3D design software firm to pay $277 million for digital manufacturing software developer
3D design and modeling software firm Autodesk, Inc. on Thursday offered a 21 percent cash premium per share, totaling about £172.5 million ($277.3 million), to acquire Delcam plc, a British CAD/CAM software developer for the manufacturing industry.
San Rafael, Calif.-based Autodesk, with 2012 sales of $2.3 billion, offered £20.75 ($33.36) per share in cash, a 21 percent premium over Delcam stock’s closing price Wednesday, which was an all-time high for Delcam. The offer is also a 37.5 percent premium over the stock’s average closing price for the six-month period ending Nov. 6.
Headquartered in Birmingham, U.K., Delcam (LON:DLC) reported revenues for its fiscal 2012 of £47.1 million ($75.7 million). It has over 30 offices worldwide and about 600 employees.
Delcam’s portfolio of design, manufacturing and inspection software for automated CAD/CAM for a variety of industries, ranging from aerospace to toys and sports equipment.
For example, Delcam’s PowerSHAPE, PowerMILL, PowerINSPECT and ArtCAM CAD/CAM software supports machining of laser-sintered metal. The CAD software provides for electrode design, 2D and 3D milling, including support for continuous five-axis operations, and a technology for on-machine verification.
Delcam said its software cuts programming and machining times and also develops specific macros and strategies for molding, aerospace and medical projects.
Autodesk said the deal, which it is conducting through its subsidiary, Autodesk Development B.V., should close in the first quarter of FY 2015.