Siris Announces Sale of Fiery to Seiko Epson Corporation
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NEW YORK, Sept. 18, 2024 ~ New York, NY - Siris, a leading private equity firm focused on investing in technology companies, has announced the sale of Fiery, LLC to global technology leader Seiko Epson Corporation in a transaction valued at approximately $591 million. The sale was completed by Siris and its affiliates, including Electronics for Imaging.

Fiery is a top provider of digital front end (DFE) servers and workflow solutions for the industrial and graphic arts print sectors. With a combination of software and cloud-based technologies, Fiery has established itself as a leader in delivering fast performance, stunning color, and exceptional print quality across a wide range of production printing devices.

Siris acquired Fiery as part of its take-private acquisition of EFI in 2019. As part of their value creation strategy, Siris made Fiery an independent company to prepare it for a strategic exit. This divestiture marks the second carveout from the broader EFI portfolio for Siris, following the sale of eProductivity Software to Symphony Technology Group in 2022.

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Frank Baker, Co-Founder and Managing Partner at Siris, stated that since their investment in 2019, Toby Weiss and his team have solidified Fiery's position as a leader in the DFE market. He also mentioned that their partnership with Fiery is an example of how they work with management teams to drive value and set companies up for long-term success. Baker expressed excitement about seeing how Fiery will continue to thrive under Epson's ownership.

Baker also noted that after separating from Fiery and eProductivity Software, EFI is now a streamlined provider of industrial inkjet solutions for various industries such as display graphics, packaging, and textiles. He added that they will continue to support EFI as it leads the digital printing transition across multiple industrial markets globally.

Toby Weiss, Chief Executive Officer of Fiery, expressed his gratitude towards Siris' partnership and investment, stating that they have raised the standards of digital printing excellence across various operating segments. He also mentioned his excitement about embarking on the next phase of growth with Epson and continuing to provide dynamic solutions for their customers' digital printing needs.

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The transaction is expected to close in 2024, subject to customary closing conditions and regulatory approvals. After the transaction is finalized, Fiery will become part of the Epson group and retain its name and organizational structure while operating from its current offices.

DC Advisory and UBS Investment Bank acted as exclusive financial advisors to EFI for the sale of its interests in Fiery, LLC to Seiko Epson Corporation. Sidley Austin LLP served as legal advisor to Siris.

Siris is a leading private equity firm that focuses on control investments in companies providing mission-critical technology infrastructure. With a network of exclusive Executive Partners, Siris identifies opportunities and drives strategic and operational value. The firm has offices in New York and West Palm Beach and manages approximately $7 billion in assets as of December 31, 2023.

Fiery is a top provider of DFEs and workflow solutions for the global print industry. With over 2 million DFEs sold worldwide, Fiery's software and cloud-based technologies deliver top-notch performance, color, and print quality for various production printing devices. Through their excellent support and service over the past 30 years, Fiery has built an unmatched community of customers, dealers, and partners.
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