EQT Private Equity (Stockholm, Sweden), through the EQT Mid Market US fund, will sell Zemax (Kirkland, WA) to simulation software company Ansys (Canonsburg, PA).
Zemax helps brands and institutions design optical systems for a broad range of applications by streamlining the workflow and communication among optical, mechanical, and manufacturing engineers; the company’s virtual prototyping tools include its OpticStudio optical design software suite. Its software is used to develop a range of products including space telescopes, augmented-reality glasses, lidar in autonomous vehicles, smartphone cameras, and biomedical imaging devices, among others.
With the support of EQT, Zemax expanded its management team and focused on broadening the company’s product portfolio through substantial R&D investment focused on the fastest-growing segments in the optics space. The company also revamped its go-to-market sales approach and transitioned the business model toward recurring subscription revenue.
The transaction is subject to customary conditions and approvals, and is expected to close in the fourth quarter of 2021.