PDFTron lands fifth acquisition target since US$71m capital raise

Vancouver tech company known for developing tools that compete with Adobe

PDFTron CEO Catherine Andersz and founder Ivan Nincic at the company’s Vancouver office | Photo: Chung Chow, BIV

PDFTron Systems Inc. is capitalizing on some big investment dollars with an acquisition of an American firm.

The Vancouver-based tech company revealed Friday it’s acquiring Colorado’s Windward Studios Inc. for an undisclosed amount.

PDFTron is best known for competing with Adobe Inc. (Nasdaq:ADBE) in the realm of document processing tools.

Windward specializes in document automation software.

The West Coast company was on the receiving end of a US$71-million investment led by Boston-based Silversmith Capital Partners back in 2019. 

PDFTron CEO Catherine Andersz told BIV following the investment that the company had its eye on using the capital for strategic global acquisitions.

“We’ve reached a point where we want to take the company to the next level. At this point we wanted to partner with someone who really understands how to do that, how to expand globally, has a good skill set that’s different from ours,” she said, referring to Silversmith Capital Partners.

The Windward deals marks the company’s fifth acquisition since then.

The company’s fourth acquisition was announced just over a week ago on March 31, with a deal to take over U.K.-based PDF3D (Visual Technology Services Ltd.).

The British firm’s tools are known for helping companies with 3D models that can be accessed through the PDF format. 

ActivePDF, Iceni Technology, and BCL Technologies were PDFTron’s remaining three acquisitions over the past two years.

Andersz also said in 2019 the capital would also be used for expanding the company’s local research and development team, with an eye toward developing artificial intelligence expertise.

By the end of 2020, PDFTron reported revenue had grown 300% since the capital raise while bookings growth was up 80% compared with a year earlier.