Laval, Quebec — 20-20 Technologies Inc., the leading supplier of 3D interior design and furniture manufacturing software, has acquired the Planit Fusion business from Planit Holdings Limited, the company announced.
The transaction, expected to close last month, was for a cash consideration of approximately $38 million, corporate officials said.
Planit Fusion is the retail design business of the United Kingdom-based Planit Holdings Limited. Targeted at dealers, designers, retailers, homebuilders and remodelers, the Fusion product line features design programs that include kitchens, baths and bedrooms.
With 2007 revenues of $14.3 million, Planit Fusion was formerly 20-20’s largest worldwide competitor.
“The Fusion software is a welcome addition to 20-20’s already extensive product portfolio and 20-20 intends to maximize the benefit of this newly acquired asset,” said Jean Mignault, 20-20’s CEO.
“The addition of Planit Fusion’s expertise and market knowledge will considerably strengthen our position in Europe, and will help us maintain our growth and worldwide momentum, Mignault added.
20-20 Technologies also announced the acquisition of Icovia, a provider of interactive, online space planning solutions for the home furnishings, real estate and interior design industry.
“20-20 acquired Icovia both because of its complementary product offering, and its expertise and success in marketing technology products to the home furnishings industry. Icovia’s space planning solution is a platform we can build upon,” Mignault said.