Wed, 05 Jun 2024 | BUSINESS SALE
Theorem Solutions Limited, a Staffordshire-headquartered engineering software company, has been acquired by US group Tech Soft 3D. Theorem Solutions provides a suite of CAD translation and extended reality software services for the engineering metaverse, including digital twin and 3D visualisation.
The company was founded in 1991 and has an established, longstanding base of blue chip clients, including Land Rover, Bae Systems, Airbus, Rolls Royce and Ford. In addition to its Staffordshire headquarters, the firm also has offices in the US.
Tech Soft 3D is a supplier of engineering software development toolkits that are used in more than 700 applications installed on hundreds of millions of devices worldwide. The acquisition of Theorem Solutions will enhance the firm’s capabilities as a provider of both CAD data translation and re-use solutions for application developers and end-users.
Theorem Solutions CEO Mark Stowe commented: “We share the vision with Tech Soft 3D on how to extend the value of 3D data for manufacturing enterprises. We are extremely excited about what we can achieve together.”
Ron Fritz, CEO of Tech Soft 3D, added: “We have long admired and appreciated Theorem’s deep expertise in CAD data exchange and have had a chance to work closely with the team as they created their solutions."
"This acquisition not only makes Tech Soft 3D a one-stop shop for the most comprehensive set of CAD data translation and publishing solutions, and is also in line with our vision of helping users, developers and enterprises leverage the full value of their 3D data.”
Theorem Solutions worked alongside M&A advisory Clairfield to prepare the company for sale and maximise shareholder value, with Stowe saying that Clairfield’s “invaluable advice” and “deep understanding of the software sector” helped to facilitate a successful deal.
The Clairfield team was led by partner Shah Zaki and Associate Director Nick Wall. Zaki said that the deal “further demonstrates Clairfield's ability to complete cross border transactions, achieving the best results for our clients.”
Freeths LLP provided Theorem Solutions’ shareholder with legal advice. Ateeq Ahmed, director of the Corporate team at Freeths, said that “the parties’ collaborative approach ensured that any complexities were resolved quickly and effectively”.
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