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Business

Akanksha Bakshi

Kornit Digital To Acquire Germany-Based Tesoma For Undisclosed Sum

Kornit Digital Germany

Kornit Digital Ltd (NASDAQ:KRNT) has agreed to acquire Germany-based company Tesoma for undisclosed financial terms.
Tesoma is known for the engineering and performance of its cutting-edge textile curing solutions.
This acquisition aligns with Kornit's strategy to add smart automation capabilities within its sustainable on-demand production solutions.
The company expects to close the acquisition on or before April 1, 2022.
Kornit Digital held cash and equivalents of $363.7 million as of September 30, 2021.
"Digitizing the production floor is a key pillar of our strategy and the acquisition of Tesoma will allow us to continue accelerating on our mission to transform this industry, with innovative and sustainable, never-before-seen, on-demand textile production solutions," said CEO Ronen Samuel.
Price Action: KRNT shares traded lower by 1.74% at $96.05 on the last check Tuesday.

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