Metris Acquires Paraform Inc.
LEUVEN, Belgium.--(BUSINESS WIRE)--Sept. 12, 2002
Metris International Holding n.v. (Metris) , a leader in quality control, reverse engineering and 3D digitizing for the design and manufacturing community, today announced the acquisition of Paraform, Inc.
The Paraform acquisition adds a wealth of complementary products and technologies covering a range of applications including: reverse engineering, polygonal modeling, design for manufacturability, rapid surfacing, and others. The combined companies will have over 600 customers in a range of industries including: automotive, aerospace, consumer products, defense, entertainment, industrial equipment, and medical.
"Metris is committed to the sustained, profitable growth of our business through internal development and selective strategic acquisitions. We strive to develop and deliver software and hardware products that allow our customers make better products, save time, and reduce costs by integrating our new pointcloud paradigm into their design and manufacturing processes," said Bart Van Coppenolle, chief executive officer of Metris. "The Paraform product line is a market leading family of software applications used by designers, engineers, and manufacturers of complex, freeform parts and products. We are looking forward to work with our new team members from Paraform and are confident they will provide immediate value for Metris and our customers."
"At Honda, we're pleased about the merger of these two fine companies," stated Kentaro Matsumoto, Chief Engineer, Computer Integrated Systems of Honda R&D. "As a customer of both firms, we anticipate many technical and strategic benefits to the combined company as well as continued innovation and improved product workflows for customers."
"The acquisition of Paraform is a smart move by Metris," reports Bruce Jenkins, EVP at Daratech. "The companies share many common customers, offer complementary technologies, and together have the potential to provide a more comprehensive end-to-end workflow solution for their customers. This acquisition is consistent with Metris' earlier purchases and appears to be part of a well designed strategic growth plan by the company."
"This acquisition provides Paraform with a strong platform to continue its leadership in the areas of reverse engineering, polygonal modeling, rapid surfacing, and design form manufacturability for complex, free form products," says Venkat Krishnamurthy, founder and CTO of Paraform. Dr. Krishnamurthy will maintain a technical and product leadership role at Metris, as VP Software Engineering, retaining and building on the Paraform team in Silicon Valley, CA.
"This acquisition makes strategic and financial sense for Metris," reports Daniel Corry, General Partner at Sand Hill Capital, Chairman and majority shareholder of Paraform. "With public financial markets in a depressed condition, now is the time for strong private companies to expand their capabilities and market presence through targeted M&A programs."
About Metris Corporation
Metris is a total solutions provider for 3D digitizing, 3D inspection and surface reconstruction targeting the design and manufacturing community and more specifically the automotive and aerospace industry.
Metris started as a software company with a unique and challenging new paradigm for computer aided verification. After acquiring and leveraging a German company in 1999, Metris moved into a unique position by becoming the only company providing a total solution including the digitizing hardware and software. This hardware consists of an optical probe that digitizes an object using laser light. Over the last years, hundreds of customers from all over the world have chosen for Metris, maturing the Metris product portfolio. Metris is a fully funded, profitable and fast growing technology company with a strong balance sheet enabling accelerated growth through mergers and acquisitions. Metris has a clear M&A strategy creating value for Metris customers and shareholders.
Paraform develops and markets Digital Form Development(TM) software applications for a variety of industrial and digital content creation applications including concept modeling, reverse engineering, vendor verification and inspection, rapid prototyping, engineering analysis (FEA, CFD), manufacturability analysis, tooling modification and repair, legacy data processing, visual effects and animation. Paraform's 200+ customers come from a range of markets including: automotive (Honda, Daimler Chrysler, Ford, Porsche); aerospace (Boeing, Pratt & Whitney, Raytheon); consumer products (Mattel, Titleist, Adidas); defense (US Navy & Army, NASA, Sandia National Labs), entertainment (Disney, Sony, Electronic Arts); industrial (Alcoa, GE, Sumitomo); and medical (3M, Dentsply, Stryker). Paraform is headquartered in Santa Clara, CA.