SOFIA (Bulgaria), January 12 (SeeNews) - Bulgarian computer graphics developer Chaos Group said it has reached an agreement to merge with Germany-based real-time rendering and virtual reality software developer Enscape, with the transaction expected to be completed in the first quarter of 2022.
The deal, backed by two private equity firms, Boston-based TA Associates and Germany-headquartered LEA Partners, is set to establish a global leader in the 3D visualization and design workflow software sectors, with a focus on the Architecture, Engineering and Construction (AEC) industry, Visual Effects (VFX) and Product Design verticals, Chaos Group said in a press release on Tuesday.
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The newly-combined company, which will retain the Chaos name, aims to develop and strengthen its product portfolio to create a comprehensive end-to-end visualization ecosystem, designed to meet the evolving needs of its customers. All products from both company portfolios are to continue to be available under their respective names, including Enscape, V-Ray and Corona, according to the press release.
Peter Mitev, CEO and co-founder of Chaos, and Christian Lang, CEO of Enscape, will share the title of co-CEO for the new company. Vladimir Koylazov, co-founder of Chaos and current head of software operations, will continue his work in R&D and innovation.
The joint workforce will total more than 500 employees across the globe, with corporate headquarters in Karlsruhe, Germany and additional offices in Sofia, Prague, Tokyo, Seoul, Los Angeles and New York City.
Chaos, founded in 1997, is a world leader in visualization and computer graphics, offering an ecosystem of 3D rendering, real-time visualization and simulation software.
Established in 2017, Enscape offers solutions that connect directly into modeling software for the AEC industry, integrating design and visualization workflows into one.