With the acquisition of Byte, Dentsply Sirona aims to strengthen its position in the clear aligner market. (Image: Dentsply Sirona)
Dentsply Sirona acquires clear aligner company Byte
CHARLOTTE, N.C./LOS ANGELES, U.S.: Dentsply Sirona and Byte, a rapidly growing clear aligner company, have announced that Dentsply Sirona has acquired Byte in an all-cash deal for $1.04 billion. Byte holds a leading position in the rapidly growing direct-to-consumer dentist-supervised clear aligner market.
As a result of the transaction, Dentsply Sirona adds scale to its SureSmile clear aligner business and strengthens its connection with dental professionals. The global reach and supply chain expertise of Dentsply Sirona and the innovative direct-to-consumer system of Byte mean that the combined company’s clear aligner platform is well positioned to drive additional growth.
Byte has developed an innovative business model built on dentist supervision are that provides excellent outcomes for patients with mild to moderate orthodontic needs. Byte was founded on a commitment to improve access and affordability to orthodontic care using a nationwide network of licensed dentists and orthodontists. It offers effective treatment planning and an easy-to-use clear aligner solution delivered directly to the consumer’s home. The CEO of Byte, Neeraj Gunsagar, and the existing management team will continue to operate the business.
“We are excited to take the next step in our evolution by bringing Byte into our organization” – Donald M. Casey, Dentsply Sirona CEO
“Over the past two years, we have executed against our restructuring plan, strengthening the R & D, supply chain and commercial platforms, positioning Dentsply Sirona for long-term growth,” said Donald M. Casey, CEO of Dentsply Sirona. “We are excited to take the next step in our evolution by bringing Byte into our organization. We have been pleased with the growth of our SureSmile clear aligner business and we are confident that adding the innovative platform of Byte adds scale for us in the important clear aligner market. We look forward to working with the talented team at Byte as we utilize our collective strengths to expand patient access to quality care and support the success of our dental partners around the world.”
Neeraj Gunsagar, CEO of Byte, commented: “We’ve been impressed with the passion that Dentsply Sirona has for innovation in dentistry. This combination provides Byte with unmatched resources and R & D capabilities that allow us to reach additional customers and accelerate our mission of changing the world one smile at a time. The transaction enhances our ability to offer affordable care to patients and increases awareness of the overall benefits of oral care. Our team is committed to driving our strong growth, and we are delighted to join the Dentsply Sirona family as we execute on our shared mission.”
Jorge Gomez, chief financial officer of Dentsply Sirona, said: “As we bring the two businesses together, we are confident that we can unlock incremental growth and further capitalize on the increasing consumer demand for clear aligner solutions. […] In addition, we expect the acquisition to be accretive to Dentsply Sirona’s long-term financial commitments. We’re thrilled that Neeraj and his team are joining our company as we continue to focus on driving growth and value for our shareholders.”
In a press release, Dentsply Sirona shared some strategic and financial benefits the company hopes to achieve from the acquisition. These include a 20–25% growth rate in Dentsply Sirona’s SureSmile clear aligner platform, expansion of patient access thanks to Byte’s innovative direct-to-consumer system and progress toward long-term financial targets for 2021. The transaction closed on Dec. 31, 2020, and was funded with cash on Dentsply Sirona’s balance sheet.