Following 1 August press release, Prodways Group, a Groupe Gorgé company specialist in industrial 3D printing, announces the completion today of the acquisition of AvenAo, an expert in the integration of 3D design applications for over 15 years.
As a major differentiation factor for Prodways Group, the AvenAo acquisition will accelerate its commercial development and its consolidation strategy across the entire industrial 3D printing value chain. The combined activities of AvenAo and Prodways Group will provide a comprehensive offer to organisations from project design to parts production. This transaction is part of the strengthened collaboration between Prodways Group and Dassault Systèmes in the industry of the future area (press release of 1 August 2017).
Expert in integration of Dassault Systèmes' SOLIDWORKS applications in design and 3D development. AvenAo can handle all issues relating to the design function and offers consulting in 3D design and integrating 3D printing solutions. In 2016, AvenAo and its subsidiaries employed 75 people and were profitable. AvenAo will be consolidated within the Systems division and should contribute at least €10 million to Prodways Group's revenue in 2018.
This transaction enables Prodways Group to mark a major stage in its development. The division has now 400 employees and should see very strong revenue growth, which could reach around €50 million in 2018.
Following the transaction, Sébastien Vercruysse, new significant Prodways Group shareholder, and co-founder of AvenAo, will strengthen Prodways Group's management team. Sébastien Vercruysse has demonstrated his ability to develop AvenAo and will put his skills to use for the sales development of the Products and Systems divisions and the roll-out of an integrated 4.0 industry offer (software, design and 3D printing) within Prodways Group.
The transaction was paid partly through the allocation of ordinary Prodways Group shares and partly in cash, an earn-out in cash accounting for about 17% of the total deal may be paid in 2019. Prodways Group announces today the issue of 992,586 new shares as consideration for the contribution of 892 shares in AvenAo Solution 3D (AvenAo), representing 42.92% of capital and voting rights of the Company. The value of the contributed shares is €5,995,230.12.
An application for the admission to trading on Euronext Paris of the new ordinary Prodways Group shares issued will be made. This transaction does not give rise to the issue of a prospectus in application of the provisions of article 212-5 1° of the French Financial Markets Authority (AMF) General Regulations, as the said shares represent less than 10% of the number of shares in the same category that have already been admitted for trading on Euronext Paris.
See Prodways Group's press release.
About Groupe Gorgé
Groupe Gorgé is an independent group that specializes in high-tech industries. Today, the Group is active in the fields of security and protection in extreme environments, as well as in the 3D printing sector. It employs around 1,700 people, is located in eight countries and directly exports around 40% of its activity. In its more than twenty-five year history, Groupe Gorgé has always developed and driven the latest technological and industrial innovations.
Smart Safety Systems: Developing complete, innovative technological solutions for complex missions in hostile and confined environments.
Protection of High-Risk Installations: Protecting people and ensuring the active and passive protection of installations for energy markets and industrial and tertiary sectors in France. Ensuring the maintenance of these protection systems.
3D Printing: Enabling major industry players to find new routes to successful innovation and production processes by providing systems, 3D printers and new premium material.
In 2016, the Group reported revenue of €281.2 million. It is backed by 1,800 employees and operations in over ten countries.
More information available on www.groupe-gorge.com
Groupe Gorgé is listed on Euronext Paris and on the US OTC market in the form of ADR.
isin code: FR0000062671
Ticker code: GOE
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CUSIP NUMBER: 399451 103
ISIN NUMBER: US3994511034
Ticker Code: GGRGY / GGRGF
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