January 6, 2022
GIS, based in Cambridge, UK, is a developer and supplier of high-performance control electronics, software and ink delivery systems. Founded in 2006, the company is known for inventing and delivering 2D and 3D printing inkjet hardware and operating software. GIS has more than 130 customers around the world with a focus on high-value, precision-oriented applications such as specialized direct-to-container packaging, printed electronics functional fluids and 3D printing, which can all be controlled by the software system—Atlas.
GIS is a growing company with revenue for the 12 months ended March 31, 2021, of approximately $10 million and a gross margin of 51%. Nano Dimension paid GIS shareholders $18.1 million in cash. In addition, it will pay between $1.3 million to $10.7 million within the next 27 months, if GIS achieves certain financial performance over this period.
“GIS’ ink delivery technology and software are essential to any ink deposition methodology within our AME and AM solutions. GIS’ research and development roadmap will help us to deliver better resolution and higher productivity in our industrial 3D printing solutions,” says Yoav Stern, chairman and chief executive officer of Nano Dimension. “As a result of this acquisition, we will be able to improve our technology’s performance and time to market. The combined company will own and have access to innovative and yet-to-be-released printing technologies, providing value and leading-edge solutions tailored to our customers’ needs and giving us a clear competitive advantage.”
GIS will still develop and sell its breakthrough hardware and software globally while using Nano Dimension’s go-to-market resources and global reach. This combination will enable GIS to more effectively penetrate fast-growing printing markets. Emerging AM market segments especially rely on GIS’ level of precision that enables advanced industrial applications. In parallel, the merger will provide Nano Dimension with exposure to new market segments and application areas.
“We are very excited to be joining a company that recognizes the excellence of our technologies, our passion for innovation and matches our customer-focused culture,” says Nick Geddes, founder, and CEO of GIS. “Working together, we will be pushing the envelope beyond existing printing capabilities in ways our customers will gain advantages that are unmatched yet.”
“This is a win-win for both organizations,” says Stern. “Combining forces and resources will enable growth for the integrated company at an accelerated pace. This merger will upgrade Nano Dimension’s product line with GIS’ innovative hardware and software. In parallel, our go-to-market network will expand GIS’ commercial horizon and customer base.”
Sullivan & Worcester Tel Aviv and Edwin Coe LLP (London) acted as legal counsel to Nano Dimension in connection with the acquisition.
Sources: Press materials received from the company and additional information gleaned from the company’s website.