Autodesk to Acquire Delcam
Autodesk Inc. (San Rafael, CA) has announced its intention to acquire Delcam plc (Birmingham, UK), developer of PowerMill, FeatureCAM, PartMaker and other manufacturing design software packages, in a cash deal for £20.75 (about $33) per share or approximately £172.5 million ($275.4 million).
Autodesk, developer of AutoCAD, Inventor and PLM software, said the acquisition will be structured as a cash offer for all the outstanding shares of Delcam, subject to customary closing conditions including regulatory approvals. The deal is expected to close in Autodesk’s first quarter of fiscal 2015 (which ends April 30, 2015), and Autodesk expects to use its non-US-based cash for the transaction.
Autodesk shares currently are traded on NASDAQ under the symbol ADSK. Delcam, which has more than 30 offices worldwide and approximately 700 employees, reported fiscal 2012 revenues of £47.1 million (about $75 million) with its shares traded on the London Stock Exchange under the ticker symbol DLC.
Upon completion of the acquisition, Delcam will become a subsidiary of Autodesk. Peter Dickin, Delcam’s international marketing manager, said in a statement that the companies offer complementary ranges of software, with Autodesk’s programs for design, engineering and entertainment able to be combined with Delcam strengths in manufacturing. Delcam plans to maintain its focus on accelerating the growth of its market share in the manufacturing sector, with the added strength that will come from being part of a larger organization.
Commenting on the planned acquisition, Carl Bass, Autodesk president and CEO said: “We are taking an important step on our path towards delivering a better manufacturing experience. Together Autodesk and Delcam will help further the development and implementation of technology for digital manufacturing.”
“I am very excited by the opportunities from combining Delcam with Autodesk to create a compelling platform from which to service both companies’ manufacturing clients,” added Delcam’s CEO Clive Martell. “The added strength and status that we will gain from being part of the Autodesk Group will benefit our customers, our staff and our sales channel.”
Edited by Senior Editor Patrick Waurzyniak from information provided by Autodesk and Delcam
Published Date : 11/13/2013