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September 2023 Update on Hybrid Software Group PLC (HYSG-EBR)

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HYBRID SOFTWARE LOGO CLEAR_2Crystal Research Associates has issued a 12-page Quarterly Update on Hybrid Software Group PLC (HYSG-EBR), a developer of software and hardware enterprise solutions for industrial inkjet printing.

Snapshot of Hybrid Software Group PLC

HYSG_BR_cover pg 09-12-23

Hybrid Software Group PLC (“the Group” or “the Company”) develops enterprise software and hardware solutions for industrial digital inkjet printing through the operation of its subsidiaries: (1) Global Graphics Software: a developer of software components for high-speed digital printing; (2) HYBRID Software: an enterprise software developer for the label and packaging market; (3) Meteor Inkjet: a developer of industrial inkjet printhead driving solutions, electronics, and software; (4) Xitron: a developer of prepress workflow solutions; (5) ColorLogic: a developer of color management software technology; and (6) iC3D: a developer of 3D packaging design and visualization software. The Group’s combined product portfolio has created a company unique in the industry: a single provider of all core technologies required to drive digital printing equipment. Because of this, the Group does not see itself as a holding company, but as an integrated group of six interrelated companies that allows it to leverage its offerings to the market. The Company is focused on four strategic digital printing growth markets: labels and packaging, ceramics, textiles, and additive manufacturing (3D printing). The Group’s strategic focus is to offer original equipment manufacturers (OEMs), print manufacturers, and print service providers an end-to-end integrated solution covering all the stages of a digital printing operation. The Company believes that its ability to act as a full-stack supplier offering its clients a fully integrated system that can handle the end-to-end process of a digital printing operation, including automation, variable data printing, and color management, translates into a competitive advantage.

Key Points

  • The global digital printing market size was valued at $27.6 billion in 2022 and is projected to reach $42.7 billion by 2028.

  • The Company’s customers include leading press manufacturers, such as Hewlett-Packard, Canon, Kodak, Epson, Ricoh, Durst, Roland, and Hymmen, among others, as well as hundreds of packaging printers and trade shops in Europe, North and South America, and Asia.

  • One key element of the Company’s competitive strategy is the ability of the Group’s portfolio companies to collaborate and integrate each other’s products and technologies into complete solutions. A key project that demonstrates the potential of this collaboration is the development of SmartDFE™, the first product to be co-developed by all Group companies. SmartDFE is a one-provider complete software solution designed to drive a fully automated high-speed digital inkjet printing process. 

  • The Company plans to continue to grow both organically and through acquisitions and strategic partnerships, as it focuses on leveraging its subsidiaries’ combined offerings to maintain its technological leadership in the digital printing market. Recent examples of these initiatives include:

    • HYBRID Software’s June 2023 strategic partnership with Tallon Graphic Solutions (TGS), a Belgian software company that provides packaging and artwork management solutions to become the preferred reseller for TGS’s flagship software product, Flow, a comprehensive artwork management solution.

    • Xitron’s June 2023 collaboration with Memjet, a global leader in digital inkjet technology, for the launch of the next generation of high-speed digital inkjet printing solutions: the DuraBolt 325C PrintEngine and DuraBolt 650 PrintBar with integrated Navigator DFE.

    • HYBRID Software’s June 2023 collaboration with ICScolor, a world leader in remote digital color proofing, to seamlessly integrate HYBRID CLOUDFLOW and ICScolor Remote Director to offer a simple and exact way to view and approve color-accurate digital proofs.

  • As of June 30, 2023, the Company had cash and cash equivalents of €5.23 million.


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