Publicly traded Ansys has agreed to acquire Zemax, a designer of computer-aided design software, from EQT Private Equity.
Zemax is a provider of subscription-based computer-aided design (CAD) software, branded as OpticStudio, that is used to model the effect of optical elements – including simple and aspheric lenses, mirrors, optical coatings, and other diffractive optical elements – within an optical system.
Zemax’s software is used to develop a range of products including space telescopes, augmented reality glasses, aerial drones, LIDAR for autonomous vehicles, smartphone cameras and biomedical imaging devices.
Kirkland, Washington-based Zemax, led by CEO S. Subbiah with more than 100 employees, was founded in 1990 by Ken Moore and was acquired by Washington-based Radiant Imaging in 2011. In 2014, Radiant sold Zemax to Arlington Capital Partners and in June 2018, Arlington Capital sold the company to EQT.
“With the support of EQT, we have successfully expanded our value proposition by upskilling our salesforce, introducing new products, supporting more design workflow and simulating interactions within the whole product,” said Mr. Subbiah. “We thank EQT for their guidance and partnership and look forward to joining forces with Ansys to build on our strong momentum going forward.”
Ansys (NASDAQ: ANSS) is a developer of CAD/CAM and other engineering simulation software used for product design, testing and operation. The company is headquartered southwest of Pittsburgh in Canonsburg, Pennsylvania.
“EQT’s investment in Zemax exemplifies our goal of investing in companies that provide mission-critical products underpinned by strong market growth,” said Arvindh Kumar, a partner at EQT. “By focusing on the company’s growth and investing in future-proofing initiatives, the management team, together with EQT, has positioned Zemax for success and we are confident that Ansys will be a good long-term home for the company.”
“Simulating the behavior of light – from creation to illumination – is becoming critical for the development of next-generation products,” said Shane Emswiler, a senior vice president at Ansys. “With the addition of the best-in-class technology from Zemax, Ansys’ customers will benefit from a complete, end-to-end solution for simulating light.”
EQT invests in medium-sized companies operating in a range of industries in Northern Europe, Eastern Europe, China and the US. Sectors of interest include healthcare, industrials, services, and consumer products. The Stockholm, Sweden-based firm was founded in 1994 and has offices in 14 countries across Europe, Asia and North America.
William Blair was the financial advisor to EQT and Zemax on this transaction which is expected to close during the fourth quarter.
© 2021 Private Equity Professional | September 1, 2021
