EFI and Agfa DPS Announce Business Combination
Electronics for Imaging, Inc. (EFI) and Agfa-Gevaert have announced a definitive agreement. The deal will combine Agfa’s Digital Printing Solutions business (Agfa DPS) with EFI.
The combination will create a global, full-service industrial inkjet company. It will also expand the companies’ product portfolio and geographic reach.
Under the proposed structure, an affiliate of Siris will hold a 60% stake. Agfa will hold the remaining 40% stake. In addition, Siris and Agfa will act as equal partners under the new governance structure.
The agreement builds on the global partnership that EFI and Agfa established in 2024. Since then, both companies have expanded their product offerings through complementary technologies.
Expanded Industrial Inkjet Portfolio
The combination brings together two specialised industrial inkjet businesses. Together, they will create a broader platform across several fast-growing market segments.
The new company will combine expertise in print engines, inks, software and workflow. As a result, customers can access more solutions from development through to production.
EFI has a strong position in industrial inkjet. The company helps customers move from analogue to digital imaging.
Its portfolio includes the Nozomi, VUTEK and Reggiani platforms. These technologies serve digital single-pass, corrugated packaging, roll-to-roll, hybrid and textile printing applications.
Meanwhile, Agfa DPS brings expertise in display graphics, décor and packaging. Its renewed portfolio includes the Jeti TAURO, Onset PANTHERA and SpeedSet ORCA platforms.
€540 Million Revenue Expected in 2026
Together, EFI and Agfa DPS expect to generate approximately €540 million ($625 million) in 2026 revenue on a pro forma basis.
The combined business will serve thousands of customers in more than 100 countries. It will also benefit from complementary strengths in North America and Europe.
Furthermore, the company will operate through a global sales and service network. This reach will support customers across key industrial inkjet markets.
Growth Opportunities and Synergies
The combined company also expects to unlock significant synergies over time.
For example, the broader portfolio can create more cross-selling opportunities. The larger platform can also support expansion into new applications and geographic markets.
“Today’s announcement reflects our long-term commitment to digital printing and our conviction in the future of the industry,” said Pascal Juéry, CEO of Agfa-Gevaert. “By bringing together Agfa DPS and EFI, we are creating a stronger business with greater scale, broader access and enhanced innovation capabilities. Rather than continue as a standalone business, we are choosing to partner with Siris to unlock the next phase of accelerated growth for our DPS business while maintaining meaningful upside for Agfa’s stakeholders.”
Siris Highlights Complementary Capabilities
“Since our investment in EFI in 2019, we have supported the company’s evolution into a focused industrial inkjet leader, drawing on our experience helping technology and industrial businesses scale,” said Frank Baker, Co-Founder and Managing Partner, and David Calamai, Managing Director, of Siris. “EFI and Agfa DPS bring together distinct and complementary capabilities, forming a business with the reach and depth to do more for customers across more markets. We look forward to partnering with Agfa to accelerate innovation and expansion for customers worldwide.”
The companies also expect the combination to support wider digital printing adoption.
“At Agfa, we believe this combination can help accelerate the adoption of digital printing across the industry,” said Vincent Wille, President of Agfa DPS. “By combining technology leadership, global reach and deep application expertise, we can help our customers achieve new levels of productivity, agility and sustainable growth, enabling them to innovate faster, reduce waste and create lasting value across the entire print ecosystem.”
EFI Sees Next Step in Partnership
The companies’ partnership has already highlighted the potential of their complementary technologies and teams.
“Our partnership with Agfa over the past two years has highlighted the strength of our complementary technologies, expertise and teams,” said Frank Pennisi, CEO of EFI. “This combination is a natural next step that allows us to build on that momentum with a broader platform, accelerating innovation and expanding the solutions we can deliver to customers across industrial inkjet.”
Transaction Expected to Close by End of 2026
The companies expect the transaction to close by the end of 2026. However, the deal remains subject to several conditions.
These include customary employee information and consultation processes. The transaction also requires regulatory approvals and other closing conditions.
EFI and Siris received financial advice from DC Advisory, which acted as exclusive financial advisor. Sidley Austin LLP served as legal advisor.
