Battery Ventures is a venture capital company that was a previous owner of Vero Software, now part of Hexagon Manufacturing Intelligence, in fact.
SigmaTEK, based in Cincinnati, 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. Also, in partnership with Battery Ventures, SigmaTEK intends to pursue acquisitions to extend its industry reach and expand the company’s global footprint. Though a slight majority of the company’s customers are in the US, SigmaTEK has offices in 19 countries around the world, one of those being SigmaTEK Europe of Tamworth, Staffs.
“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 CADCAM sector,” said CEO and veteran tech executive Robbie Payne: “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.”
Battery general partner Morad Elhafed added: “We have been following SigmaTEK for several years and have always been impressed with the strength of the company’s business and brand. 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.”
Said TerreBlanche: “SigmaTEK’s partnership with Battery opens up exciting new possibilities for us, including potential acquisitions, and will usher in a new chapter in the company’s growth story. I feel privileged to have led SigmaTEK’s talented engineers and computer scientists for the last 25 years, and this vision for expansion in the market has stimulated the team’s imagination for a truly inspiring future. We look forward to providing continued innovation and service to our customers, who have made our success possible.”
