Siris Capital Sells Fiery to Epson: A Strategic Move Forward
Siris Expands Horizons with Fiery Sale to Epson
Siris has taken a significant step in enhancing its investment strategy by announcing the sale of Fiery, LLC to the renowned Seiko Epson Corporation. This strategic move stresses Siris' role as a leading private equity firm in technology investments. The transaction, valued at approximately $591 million, signals Siris' commitment to driving growth in technology companies.
About Fiery
Fiery is recognized as a top provider of digital front end (DFE) solutions and workflow systems, especially prominent in the industrial and graphic arts printing sectors. Through an innovative blend of software and cloud-based technologies, Fiery has carved its niche in delivering remarkably fast performance, vibrant colors, and outstanding print quality across various production printing devices.
Siris’ Commitment to Value Creation
The strategic exit of Fiery follows Siris' acquisition of Electronics for Imaging (EFI) in 2019. By operationalizing Fiery as an independent entity, Siris successfully prepared the company for this divestiture, enabling it to thrive separately from EFI. This sale marks the second major carveout from EFI's portfolio, following the previous divestiture of eProductivity Software last year.
Leadership Comments on the Transition
Frank Baker, Co-Founder and Managing Partner at Siris, expressed pride in the accomplishments achieved during their partnership with Fiery. He highlighted how the transition allowed Fiery to expand its product portfolio and strengthen strategic alliances. Baker anticipates continued success for Fiery under Epson's guidance.
Impact of the Sale on Fiery
The transaction, which is expected to finalize within the year post necessary regulatory approvals, will see Fiery maintain its name and structure while continuing its operations from current locations. This stability is crucial for sustaining relationships with clients and maximizing operational efficiency during the transition period.
Continued Support for EFI
Post-divestiture, EFI maintains a stronghold in the industrial inkjet solutions market, focusing on diverse sectors such as packaging and textiles. Siris emphasizes its ongoing support to EFI as it navigates the evolving landscape of digital printing and remains committed to driving innovation in this realm.
CEO's Perspective
Toby Weiss, the CEO of Fiery, expressed enthusiasm about the future of Fiery amid this transition, underscoring the company's dedication to offering exceptional digital printing solutions. The partnership with Seiko Epson Corporation presents new avenues for growth and innovation, significantly benefiting Fiery's existing customer base.
Siris: A Leader in Private Equity Investment
Founded as a private equity firm specializing in technology, Siris employs a unique model of leveraging exclusive partnerships to identify high-value opportunities. With a robust management background and extensive market knowledge, Siris has successfully managed around $7 billion in assets, continuously seeking advancements in the tech sector.
FAQs
What does the sale of Fiery to Epson entail?
The sale represents a strategic move by Siris to divest from Fiery while ensuring the company's continued growth within Epson, positioning it as a leading provider in the digital printing sector.
Why was Fiery sold to Epson?
Siris aimed to optimize Fiery's market position and operational efficiency, allowing Epson to leverage Fiery's technology advancements in its broader strategy.
What are Fiery's core offerings?
Fiery specializes in digital front end servers and workflow solutions for various printing applications, known for delivering exceptional print quality and performance.
How does this sale impact EFI?
EFI will continue to focus on complex industrial inkjet solutions, streamlining its operations post-divestiture of both Fiery and eProductivity Software.
What should customers expect from Fiery after the sale?
Customers can expect consistent service and innovative solutions as Fiery continues under Epson's ownership, maintaining its commitment to excellence in digital printing.
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