FOSTER CITY, Calif., Aug. 2, 2011 (GLOBE NEWSWIRE) -- Electronics For Imaging, Inc. (Nasdaq:EFII), a world leader in customer-focused digital printing innovation, today announced that it has acquired privately-held Prism Group Holdings ("Prism"). Prism, with headquarters in Australia, is a provider of MIS/ERP (management information systems and enterprise resource planning) software products for the printing and packaging industry, including Prism WIN MIS and Prism QTMS automated shop floor management and work in progress tracking software. While financial terms of the acquisition were not disclosed, the agreement is not expected to be material to EFI's 2011 results.
"We are extremely happy to bring Prism into our expanding portfolio of customer-centric technologies. They have built a very impressive list of clients in Australia, New Zealand, Europe, South Africa and North America, and we welcome those clients to our large global client base," said Marc Olin, GM of EFI's Software Applications ("APPS") business unit. "In addition, we're very excited to have Prism's employees join EFI and help us expand our rapidly growing global presence with their years of expertise in software for the printing and packaging industries."
"We intend to continue to meet the needs of Prism's existing client base with the same enthusiasm that Prism has for the many years they've been in business while offering them access to the full portfolio of EFI products," continued Olin.
"We are very excited to be joining EFI, the clear leader in the business process automation software space for printing and packaging companies," said Filip Buyse, President and CEO of Prism. "It is a natural fit for our client base and we look forward to introducing them to EFI's portfolio of solutions."
Prism software will become part of EFI's Software Applications (APPS) portfolio. EFI intends to integrate support and operations of Prism into the existing APPS organization, which will provide the EFI PrintSmith, EFI Pace, EFI Monarch and EFI Radius software products while continuing to support the existing Prism client base.
Prism is headquartered in Brisbane, Australia, with operations in New Zealand, the United Kingdom and the United States. Prism's customers range from general commercial, web printing, mailing and publication printers, to label printers, packaging companies and converters.
About EFI
EFI (www.efi.com) is a world leader in customer-focused digital printing innovation. EFI's award-winning solutions, integrated from creation to print, deliver increased performance, cost savings and productivity. The company's robust product portfolio includes Fiery digital color print servers; VUTEk superwide digital inkjet printers, UV and solvent inks; Rastek UV wide-format inkjet printers; Jetrion industrial inkjet printing systems; print production workflow and business process automation software; and corporate printing solutions.
The Electronics For Imaging, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7332
Safe Harbor for Forward Looking Statements
Certain statements in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release that could be deemed forward-looking statements include, but are not necessarily limited to, statements regarding EFI's customer and partner relationships; EFI's goals to better serve the industry; EFI's goals regarding its customer offerings, product portfolio, and target customers; EFI's goals regarding geographic reach, market penetration, customer offers, and product portfolio; EFI's integration of Prism; and any statements or assumptions underlying any of the foregoing.
Forward-looking statements are subject to certain risks and uncertainties that could cause our actual future results to differ materially, or cause a material adverse impact on our results. Potential risks and uncertainties include, but are not necessarily limited to, inaccurate data or assumptions; unforeseen expenses; the difficulty of aligning expense levels with revenue changes; execution of actions to reduce our operational costs and ability to maintain effective cost control measures; unexpected declines in revenues or increases in expenses; management's ability to forecast revenues, expenses and earnings, especially on a quarterly basis; market prices of our common stock; the uncertainty regarding the amount and timing of future share repurchases by EFI and the origin of funds used for such repurchases; any world-wide financial and economic difficulties and downturns, including contraction in credit markets, and adverse variations in foreign exchange rates, that could affect demand for our products, and increase the volatility of our profitability, as well as the risk of bank failures, insolvency or illiquidity of other financial institutions and other adverse conditions in financial markets that could cause a loss of our cash deposits and invested cash and cash equivalents; uncertainty to accurately predict the outcome of foreign tax audits and determine our tax provisions; uncertainty regarding our effective tax rate in the future that may be impacted by various factors, including but not necessarily limited to new U.S. tax legislative proposals; changes in, or the failure or inability to comply with U.S., foreign and local governmental regulations, including import/export regulations or duties; failure to retain key employees; product cancellation costs; a significant decline or delay in demand for our products by any of our important OEM partners; the unpredictability of development schedules and commercialization of the products, including but not necessarily limited to those manufactured and sold by our OEM partners; variations in growth rates or declines in the printing and imaging markets across various geographic regions; changes in historic customer order patterns, including changes in customer and channel inventory levels; changes in the mix of products sold leading to variations in operating results; the uncertainty of market acceptance of new product introductions; delays in product deliveries that cause quarterly revenues and income to fall significantly short of anticipated levels; competition and/or market factors, which may adversely affect margins; competition in each of our businesses, including competition from products internally developed by EFI's customers; challenge of managing assets levels, including inventory and variations in inventory valuation; intense competition in the industrial and commercial digital inkjet market; the uncertainty of continued success in technological advances, including development and implementation of new processes and strategic products; the challenges of obtaining timely, efficient and quality product manufacturing and components supplying; litigation involving intellectual property rights or other related matters; our ability to successfully integrate acquired businesses, without operational disruption to our existing businesses; the potential that investments in new business strategies and initiatives could disrupt our ongoing businesses and may present risks not originally contemplated; the potential loss of sales, unexpected costs or adverse impact on relations with customers or suppliers as a result of acquisitions; differences between the financial results as filed with the Securities and Exchange Commission (the "SEC") and the preliminary results included in our earnings or other press releases due, among other things, to the complexity in accounting rules; and any other risk factors that may be included from time to time in our SEC filings and reports. The statements in this press release are made as of the date of this press release. EFI undertakes no obligation to update information contained in this press release. For further information regarding risks and uncertainties associated with EFI's businesses, please refer to the sections entitled "Risk Factors," "Factors That Could Adversely Affect Performance," and other similar sections in our SEC filings and reports, including, but not limited to, EFI's annual report on Form 10-K and its quarterly reports on Form 10-Q, copies of which may be obtained by contacting EFI's Investor Relations Department by phone at 650-357-3828 or by email at investor.relations@efi.com or EFI's Investor Relations website at http://www.efi.com.
NOTE TO EDITORS: The EFI logo, Fiery, VUTEk, and Jetrion are registered trademarks of Electronics For Imaging, Inc. in the U.S. and/or certain other countries. EFI, Monarch, Pace, Printsmith, Radius, and Rastek are trademarks of Electronics For Imaging, Inc. in the U.S. and/or certain other countries. All other terms and product names may be trademarks or registered trademarks of their respective owners, and are hereby acknowledged.