Premier Farnell makes strategic acquisition

PREMIER Farnell, the Leeds-based electronics component firm, has acquired CadSoft Computer for €7m (£6.4m).

The German-based developer and supplier of specialist computer aided design (CAD) software for design engineers is best know for its EAGLE product, which has been sold to more than 40,000 designers throughout Europe and the US.

Premier Farnell said the acquisition of CadSoft was an enhancement to its core strategy of meeting engineers’ technology, information, tools and software needs as well as internationalising its proposition and services for the rapidly developing Asian markets.

Commenting on the acquisition, Premier Farnell chief executive Harriet Green said: “We are excited by the opportunity this acquisition affords us to attract new design engineering customers as we offer them access to industry leading software and our outstanding range of products and support.

“The EAGLE software will enable us to facilitate design exchange between engineers through element14, our design community, which when combined with our leading edge transactional websites offers customers a complete online solution to their purchasing and design needs.”

The shares of CadSoft Computer are being acquired from its two founders,
and developers of the EAGLE software who will remain with the business for
agreed time periods as part of the integration with Premier Farnell.

The US business and certain of its assets are being acquired from CadSoft Computer Inc.

Earlier this month, Premier Farnell reported a slip in pre-tax profits to £16.2m for the quarter ended August 2 but said it remained confident over its ability to win market share.

Revenue was £183.7m, a drop of 17% compared to the same period last year.

Over the half year, revenues dropped 16% to £388m while pre-tax profits were down 40% on the previous year to £25.2m.