Component and Peripheral News
Fittle is looking to expand its offerings into adjacent industries that would expand the portfolio beyond traditional copying and printing, says Daniel Kerr, Fittle’s senior vice president of U.S. revenue, adding that “3-D printing turned out to be one of those .’
Fittle, the equipment financing business of Xerox Holdings, has partnered with metal 3-D printing technology company Velo3D to help Velo3D’s customers finance purchases of its metal fabrication offerings.
Daniel Kehr, senior vice president of U.S. revenue at Fittle, said the Norwalk, Connecticut-based company is looking to expand its offerings into adjacent industries that would expand the portfolio beyond traditional copy and print.
“3-D printing turned out to be one of them,” he told CRN. “I had heard a bit about Velo in the past, and they are a newcomer to the 3-D manufacturing space. So a few conversations [were had] and one thing led to another and it made sense.”
Campbell, California-based Velo3D has created an innovative end-to-end process that enables customers in the aerospace, power generation, energy and semiconductor industries to better design and print the parts they need.
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“By partnering with Fittle on this new financing option for our customers, we expect it will make our additive manufacturing technology more accessible to those who may need financing for the capital cost of one of our Sapphire printers. Benny Buller, founder and CEO of Velo3D, told CRN via email. “Having this as a built-in option gives us more flexibility in our sales process and for our customers to secure financing.”
With this new financing option, Buller said contract manufacturers can minimize their initial investment, improve their returns and pay off the cost of the machine while delivering finished parts to their own customers.
Fittle’s Kehr said the addition of another 3-D printing partnership further demonstrates to customers that it is no longer a printing funding organization.
“We’ve moved in a direction where we’re really trying to become a technology funding organization,” he said. “That means if there’s a technology, we want to make it cutting-edge, different, and make it available for end-customers to acquire.”
“For our legacy channel partners, each had to go through the pandemic and were really selling different products and services,” he added. “The idea that Fittle and Xerox Financial Services can do more than just copy and print and can also help finance and lease adjacent technology as part of a bundled solution is a win-win for everyone.”
As Fittle gets more comfortable in the 3-D printing funding space and builds its partner network, it will look to add more partnerships to its suite.
“As you dive deeper and deeper into 3-D space, there are a plethora of different applications where this can be used,” he said. “There’s a whole bunch of different segments in it, so we’re kind of dipping our toes in here because it’s an industry that just makes sense for us.”