3D Systems agreed to sell its Cimatron Ltd. subsidiary to a private-investment fund for $65 million, continuing the effort that began last summer to reorient the additive manufacturing technology specialist toward its Industrial and Health Care business lines. Cimatron Ltd., which develops the Cimatron CAD/CAM software and GibbsCAM CNC programming software, will be combined with CAD/CAM developer SigmaTek Systems (also controlled by buyer Battery Ventures) in a portfolio called Cambrio.
The sale is expected to close before the end of 2020.
"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," stated Robbie Payne, CEO of SigmaTEK Systems, a platform focused on metal fabrication processes.
3D Systems purchased Cimatron in 2015 for a reported $95 million, as part of a strategy to expand the scope of its activity in the manufacturing sector. Originating as a developer of stereo-lithography systems for 3D printing, it has expanded to include the design programming software platforms, a variety of materials used in the additive manufacturing processes, production of on-demand parts and prototypes, and 3D scanning and haptics devices.
The group’s performance over the past year has been well below analysts’ expectations, leading to a management change and the restructuring program announced in August.
“Over the last several months, we’ve made significant progress in aligning our business to our core strengths to achieve growth,” stated president and CEO Dr. Jeffrey Graves. “With this announcement, we continue to demonstrate our commitment to focus on additive manufacturing, creating value through solutions designed to address our customers’ unique application needs.”
