DOWNERS GROVE, Ill., July 26, 2021 /PRNewswire/ -- Dover (NYSE: DOV) today announced that it has completed the acquisition of CDS Visual, Inc. ("CDS Visual"), which will become an operating company within Dover's Engineered Products segment.
Founded in 2005 and based in San Jose, California, CDS Visual is a leading provider of software as a service ("SaaS") 3D visualization solutions tailored for industrial applications and counts blue-chip industrial manufacturers and distributors among its customers. CDS Visual's software is built upon proprietary differentiated technology that enables "live" 3D configuration, 360-degree photorealistic product imagery, augmented reality functionality, and production-ready CAD images. CDS Visual's solutions streamline commercial workflows among manufacturers, distributors and customers, and create a superior and efficient digital customer experience, ultimately driving improved customer engagement and retention, higher sales and lower commercial and engineering costs. CDS Visual's solutions are primarily used in eCommerce and Configure-Price-Quote applications, which are relatively underpenetrated in industrial manufacturing as compared to consumer markets, and are expected to grow as industrial producers, distributors and customers adopt modern digital solutions to improve their engineering and commercial processes.
"As we continue to expand our digital capabilities, I am extremely pleased to welcome the talented team at CDS Visual," said Girish Juneja, Senior Vice President and Chief Digital Officer of Dover. "CDS Visual's innovative solutions, including a SaaS visualization platform, complement Dover's expanding portfolio of digital sales and marketing capabilities. Several of Dover's operating companies have adopted CDS Visual's solutions to enhance their customer-facing digital capabilities, and we were impressed with the impact on customer satisfaction, ease-of-doing business and sales and engineering effectiveness. We plan to deploy CDS Visual's solutions across the Dover portfolio and our distribution network and also have ambitious plans to drive growth in the thriving industrial 3D visualization market."
Terms of the transaction were not disclosed.
Dover is a diversified global manufacturer and solutions provider with annual revenue of over $7 billion. We deliver innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Fueling Solutions, Imaging & Identification, Pumps & Process Solutions and Refrigeration & Food Equipment. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 65 years, our team of over 24,000 employees takes an ownership mindset, collaborating with customers to redefine what's possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under "DOV." Additional information is available at dovercorporation.com.
Forward Looking Statements:
This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements in this document other than statements of historical fact are statements that are, or could be deemed, "forward-looking" statements. Forward-looking statements are subject to numerous important risks, uncertainties, assumptions and other factors, some of which are beyond the Company's control. Factors that could cause actual results to differ materially from current expectations include, among other things, the impacts of COVID-19, or other future pandemics, on the global economy and on our customers, suppliers, employees, business and cash flows, other general economic conditions and conditions in the particular markets in which we operate, changes in customer demand and capital spending, competitive factors and pricing pressures, our ability to develop and launch new products in a cost-effective manner, and our ability to realize synergies from newly acquired businesses. For details on the risks and uncertainties that could cause our results to differ materially from the forward-looking statements that may be contained herein, we refer you to the documents we file with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2020, and any subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These documents are available from the SEC, and on our website, www.dovercorporation.com. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.