Sigma sells Additive Manufacturing quality assurance software business
September 8, 2023
Sigma Additive Solutions, Inc., based in Santa Fe, New Mexico, USA, has announced plans to sell the assets of its Additive Manufacturing quality assurance software business to an unnamed strategic buyer. The company also announced it will acquire 100% of NextTrip Holdings, Inc., a travel technology company based in Sunrise, Florida.
“With our focus on increasing shareholder value as we explored a variety of strategic alternatives, we believe a transaction with NextTrip provides a significant opportunity to participate in a leading travel brand with an array of product offerings and concierge services,” Jacob Brunsberg, president and Chief Executive Officer of Sigma, stated. “The transaction would imply a solid valuation for Sigma and good positioning in public markets. As well, we have a clear path to add value from the sale of Sigma’s current assets in the business of process monitoring with our signed letter of intent from a strategic buyer to acquire the assets.”
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NextTrip has recently formed a new management team with extensive experience in key areas of the travel industry, including online travel distribution, wholesale distribution, and travel technology. With the company’s relationship network and industry knowledge, the team is believed to be well-positioned to establish NextTrip as a major player in the travel space.
As of 2023, NextTrip has established over 200 direct relationships with blue-chip travel organisations and major industry suppliers for air, hotel, and other travel-related services. This ensures a robust product offering of more than 2 million hotels worldwide.
“NextTrip’s recently acquired scalable booking engine and platform offers numerous proprietary booking solutions allowing travellers to customise itineraries to meet their needs. We believe NextTrip’s leadership team is addressing a clear underserved demand for a differentiated and tailor-made approach in the online travel space. Our ambition is to allow NextTrip the ability to amplify its growth plans and expand its reach into new markets for the benefit of Sigma equity holders, while tying the issuance of additional equity to clear business objectives for NextTrip,” added Brunsberg.
Lyndsey North, president of NextTrip, commented, “The transaction with Sigma will establish a partnership and path forward to accelerate growth. As NextTrip continues to roll out key technology developments and grow our footprint in the travel space, we believe the relationship with Sigma will bring additional leverage and momentum. The efforts of the NextTrip team to drive the business forward have established the brand and positioned it to be a disruptive force in the industry. We look forward to continued growth and product development. NextTrip’s commitment to customer service, our deep supplier relationships and proprietary technology uniquely position us for a strong trajectory across multiple segments of the travel market.”
The transactions are expected to be completed in the fourth quarter of 2023, subject to the negotiation and execution of the definitive acquisition agreement, regulatory and shareholder approvals, and other customary closing conditions. As part of the transactions, Sigma is expected to change its name to NextTrip, Inc. and be listed on Nasdaq under a new trading symbol reflecting the NextTrip name.
Until the NextTrip transaction is finalised, Sigma Additive Solutions and NextTrip will remain separate, independent companies, and will continue to operate as such.
