PV Nano Cell closes acquisition of DigiFlex
PV Nano Cell from Israel, an innovative producer of conductive digital inks, announced the closing of its acquisition of DigiFlex, a digital printer manufacturer. The all-stock transaction was valued at US$10M and represents 25% of PV Nano Cell on a fully diluted basis, post transaction. Additionally, certain shareholders of DigiFlex and its subsidiary, JetCU P.C.B. Ltd., committed to investing $1.1M in PV Nano Cell, of which $500 000 has already been invested, and an additional $600 000 is expected to close by the end of 2017.
The acquisition of DigiFlex continues PV Nano Cell's strategy to strengthen its presence as DigiFlex printers will be adapted to serve the electronics industry by making available a very unique printer, enabling PVN to expand its markets and technologies. As a result of the purchase of DigiFlex, both companies will be able to expand their services provided to their customers.
Currently, DigiFlex generates approximately $300 000 annual revenue, but believes it will be able to accelerate its revenue growth by now including PV Nano inks. The new adapted printer will serve the prototyping, design and R&D markets only and will not look to compete with the mass production (high throughput) printers and printer producers.
DigiFlex offers PV Nano Cell a number of key printer technologies and inks that are expected to allow them to implement a comprehensive complete solution approach for their customers. As a result, PV Nano Cell will have the unique ability to support additive digital design, prototyping and mass production of electronic devices, such as PCBs, all in one. The company believes this approach will be very attractive to customers, especially when coupling it with its cost-efficient and mass production compatible line of Sicrys silver and copper conductive inks.
DigiFlex's digital printing technology platform – printers and polymer based inks, expands PV Nano Cell's Sicrys conductive inks based solution, which will provide the company with the opportunity for a recurring revenue stream. Sicrys offers the most effective conductive silver ink available and at a price that is unbeatable for customers today. In addition, the company believes that the introduction of Sicrys copper ink is going to help revolutionise the industry, as the affordability of these types of conductive inks opens up its products to much of the printed electronics market
Caption: PV Nano Cell’s Sicrys inks can be used for printed circuit boards and flexible electronics (photo: PV Nano Cell)