Cincinnati firm gears up for organic growth and potential acquisitions; names new CEO, veteran tech executive Robbie Payne
Boston, MA —October 23, 2018 – Battery Ventures, a global, technology-focused investment firm, announced it has acquired software company SigmaTEK Systems, the maker of SigmaNEST™, a “nesting” product with advanced CAD/CAM functionality that helps professional fabrication and manufacturing companies operate more efficiently on the shop floor. 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.
“I am extremely excited to join SigmaTEK and to partner with Battery, a firm with extensive experience in software businesses globally as well as specific experience in the CAD/CAM sector,” Payne said. “SigmaTEK is a highly regarded player in this market, and I look forward to leveraging the company’s excellent products and people to continue to grow the business.”
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.
“We have been following SigmaTEK for several years and have always been impressed with the strength of the company’s business and brand,” said Morad Elhafed, a Battery general partner. “This investment is a further validation of the company’s strength in its market and the success that founder Ben TerreBlanche has had in scaling the company to date.”
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.
“SigmaTEK’s partnership with Battery opens up exciting new possibilities for us, including potential acquisitions, and will usher in a new chapter in the company’s growth story,” TerreBlanche said. “I feel privileged to have led SigmaTEK's talented engineers and computer scientists for the last 25 years, and this vision for expansion in the market has stimulated the team's imagination for a truly inspiring future. We look forward to providing continued innovation and service to our customers, who have made our success possible.”
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.
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. Follow the firm on Twitter @BatteryVentures, visit our website at www.battery.com and find a full list* of Battery's portfolio companies here.
VP, Marketeing/Communications, Battery Ventures