Sigma Additive Solutions to sell its In-Process Quality Assurance Assets to Divergent Technologies

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  • Concurrently, Sigma Additive Solutions Announces Definitive Agreement to Sell In-Process Quality Assurance Assets to Divergent Technologies, Inc.
Sigma Additive Solutions to sell its In-Process Quality Assurance Assets to Divergent Technologies
Divergent’s revolutionary 3D printed chassis structure/Source: Divergent Technologies

Sigma Additive Solutions, Inc., a provider of quality assurance software to the commercial 3D printing industry, announced the signing of a definitive agreement to sell its in-process quality assurance assets to Divergent Technologies, Inc., the inventor of the Divergent Adaptive Production System (DAPS™) and parent company of the performance automotive company CZV, Inc. (Czinger Vehicles).

We previously reported that Sigma Additive Solutions had acquired a 100% stake in NextTrip, a US-based online travel company, in exchange for 19.99% of Sigma common stock, plus additional shares of Sigma common stock upon achievement of post-closing milestone earnouts tied to NextTrip’s business performance.

In-Process Quality Assurance Asset purchase by Divergent

The Asset Purchase Agreement with Divergent specifies the terms under which we have agreed to sell to Divergent and Divergent has agreed to purchase certain assets, primarily patents, software code, and other intellectual property.

“Sigma has found a fitting home for our in-process quality assurance technology, and we are extremely excited to see Divergent build on our foundational work in connection with its DAPS platform. This is a significant step forward for digital manufacturing quality.”

– Jacob Brunsberg, President and Chief Executive Officer of Sigma Additive Solutions

The closing under the Asset Purchase Agreement is expected to take place following the completion of our acquisition of NextTrip.

Lukas Czinger, COO and Co-Founder of Divergent and Czinger Vehicles, said, “This strategic acquisition is of great significance as Divergent deploys DAPS structures across the automotive, aerospace, and defense industries. Sigma’s foundational IP centered on in-process monitoring will be integrated into and expanded on within the Divergent portfolio.”

Czinger added, “The core software will be seamlessly applied to our additive manufacturing module and will further enhance Divergent’s industry leading additive manufacturing quality management system. Ultimately, this acquisition further supports our confidence in supplying structures for safety-critical and mission-critical applications.”

The closing under the Asset Purchase Agreement is expected to take place following the completion of our acquisition of NextTrip.

A few NextTrip Transaction Terms

Under the terms of the Agreement, and assuming all business milestones are met, NextTrip will receive a total of 6 million shares of our common stock, resulting in existing Sigma holders retaining 9.8% of the total outstanding shares on a pro forma basis. According to Sigma’s financial advisors’ analysis, NextTrip has an implied enterprise valuation of around $50 million.

Following the completion of the transaction, NextTrip CEO William Kerby will be appointed CEO of the publicly traded company, and NextTrip will have the right to appoint one member to the board of directors.

Subject to regulatory and shareholder approvals, as well as other customary closing conditions, the transactions are expected to close in the fourth quarter of 2023. As a result of the transactions, Sigma is expected to change its name to NextTrip, Inc. and to be listed on Nasdaq under a new trading symbol that reflects the NextTrip name.

Sigma Additive Solutions and NextTrip will continue to operate as separate, independent companies until the NextTrip transaction is completed.

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Abhimanyu Chavan is the founder of Manufactur3D Magazine. He writes on Additive Manufacturing technology, interviews industry leaders, shares industry insights, and expresses his thoughts on the latest developments in the industry. You can follow him on LinkedIn, Twitter and Instagram.
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