EQT is pleased to announce that EQT Private Equity, through the EQT Mid Market US fund, has agreed to sell Zemax (“the Company”) to Ansys (NASDAQ: ANSS).

Founded in 1990, Zemax helps the world’s leading brands and institutions design optical systems for a broad range of applications by streamlining the workflow and communication among optical, mechanical and manufacturing engineers. Zemax virtual prototyping tools include OpticStudio®, the industry-leading optical design software suite that enables customers to improve optical performance, get to market faster and reduce both production and development costs. Zemax’s software is used to develop a range of products including space telescopes, augmented reality glasses, LIDAR in autonomous vehicles, smartphone cameras, biomedical imaging devices, and many more. The Company is headquartered in Kirkland, Washington and employs more than 100 people worldwide.

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. Zemax also revamped its go-to-market sales approach and successfully transitioned the business model toward recurring subscription revenue.

Arvindh Kumar, Partner and Investment Advisor to EQT Private Equity, said: “EQT’s investment in Zemax exemplifies our goal of investing in companies that provide mission-critical products underpinned by strong market growth. By focusing on the Company’s growth and investing in future-proofing initiatives, the management team, together with EQT, has positioned Zemax for success and we are confident that Ansys will be a good long-term home for the Company.”

S. Subbiah, Chief Executive Officer at Zemax, said: “Zemax has been a leader in optical design simulation with a mission to enable our customers to design sophisticated optical products and bring them to market since our founding 30 years ago. With the support of EQT, we have successfully expanded our value proposition by upskilling our salesforce, introducing new products, supporting more design workflow and simulating interactions within the whole product. We thank EQT for their guidance and partnership and look forward to joining forces with Ansys to build on our strong momentum going forward.”

The transaction is subject to customary conditions and approvals and is expected to close in the fourth quarter of 2021.

William Blair acted as financial advisor and Kirkland & Ellis LLP acted as legal advisor to EQT Private Equity and Zemax.

Contact
US inquiries: Stephanie Greengarten, +1 646 687 6810, stephanie.greengarten@eqtpartners.com

International inquiries: EQT Press Office, +46 8 506 55 334,
press@eqtpartners.com