Prodways Group: completion of AvenAo acquisition; 2018 revenue target of EUR 50 million | Bourse Reflex
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Prodways Group: completion of AvenAo acquisition; 2018 revenue target of EUR 50 million

Vendredi 03 Nov 2017 à 18:00

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

Groupe Gorgé is listed on Euronext Paris and on the US OTC market in the form of ADR.

Euronext Paris:
Compartment B.
isin code: FR0000062671
Ticker code: GOE
US OTC market:
CUSIP NUMBER: 399451 103
ISIN NUMBER: US3994511034
Ticker Code: GGRGY / GGRGF


Groupe Gorgé - Raphaël GORGÉ – ceo & Chairman - Tel.: +33 1 44 77 94 77 - E-mail:
Finance News – Natacha MORANDI – Analysts/Investors Relations - Tel.: +33 1 53 67 36 94 - E-mail:
Finance News – Jean-Michel MARMILLON – Press Relations - Tel.: +33 1 53 67 36 73 - E-mail:


GROUPE GORGE press releases may contain forward-looking statements regarding GROUPE GORGE's targets. These forward-looking statements reflect GROUPE GORGE's current expectations. Such forward-looking statements and targets depend on known and unknown risks, uncertainties and other factors that could cause actual results, performance or events to differ materially from those anticipated herein. The risks and uncertainties that could affect the Group's future ability to achieve its targets include, in addition to those indicated in the press release: the strength of competition; the development of markets in which the Group operates and notably the 3D printing division; currency fluctuations; obtaining the export authorizations that may be required for certain activities; control of costs and expenses; changes in tax legislation, laws, regulations or their enforcement; our ability to successfully keep pace with technological advances; our ability to attract and retain qualified personnel and key staff; the evolution, interpretation and uniform application and enforcement of International Financial Reporting Standards (IFRS), according to which we prepare our financial statements; manufacturing and supply chain bottlenecks; the performance of our business partners (subcontractors, agents, suppliers, etc.). Some of these risk factors are set forth and detailed in our Document de Référence (Registration Document including the annual financial report filed with the French Autorité des Marchés Financiers), available on our website This list of risks, uncertainties and other factors is not limitative. Other unanticipated, unknown or unforeseeable factors, such as changes in the economic situation or financial markets, could also have a material adverse effect on our targets.

This press release and the information it contains do not constitute an offer to sell or to subscribe, or a solicitation to purchase or subscribe shares or securities in GROUPE GORGE or in its listed subsidiaries in any country whatsoever.

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