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CFDRC Software Division Aquired by ESI Group
Posted Thu January 29, 2004 @03:51PM
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ESI Group CFD Research Corporation (CFDRC), the leading provider of Computational Fluid Dynamics (CFD) and Multiphysics Software, announced today the spin-off of its commercial Software Products Division. Six products (including CFD-ACE+ and CFD-FASTRAN) and the associated intellectual property assets, personnel, and facilities have been acquired by ESI Software, the leading supplier of PAM-CRASH, PAM-STAMP, virtual prototyping, and manufacturing processes software.

The two companies also established a collaborative development initiative, which will provide the most versatile and comprehensive simulation capabilities for a wide range of industries, including Automotive, Aerospace, Biomedical, Biodiagnostics, Fuel Cells, Materials, Microfluidics, MEMS, Plasma, and Semiconductor Equipment and Processes.

The transaction was completed on 21 January 2004 and included notably software products together with all intellectual property assets, personnel, and facilities as well as customer base and all related commercial rights.


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In accordance with the agreement signed, ESI Group will consolidate CFDRC software sales from February 2004. In its last fiscal year, ended December 31st, CFDRC software end users revenues totaled approximately $6.5 million; 55% of this total came from the USA, 25% from Europe and 20% from Asia and the rest of the world.

This transaction involved a cash payment to CFDRC at closing, and a provision for future earn out based on sales performances over the next three years. The bases for valuation are globally similar to those of previous transactions conducted in terms of license revenues. This transaction should be accretive as soon as it is incorporated within the consolidation perimeter.

This transaction comes at the time of ESI's announcement of finalizing a 11.1M euros 6 year syndicated loan.

CFDRC's flagship product, CFD-ACE+, is the best-in-class of Multiphysics Simulation Software. It allows coupled simulations of fluid, thermal, chemical, electrical, biological, and mechanical phenomena in engineering equipment and systems. Such first-principle based simulations enable Better Decisions during concept, design, and operation stages of industrial products, and hence facilitate Better Products with reduced risk, time, and cost.

The second product, CFD-FASTRAN, is the most matured commercial software for high-speed flows with multiple moving bodies. Other products, e.g., CFD-VISCART and CFD-CADalyzer, are relatively new, and have been designed particularly for CAD engineers. CFDRC's software and services are used by over 600 organizations worldwide, including ABB, Applied Materials, Ballard Power, BMW, Boeing, Canon, Caterpillar, Chrysler, Dupont, Ford, GE, Guidant, Hitachi, Honeywell, HP, Hyundai, IBM, Intel, J&J, Kodak, Lockheed Martin, Motorola, Mitsubishi, Novellus, Parker Hannifin, Proctor & Gamble, Pratt & Whitney, Rolls Royce, Samsung, Siemens (Infineon), Toyota, TSMC, Volkswagen, and others.

ESI Software has a well-established infrastructure for global sales and marketing, as well as for the technical support in over 30 countries. ESI also has state-of-the-art capabilities for providing excellent interoperability with commonly used CAD, CAE, and PLM software.

Ashok Singhal, President and CEO of CFDRC, stated, "The combined capabilities of CFDRC and ESI will present the best of both worlds, i.e., the most advanced Multiphysics, Multidisciplinary simulations in all popular software infrastructure and user environments."

About CFDRC:

CFDRC is a technology leader in advanced multiphysics and multidisciplinary simulation software and research. The company's CFD-ACE+ and CFD-FASTRAN product lines and related services allow users to significantly reduce design time and expenses through comprehensive up-front modeling and simulation. The key industries served are Microfluidics, BioMEMS, Medical Devices, MEMS, Fuel Cells, Semiconductor, Automotive and Aerospace. CFDRC's extensive research in advancement of numerical methods, physical models, and new concepts, under contracts sponsored by government agencies and industry, guarantees to sustain its technology leadership role. The company is privately held, has over 1000 users worldwide, and is headquartered in Huntsville, AL, with branch offices in Sunnyvale, CA and Stuttgart, Germany. Worldwide representation is provided through a network of distributors. For more information, visit www.cfdrc.com.

Contact: Lynn Smith, Tel: (256) 726-4841 Fax: (256) 726-4807 - email: mls@cfdrc.com

About ESI Software:

ESI Group is a pioneer and world leading provider of digital simulation software for prototyping and manufacturing processes that take into account the physics of materials. ESI Group has developed an entire suite of coherent, industry-oriented applications to realistically simulate a product's behavior during testing, to fine tune the manufacturing processes in synergy with the desired product performance, and to evaluate the environment's impact on product usage. ESI Group's product portfolio, which has been industrially validated and combined in multi-trade value chains, represents a unique collaborative, virtual engineering solution, known as the Virtual Try-Out Space (VTOS), enabling a continuous improvement on the virtual prototype. By drastically reducing costs and development lead times, VTOS solutions offer major competitive advantages by progressively eliminating the need for physical prototypes. With revenues close to 43 million euros in fiscal year 2002, ESI Group (Nouveau Marché: Euronext Paris - Software - Euroclear 6584 - Bloomberg ESI FP - Reuters ESIG.LN) employs over 400 high-level specialists worldwide. The company and its global network of agents provide sales and technical support to customers in more than 30 countries. On the Net: ESI Group site: www.esi-group.com

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