialization of products by the leading printer manufacturers and declines or delays in demand for our related products; changes in the mix of products sold; the uncertainty of market acceptance of new product introductions; intense competition in each of our businesses, including competition from products developed by EFI's customers; challenge of managing asset levels, including inventory and variations in inventory levels; the uncertainty of continued success in technological advances; the challenges of obtaining timely, efficient and quality product manufacturing and supply of components; litigation involving intellectual property rights or other related matters; our ability to successfully integrate acquired businesses; the uncertainty regarding the amount and timing of future share repurchases by EFI and the origin of funds used for such repurchases; the market prices of EFI's common stock prior to, during and after the share repurchases; any disruptions in our operations, the difficulty to retain employees; the compliance with the new requirements regarding the "conflict minerals," if they are found to be used in our products, and any other risk factors that may be included from time to time in the Company's SEC reports.
The statements in this press release are made as of the date of this press release. EFI undertakes no obligation to update information contained in this press release. For further information regarding risks and uncertainties associated with EFI's businesses, please refer to the sections entitled "Risk Factors," "Factors That Could Adversely Affect Performance," and other similar sections in our SEC filings and reports, including, but not limited to, EFI's annual report on Form 10-K and its quarterly reports on Form 10-Q, copies of which may be obtained by contacting EFI's Investor Relations Department by phone at 650-357-3828 or by email at firstname.lastname@example.org or EFI's Investor Relations website at http://www.efi.com.
NOTE TO EDITORS: The EFI logo is a registered trademark of Electronics For Imaging, Inc. in the U.S. and/or certain other countries. EFI is a trademark of Electronics For Imaging, Inc. in the U.S. and/or certain other countries. All other terms and product names may be trademarks or registered trademarks of their respective owners, and are hereby acknowledged.
Nothing herein should be construed as a warranty in addition to the express warranty statements provided with EFI products and services.
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