Siris Completes Sale of Fiery to Epson
Siris has taken a significant step to enhance its investment approach by announcing the sale of Fiery, LLC to the well-known Seiko Epson Corporation. This strategic move underlines Siris' position as a prominent private equity firm in technology investments. With a transaction valued at around $591 million, it showcases Siris' dedication to fostering growth in technology companies.
About Fiery
Fiery is recognized as a leading provider of digital front-end (DFE) solutions and workflow systems, particularly in the industrial and graphic arts printing industries. By blending innovative software with cloud-based technologies, Fiery has established its niche in delivering fast performance, bright colors, and exceptional print quality across a variety of production printing devices.
Siris’ Dedication to Value Creation
This strategic exit for Fiery follows Siris' 2019 acquisition of Electronics for Imaging (EFI). By positioning Fiery as an independent entity, Siris effectively prepared the company for this divestiture, enabling it to prosper apart from EFI. This sale marks the second significant carve-out from EFI's portfolio, following last year's divestiture of eProductivity Software.
Leadership Remarks on the Transition
Frank Baker, Co-Founder and Managing Partner at Siris, expressed pride in the achievements made during their partnership with Fiery. He highlighted how this transition allowed Fiery to broaden its product offerings and strengthen strategic partnerships. Baker looks forward to seeing Fiery's ongoing success under Epson's leadership.
Effects of the Sale on Fiery
The transaction, expected to close within the year pending necessary regulatory approvals, will allow Fiery to retain its name and structure while continuing its operations from current locations. This stability is vital for maintaining client relationships and enhancing operational efficiency during the transition.
Ongoing Support for EFI
After the sale, EFI will remain strong in the industrial inkjet solutions market, focusing on diverse areas such as packaging and textiles. Siris emphasizes its commitment to support EFI as it adapts to the changing landscape of digital printing, continuing to drive innovation in this space.
CEO's Perspective
Toby Weiss, the CEO of Fiery, shared his excitement about Fiery's future during this transition. He stressed the company's commitment to providing outstanding digital printing solutions. The partnership with Seiko Epson Corporation opens up new opportunities for growth and innovation, greatly benefiting Fiery’s current customers.
Siris: A Leader in Private Equity Investment
As a private equity firm focused on technology, Siris uses a unique strategy that involves leveraging exclusive partnerships to find high-value opportunities. With a strong management background and comprehensive market knowledge, Siris has successfully managed around $7 billion in assets, always seeking advancements in the tech sector.
Frequently Asked Questions
What does the sale of Fiery to Epson entail?
This sale signifies a strategic decision by Siris to divest from Fiery while ensuring the company's continued development within Epson, positioning it as a top player in the digital printing sector.
Why was Fiery sold to Epson?
Siris' goal was to enhance Fiery's market positioning and efficiency, allowing Epson to capitalize on Fiery's technological advancements as part of its broader strategic vision.
What are Fiery's core offerings?
Fiery specializes in digital front end servers and workflow solutions tailored for various printing applications, renowned for delivering high-quality prints and exceptional performance.
How does this sale impact EFI?
EFI will maintain its focus on complex industrial inkjet solutions, optimizing its operations following the divestiture of both Fiery and eProductivity Software.
What should customers expect from Fiery after the sale?
Customers can anticipate consistent service and innovative solutions as Fiery operates under Epson’s ownership while upholding its commitment to excellence in digital printing.
