Tel Aviv-Listed IT Company Matrix Buys Local Distributor of Gestetner Printers for $49 Million
CTech – Information technology company Matrix IT has acquired a 51% stake in Tel Aviv-based office machines company Gestetnertec for around $49.8 million, the former announced in a filing to the Tel Aviv Stock Exchange on Sunday.
Founded in 1931, Gestetnertec is the only local distributor of Gestetner copy machines and printers.
The acquisition was made through Matrix subsidiary Caliber Engineering and Computers, which distributes 3D printers and scanners in Israel.
According to Matrix’s statement, Gestetnertec has some 7,000 customers in Israel including the country’s Ministry of Defense and the General Accountant Unit.
In 2019, Gestetnertec made NIS 93.2 million (approximately $26.9 million) in revenue and NIS 13 million (approximately $3.7 million) in net profit, the filing read.
Matrix stated it intends to merge Gestetnertec with its 3D printer business, following the acquisition.