ROSH-HA`AYIN, Israel, Feb. 07, 2019 (GLOBE NEWSWIRE) — Kornit Digital Ltd. (NASDAQ: KRNT), a company that develops, designs and markets innovative digital printing solutions for the global printed textile industry, today announced that it has closed a definitive asset purchase agreement with Hirsch Solutions Inc. to purchase remaining Kornit business assets related to the distribution agreement between the companies.
With the completion of this acquisition the companies have successfully finalized, ahead of schedule, the business and operational transition between the parties. Kornit has begun operating in a full direct-to-customer model in North America effective February 7, 2019. As part of the agreement, Kornit Digital will take ownership of relevant Kornit-related customer business assets as well as remaining inventory of systems and ink.
Ronen Samuel, Kornit’s Chief Executive Officer commented, “All teams have worked diligently to ensure a smooth operational transition for all of our customers. We are pleased to have completed this asset acquisition, and the operational transition ahead of schedule. We look forward to executing on our growth strategy in North America.”
Kornit Digital (NASDAQ:KRNT) develops, manufactures and markets industrial digital printing technologies for the garment, apparel and textile industries. Kornit delivers complete solutions, including digital printing systems, inks, consumables, software and after-sales support. Leading the digital direct-to-garment printing market with its exclusive eco-friendly NeoPigment printing process, Kornit caters directly to the changing needs of the textile printing value chain. Kornit’s technology enables innovative business models based on web-to-print, on-demand and mass customization concepts. With its immense experience in the direct-to-garment market, Kornit also offers a revolutionary approach to the roll-to-roll textile printing industry: Digitally printing with a single ink set onto multiple types of fabric with no additional finishing processes. Founded in 2003, Kornit Digital is a global company, headquartered in Israel with offices in the USA, Europe and Asia Pacific, and serves customers in more than 100 countries worldwide. For more information, visit Kornit Digital at www.kornit.com.
Michael Callahan, ICR