Battery Ventures announced it has acquired SigmaTEK Systems, the maker of SigmaNEST. Specific terms of the transaction were not disclosed.
SigmaTEK, based in Cincinnati, will continue to focus on growing its business in the sheet-metal market and plans to use its new resources to invest in product development, customer service, and sales and marketing. In addition, in partnership with Battery, SigmaTEK intends to pursue acquisitions to extend its industry reach and expand the company’s global footprint. Though a slight majority of the company’s customers are in the U.S., SigmaTEK has offices in 19 countries around the world.
The company also named a new CEO, veteran technology-industry executive Robbie Payne. Payne was most recently the senior vice president of operations at education-tech company IO Education in Atlanta. Previously he held senior roles at Horizon Software International.
Companies serving industries including aerospace and defense, automotive, agriculture, construction, shipbuilding, energy, commercial foodservice and others use SigmaTEK’s products. The company, which was founded in 1993, uses highly advanced algorithms to automate the nesting process for laying out and cutting materials (including metal, wood and composite) and helps customers optimize material yield, product quality, machine capabilities and manufacturing processes.
Battery is also an investor in another Cincinnati software company, Clubessential*, which provides a full suite of membership and club-management software to private clubs, health and fitness clubs and college athletic programs.
Battery Ventures provides investment advisory services solely to privately offered funds. Battery Ventures neither solicits nor makes its services available to the public or other advisory clients. For more information about Battery Ventures’ potential financing capabilities for prospective portfolio companies, please refer to our website.*SigmaTEK Systems and Clubessential are Battery portfolio companies. For a complete list of all portfolio companies, please click here.
About SigmaTEK Systems
SigmaTEK Systems develops and sells SigmaNEST, a comprehensive software solution for nesting, NC programming and cutting of sheet metal, steel and aluminum plate, tube/pipe, composite and engineered materials and wood. SigmaNEST is the leading CAD/CAM nesting system for plasma, laser, punch, oxyfuel, waterjet, router, knife, tube/pipe and combination cutting machines. SigmaNEST ensures superior material utilization, machine motion optimization and maximum part quality balanced with cutting speed, work flow integration, material handling, accurate estimates and information management. Learn more at www.sigmanest.com.
About Battery Ventures
Battery Ventures strives to invest in cutting-edge, category-defining businesses in markets including software and services, Web infrastructure, consumer Internet, mobile and industrial technologies. Founded in 1983, the firm backs companies at stages ranging from seed to private equity and invests globally from offices in Boston, the San Francisco Bay Area, London, Israel and New York. For more information visit, www.battery.com and find a full list* of Battery’s portfolio companies here.