SAN JOSE, Calif. and DARMSTADT, Germany, April 02, 2020 (GLOBE NEWSWIRE) -- Align Technology, Inc. (Align) (Nasdaq: ALGN) today announced that it has completed the acquisition of privately-held exocad Global Holdings GmbH (exocad), a global leader in the dental CAD/CAM software market that offers fully integrated workflows to dental labs and dental practices via a broad customer base of partners and resellers in over 150 countries.
The acquisition of exocad broadens Align’s digital platform reach by adding technology that addresses restorative needs in an end-to-end digital platform workflow to facilitate ortho-restorative and comprehensive dentistry. The acquisition brings exocad’s expertise in restorative dentistry, implantology, guided surgery, and smile design to the Align technology portfolio. It extends Align’s Invisalign and iTero digital solutions, paving the way for new, seamless cross-disciplinary dentistry in the lab and at chairside. exocad also broadens Align’s platform reach in the digital dentistry with close to 200 partners and more than 35,000 licenses installed worldwide.
Commenting on today’s announcement, Joe Hogan, Align Technology president and CEO said, “The acquisition of exocad is a natural next step in the collaboration between our two companies that began in 2017. Now, we are excited for the next phase in our journey to continue driving the evolution of digital dentistry. exocad’s visionary founders, Till Steinbrecher and Maik Gerth, and their experienced software team, will enhance our technology capabilities and enable future digital innovation. Together, we will extend exocad’s position as a key technology provider for the dental CAD/CAM industry and drive continuous innovation with the open and integrated approach that is the foundation of the company.”
exocad will continue to operate as it exists today, enabling it to support a broad ecosystem of partners and end-users and continue to deliver hardware-independent software solutions. exocad co-founders Tillmann Steinbrecher and Maik Gerth, along with their team, will remain with the Company and report into John Morici, Align Technology, senior vice president and CFO. Align plans to maintain all exocad products and services.
About Align Technology, Inc.
Align Technology designs and manufactures the Invisalign® system, the most advanced clear aligner system in the world, and iTero® intraoral scanners and services. Align’s products help dental professionals achieve the clinical results they expect and deliver effective, cutting-edge dental options to their patients. Visit www.aligntech.com for more information.
For additional information about the Invisalign system or to find an Invisalign doctor in your area, please visit www.invisalign.com. For additional information about iTero digital scanning system, please visit www.itero.com.
About exocad GmbH
exocad GmbH is a dynamic and innovative software company committed to expanding the possibilities of digital dentistry and providing OEMs (Original Equipment Manufacturers) with flexible, reliable, and easy-to-use CAD/CAM software for dental labs and dental practices. exocad software has been chosen by leading OEMs worldwide for integration into their dental CAD/CAM offerings, and thousands of exocad DentalCAD licenses are sold each year. For more information and a list of exocad reseller partners, please visit www.exocad.com.
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This news release, including the tables below and other information publicly disseminated by us, contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including quotations from management, and statements regarding (i) expected transaction benefits and synergies as a result of the acquisition, (ii) future development efforts and the potential for digital innovation market positioning, (iii) product and service offerings, and (iv) operational and personnel expectations, in addition to other matters discussed in this press release that are not purely historical data. We do not assume any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise. Forward-looking statements contained in this news release and the tables below relating to expectations about future events or results are based upon information available to Align as of the date hereof. Readers are cautioned that these forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions that are difficult to predict. As a result, actual results may differ materially and adversely from those expressed in any forward-looking statement.
Among the factors that could cause actual results to differ materially from those contemplated include, without limitation:
- the impact of the COVID-19 pandemic on the the health and safety of our employees, customers, patients, and our suppliers as well as the physical and economic impacts of the various recommendations, orders and protocols issued by local and national governmental agencies in light of the evolving situation
- the ability to: (i) realize expected synergies or benefits in connection with the transaction within the expected timeframes or not at all and (ii) timely, cost-efficiently and effectively integrate exocad’s business without adversely impacting operations of either Align or exocad;
- the effect of the closing of the transaction on (i) Align’s and exocad’s relationships with their respective customers, suppliers, strategic partners and competitors and their operating results and businesses generally (including the diversion of management time on transaction-related issues) and (ii) the ability to retain and hire key personnel;
- uncertainties associated with any aspect of the transaction, including those related to (i) fluctuations in foreign exchange rates and transaction costs, and (ii) litigation in connection with the transaction itself or ongoing matters acquired from exocad;
- the potential that our due diligence did not uncover risks and potential liabilities associated with the exocad acquisition;
- risks relating to financial reporting including those resulting from the implementation of new or changed accounting policies and practices as well as associated system implementation in the context of the transaction as well as our ability to forecast financial results;
- the potential impact of the transaction on our future tax rate and payments based on the consolidation of the global group and our ability to integrate foreign operations;
- the potential negative effects of the closing of the transaction on the market price of Align’s common stock;
- difficulties predicting customer and consumer purchasing behavior;
- expectations regarding the continued growth of our international markets;
- increasing competition from existing and new competitors;
- rapidly evolving and groundbreaking advances that are fundamentally changing the dental industry and the way new and existing participants market and provide products and services to consumers;
- our ability to protect our intellectual property rights;
- our expectations regarding sales growth of our intra-oral scanner sales in international markets and our belief that technology features and functionality of our iTero scanners and exocad products will increase adoption of Invisalign and increase sales of our intra-oral scanners;
- the possibility that the development and release of new products or enhancements to existing products do not proceed in accordance with the anticipated timeline or may themselves contain bugs or errors requiring remediation and that the market for the sale of these new or enhanced products may not develop as expected, or that the expected benefits of new or existing business relationships will not be achieved as anticipated;
- the compromise of employee, customer and/or patient data for any reason;
- changes in consumer spending habits as a result of, among other things, prevailing economic conditions, levels of employment, salaries and wages and consumer confidence; and
- foreign operational, political and other risks relating to our international manufacturing operations.
The foregoing and other risks are detailed from time to time in our periodic reports filed with the Securities and Exchange Commission, including, but not limited to, our Annual Report on Form 10-K for the year ended December 31, 2019, which was filed with the Securities and Exchange Commission (SEC) on February 28, 2020. Securities and Exchange Commission filings can be accessed over the Internet at http://www.sec.gov/edgar/searchedgar/companysearch.html. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.