Kornit Digital To Acquire Germany-Based Tesoma For Undisclosed Sum
Kornit Digital Ltd (NASDAQ: KRNT) has agreed to acquire Germany-based company Tesoma for undisclosed financial terms.
Tesoma is known for the engineering and performance of its cutting-edge textile curing solutions.
This acquisition aligns with Kornit's strategy to add smart automation capabilities within its sustainable on-demand production solutions.
The company expects to close the acquisition on or before April 1, 2022.
Kornit Digital held cash and equivalents of 3.7 million as of September 30, 2021.
"Digitizing the production floor is a key pillar of our strategy and the acquisition of Tesoma will allow us to continue accelerating on our mission to transform this industry, with innovative and sustainable, never-before-seen, on-demand textile production solutions," said CEO Ronen Samuel.
Price Action: KRNT shares traded lower by 1.74% at $96.05 on the last check Tuesday.
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