07-31-2022: Sygnis acquired Zmorph, one of the longest-operating 3D printer manufacturers in Poland
Today, the company no longer exists operationally, and both companies are facing financial issues…
On July 31, 2022, Sygnis S.A. announced the acquisition of a controlling stake in Zmorph S.A., thereby taking over the entire company. Sygnis S.A. is one of the two Polish companies in the 3D printing sector listed on the NewConnect stock exchange. Meanwhile, Zmorph is one of the longest-operating 3D printer manufacturers in Poland, having developed its solutions since mid-2012 (initially under the name Jawor Design). Its flagship product was a 3-in-1 device, combining a 3D printer with a CNC milling machine and a laser engraver. Unfortunately, what was supposed to be a major opportunity for the Polish 3D printing industry and a step towards the much-anticipated consolidation, turned out to be detrimental for both companies...
Sygnis had been operating in the 3D printing market for over a decade, initially mainly as a trading company (distributing Flashforge), and later producing its own very niche and specialized laboratory 3D printers, such as Syglass for low-temperature glass 3D printing or F-NIS for printing with various specialized inks. It also sold expensive laboratory microscopes and other specialized laboratory equipment. However, the company's biggest success was the delivery of 1,960 3D printers and 16,400 spools of filament in Q1 2022 to the company Moje Bambino as part of the "Laboratories of the Future" project—an educational initiative implemented by the Ministry of Education and Science. This was likely the largest single transaction in the history of the Polish 3D printing industry, allowing Sygnis to earn a substantial amount of money, which prompted the company to go on a shopping spree...
Zmorph has a unique place in the history of the Polish 3D printing industry. Its founder, Przemek Jaworski, was the first to offer parts for building RepRap machines in Poland. He was one of the first to build a commercial 3D printer and one of the first in the world to create a 3-in-1 system, combining multiple manufacturing methods in one device. He was also one of the first to experiment with 3D printing of food and ceramics (certainly in Poland). Finally, Zmorph was one of the first Polish companies to make an impact globally, alongside Zortrax.
Unfortunately, the company had been balancing on the edge of profitability since the beginning. Since 2015, its majority owner was Warsaw Equity Management SA, a venture capital fund. During this time, Jaworski's role in the company gradually diminished until he eventually left (he is now long gone from the 3D printing industry). In the meantime, Zmorph acquired another struggling 3D printer manufacturer, Hbot3D (3D Printers Sp. z o.o.). This acquisition led to the creation of the Zmorph i500 model, which, however, did not succeed—first due to design flaws and later due to Zmorph's acquisition by Sygnis.
Sygnis began managing Zmorph with a necessary restructuring, but it became so engrossed in the process that after a year, few employees remained. According to unofficial information, sales of 3D printers collapsed (and were relatively low even before the acquisition), and consequently, the company began to shut down naturally. Sygnis focused on its own R&D projects, with which it started to achieve some global success. Zmorph, meanwhile, mostly generated costs.
Today, the situation at Sygnis is reportedly difficult… A new share issuance is underway. Two weeks ago, the company's vice president responsible for finance resigned. There are rumors that she was not the only important person to leave. For now, nothing is known except that Sygnis itself is still struggling. As for Zmorph, no one seems to be thinking about it at the moment.