Select Page

Yuval Cohen, founder & managing partner of Fortissimo Capital[/caption] Fortissimo Capital Fund II  beneficially owns 52.4% of Kornit’s outstanding shares after the IPO. Fortissimo Capital, based in Rosh Ha’Ayin, Israel, was established in 2004 by its managing partner Yuval Cohen, formerly general partner at JVP. Previously, Cohen spent eight years in the United States where he worked in Silicon Valley in various executive capacities in international technology companies including Intel and DSP Group.  Fortissimo is a private equity fund investing primarily in technology and industrial companies. The firm partners with strong management teams to invest in growth and transformation. [caption id="attachment_6069" align="aligncenter" width="440"]Gabi Seligsohn on Bloomberg Gabi Seligsohn, CEO of Kornit Digital. (Source: Bloomberg TV, 2012)[/caption] Ofer BenZur, Kornit’s founder, is the company’s president and CTO. In March 2014 Gabi Seligsohn joined Kornit as its CEO, from Nova Measuring Instruments (Nasdaq: NVMI), where he served as president and CEO until August 2013. Seligsohn was voted CEO of the year for the Israeli Hi-Tech industry by the Israeli Management Institute in 2010. [youtube http://www.youtube.com/watch?v=RruKLerGYYQ] Kornit develops and manufactures printing solutions for the garment, apparel and textile industries. Kornit provides both designers and manufacturers with a comprehensive digital printing solution. The Rosh Ha’Ayin, Israel-based company, which was founded in 2002 and booked $66 million in sales for the 12 months ended December 31, 2014, is a global company with offices in the U.S., Asia Pacific and Europe, with customers in more than 100 countries worldwide. Kornit currently has more than 1200 printers installed worldwide. Kornit offers the apparel and textile industries a line of printers and proprietary textile inks that enable digital direct on garment (DOG) printing. Featuring a unique balance between the development of high-end industrial digital inkjet printers and revolutionary chemistry applications, this ground-breaking technology of direct on garment printing offers custom printers a complete and wide-ranging solution, enabling them to effectively and efficiently reach optimum digital printing results on a large variety of textile applications and finished garments. Kornit’s innovations include initiating white digital ink for garment printing, providing the garment industry with the ability to print on dark fabrics. In addition, Kornit’s Allegro roll-to-roll machine is revolutionizing the digital textile printing industry, with its integrated pretreatment solution as part of the printing process. This enables the same water based inks to be used on a variety of fabrics without any pre-treatment, thereby significantly reducing costs and production time. Kornit’s proprietary software enables efficient printing in accordance with the image file properties and printing requirements. With a wide selection of pallets designed for printing on different media applications, Kornit provides multiple printing solutions for all garment decorators, enabling them to print on a wide range of garment types. Moreover, Kornit`s in-house lab has successfully developed specialized inks and chemistry solutions that allow for printing on many different light & dark fabrics such as cotton, polyester, cotton-polyester blend, leather, satin, linen, denim, silk, lycra, viscose, wool and more. Kornit has also combined digital printing technology with screen printing to allow for innovative designs. With this unique technological innovation one can combine digital imaging with multiple screen printing applications, by using both technologies in a single efficient continuous process. “Taking a quick look at financials, revenues grew 26% to $49.4 million year/year in 2013, and 34% to $66.4 million year/year in 2014. The growth in 2014 is a result of a 45.5% increase in system and services revenues and a 20% increase in sales of ink and other consumables. The company’s primary source of revenue is the sale of its systems (61%),” according to Briefing.com.  “However, its revenue is also in part derived from the sale of ink and other consumables (39%), which provides recurring income. Furthermore, KRNT’s revenue is well diversified geographically, with 55% of its revenue came from the Americas, 27.1% from EMEA, and 17.5% from the Asia Pacific region in 2014. Based on updated pricing, the company would be trading with a trailing P/S of about 4.3x. Although there are no publicly traded direct competitors for comparison, this number seems relatively low given the company’s large market opportunity,” added Briefing.com.]]>