The group has sold software business Docufy to Berlin-based investment firm Elvaston Capital Management. The sale completed yesterday (31 August).

Heidelberg acquired Docufy four years ago as part of its ‘industry 4.0’ strategy at the time.

The Bavarian firm develops specialist, multi-level technical documentation and risk management software and employs 120 staff. Heidelberg also added its own peripheral software activities to the operation at the end of 2019. 

Heidelberg said it expected to make an extraordinary gain of more than €20m on the sale. 

The group has also raised its forecasts for EBITDA margins in the current financial year, from 6%-7% to 7%-7.5%. 

Chief financial officer Marcus Wassenberg said this would be achievable despite the business having to deal with increased material costs. 

"We are continuing to systematically streamline our structures and focus the portfolio on the core growth areas. This creates further financial scope for Heidelberg,” he said. 

Heidelberg also emphasised that its cloud-based digitisation strategy was “unchanged”.

“We are focusing our software activities on the expansion of cloud-based applications and platforms for the printing industry,” commented CEO Rainer Hundsdörfer.

“We will use the funds freed up by the sale to drive forward strategic future investments on the path of our digital transformation.”

Heidelberg has completed a string of asset sales over the past year including its UK site in Brentford, its flagship Print Media Academy building in the heart of Heidelberg town, part of its Wiesloch manufacturing site, and several business units including the CERM narrow web MIS and its Belgian chemicals businesses BluePrint Products and Hi-Tech Chemicals.

Plans to sell the Gallus label business fell through at the eleventh hour, with Heidelberg subsequently deciding to retain the operation. 

Heidelberg reported a broad-based recovery in its Q1 results.