SEG Client, Cimtechnologies, has been acquired by EAI
AMES, Iowa, Nov. 26 /PRNewswire/ -- Software Equity Group(SEG) client, Chimtechnologies, has been acquired by Engineering Animation, Inc. (Nasdaq: EAII), the leader in collaborative product visualization software. Cimtechnologies Corporation, located in Ames, Iowa, was acquired in a private transaction in exchange for approximately $6 million in value of EAI stock.
Cimtechnologies, a privately-held company, is the world's leading developer of factory layout software, sold under the names FactoryCAD, FactoryFLOW, FactoryPLAN and FactoryOPT. The Factory suite of products run inside AutoCAD to design and analyze factory layouts and production systems. Cimtechnologies' customers include Boeing, Caterpillar, Deere & Company, Ford Motor Company, General Motors, Hewlett Packard National Semiconductor, Motorola and Intel. The company's revenue for the twelve months ended September 30, 1997 was approximately $2.7 million.
"EAI's acquisition of Cimtechnologies will strengthen our ability to create the next-generation solutions for the manufacturing industry while helping enforce EAI's growth initiatives in U.S. and international markets," said Matt Rizai, EAI president and CEO. "This agreement, in conjunction with EAI's previously announced acquisition of Rosetta Technologies will contribute to EAI's continued expansion and leadership in the product visualization market."
EAI will continue to support and market the current line of Cimtechnologies products, but will aggressively enhance these factory design and simulation products by leveraging 3D and object oriented methodologies. EAI also will tightly integrate Cimtechnologies' products into EAI's VisProducts visualization and digital prototyping solutions to create a system capable of analyzing an entire factory flow in a 3D visual environment.
Cimtechnologies' suite of Factory programs enables users to develop better designs to support the chosen operating philosophy and reduce throughput time, resulting in less work in progress and lower finished goods inventory. Cimtechnologies' Factory programs are used by the aerospace, automotive, appliance, furniture, heavy equipment manufacturing, medical and semiconductor industries as well as by consulting firms and government and educational institutions.
About Software Equity Group
Software Equity Group (SEG) provides unparalleled M&A advisory services for emerging and established software companies. For more than twenty years, SEG has worked alongside its software industry clients to drive extraordinary outcomes for the client’s shareholders, employees and customers. Over this time period, SEG has managed hundreds of sell-side M&A transactions, representing billions of dollars of aggregate transaction value. SEG’s unwavering commitment to the software industry equates to unmatched expertise across software industry product categories, delivery models, technology and end market verticals; and unrivaled access to key decision makers among strategic and private equity buyers.