Battery Ventures, a Boston-based technology investment firm, has acquired software company SigmaTEK Systems, the maker of SigmaNEST™.
Cincinnati-based SigmaTEK Systems develops and sells SigmaNEST™, a comprehensive software solution for nesting, NC programming and cutting of sheet metal, steel and aluminum plate, tube/pipe, composite and engineered materials and wood.
“We have been following SigmaTEK for several years and have always been impressed with the strength of the company’s business and brand,” said Morad Elhafed, a Battery Ventures general partner.
“This investment is a further validation of the company’s strength in its market and the success that founder Ben TerreBlanche has had in scaling the company to date.”
Veteran tech executive Robbie Payne has been named new CEO SigmaTEK Systems which will continue to focus on growing its business in the sheet-metal market and plans to use its new resources to invest in product development, customer service, and sales and marketing. Payne was most recently the senior vice president of operations at education-tech company IO Education in Atlanta.
“I am extremely excited to join SigmaTEK and to partner with Battery, a firm with extensive experience in software businesses globally as well as specific experience in the CAD/CAM sector,” Payne said.
“SigmaTEK is a highly regarded player in this market, and I look forward to leveraging the company’s excellent products and people to continue to grow the business.”
The partnership with Battery Ventures means SigmaTEK now also “intends to pursue acquisitions to extend its industry reach and expand the company’s global footprint”.