Wednesday, January 2, 2008
Gibbs Merges With Israeli Firm
Moorpark, California-based Gibbs & Associates, a developer of CAD/CAM software for programming CNC machines, said Monday morning that it has merged with an Israeli Firm, Cimatron Limited. Cimatron said the deal was worth $5M in cash plus 1.5M shares of its common stock, worth roughly $9.2M in total. Cimatron was wholly owned by its founder and CEO, William F. Gibbs. According to Cimatron, Gibbs Sytems has revenues of approximately $12M in 2007. Gibbs will be merged with a newly established US subsidiary of Cimatron. William Gibbs will become President and CEO of the new U.S. subsidiary of the firm.