The new standalone business has been named eProductivity Software. EFI exec Gaby Matsliach, who was COO of its EPS wing, becomes CEO.
Former EFI CFO and COO Marc Olin, who worked at EFI for nearly 18 years before leaving the firm at the end of 2020, is also joining the new company’s board.
EFI has built its MIS and ERP business into a substantial operation over the years and has made a swathe of global acquisitions in the MIS space, including UK developers Technique and Shuttleworth. The unit also includes the MarketDirect StoreFront web-to-print solution.
Symphony Technology Group owns a range of tech- and software-related businesses, including Trace One a SaaS provider for business applications including packaging lifecycle management.
Matsliach said the sale marked “an exciting new chapter” for the business as it entered 2022 as an independent global software technology company.
The eProductivity Software business has more than 4,000 customers worldwide, and is active in all of the industry’s main vertical markets from commercial print to packaging display graphics, corrugated, labels and packaging, and publications.
The firm's new logo uses the same style 'e' as EFI's.
He said Symphony had a long track record of growth through innovation, and was excited about the opportunity.
“This strategic step in our journey enables us to bring greater value to our customers, as well as the packaging and print industries overall,” he said, including accelerating investment in the firm’s technology.
“Becoming an independent company also enables us to extend and deepen collaboration with key technology players in the packaging and print ecosystems, further increasing the value we can bring the industry,” he added.
EFI said the realignment would allow the group to "accelerate investment into its Inkjet and Fiery business units".
Jeff Jacobson, EFI CEO and executive chairman, said the group had have never been more excited about the opportunity in the industrial inkjet markets and its ability to capitalise on Fiery technology.
He said EFI would “continue to drive the analogue-to-digital transformation in all high-value segments of imaging – while increasingly serving new adjacencies including e-commerce, direct-to-garment, and other rapidly growing segments”.
“We are making significant investments to continue to be the clear leader in the Packaging & Corrugated, Display Graphics, Textile, and Building Materials/Decor markets,” he added.
Matsliach said eProductivity Software would “continue to collaborate closely with our friends at EFI”.
Addressing customers, he said: “You and your business are in good hands. We have taken all necessary steps over the past several months to ensure full business continuity, so your business does not feel any adverse impact.”
The upcoming EFI Connect user conference will be a joint event for EFI and eProductivity Software customers and will feature leaders from both organisations. Connect takes place from 17-21 January in Las Vegas.
The deal completed on 30 December and the terms were not disclosed.
