VI Group, a CAD/CAM software supplier to the mould and die sector, has bought production software specialist Camtek in a £2.77 million deal part-funded by Fortis Bank.

VI Group, a CAD/CAM software supplier to the mould and die sector, has bought production software specialist Camtek in a £2.77 million deal part-funded by Fortis Bank.

Fortis provided £1.9 million to fund the transaction with the balance satisfied by VI’s existing resources. On completion, £2.2 million was paid with the balance due in two equal instalments on the first and second anniversaries of completion.

VI chief executive Don Babbs says the deal has immediate benefits for the business: ‘As well as enhancing group earnings from day one, it gives the group entry into a much wider marketplace.’ The vendors were assisted with their disposal by Private Acquisitions.

Worcestershire-based Camtek has been developing CAM software to drive production technologies since 1983. Its products are sold in more than 60 countries through a network of international machine tool manufacturers and distribution partners. Its principal markets include the UK, North America, Japan, Germany and Italy.

Camtek made a profit before tax of some £300,000 from a £1.9 million turnover in the 12 months to December 2005.