Benzinga | Jan 25, 2022 04:00PM EST

Kornit Digital To Acquire Germany-Based Tesoma For Undisclosed Sum

* 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.