Jacobson becomes EFI exec chair as Siris sale completes

24 July 2019

Business

Former Xerox chief executive Jeff Jacobson has become executive chairman of EFI after the private equity firm that he recently joined as an executive partner completed its acquisition of EFI.

New York-headquartered Siris Capital finalised its purchase yesterday after inking a $1.7bn (£1.36bn) deal for the manufacturer in April.

The deal was approved in a shareholder vote on 15 July in which 72.2% of EFI’s outstanding shares and 99.7% of voted shares were voted in favour of the transaction.

The company has confirmed that it will continue to operate as Electronics For Imaging (EFI), will be wholly owned by an affiliate of Siris, and that EFI’s common shares will be delisted from the NASDAQ exchange.

“This acquisition marks a new, exciting path forward in EFI’s 30-year history as a digital imaging technology leader,” said EFI chief executive Bill Muir.

“With Siris’ partnership, we will look to create new opportunities for our customers, partners, and EFI employees worldwide. We are looking forward to working with Siris to write the next chapter of innovation across our growing portfolio of solutions.”

Jacobson added: “EFI's portfolio of best-in-class solutions presents an exciting opportunity to drive further growth in high-quality inkjet and integrated, digital workflows.

“I look forward to working closely with management and know Siris is committed to providing the guidance and support needed to help EFI continue accelerating the transformation of industries where colourful images matter.”

Prior to joining Siris Jacobson served at Xerox for six years, joining as president of the global graphic communications branch of the manufacturer in 2012. After holding a number of senior executive roles at the company, he became the chief executive in January 2017 when the business split into two.

Along with five other directors, he resigned from Xerox in May 2018 amid a bitter dispute with activist investors Darwin Deason and Carl Icahn, who battled to block the proposed takeover of Xerox by Fujifilm. Ultimately Deason and Icahn won, and Jacobson stepped down as CEO.

Prior to joining Xerox he was chief executive of Presstek, and before that he ran Kodak’s Graphic Communications Group and was chief executive of Kodak Polychrome Graphics prior to that.