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Dentsply Sirona Dentsply Sirona Acquires ByteⓇ® , a Leading Direct - to - Consumer , Doctor - Directed Clear Aligner Company January 4 , 2021 • Enhances scale in the important clear aligner space • Accelerates the growth and profitability of Dentsply Sirona's combined clear aligners business • Accretive to Dentsply Sirona's long - term financial targets and Non - GAAP EPS in 2021 Dentsply Sirona to host investor call at 8:30 am ET on January 4 , 2021 CHARLOTTE , N.C. and LOS ANGELES , Jan. 04 , 2021 ( GLOBE NEWSWIRE ) -- DENTSPLY SIRONA Inc. ( " Dentsply Sirona " ) ( Nasdaq : XRAY ) , and Byte , a rapidly growing clear aligner company , today announced that Dentsply Sirona acquired Byte in an all - cash deal for $ 1.04 billion . Byte holds a leadership position in the rapidly growing direct - to - consumer , doctor - directed 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 . With the global reach and supply chain expertise of Dentsply Sirona , and the innovative direct - to - consumer system that Byte brings , the combined company's clear aligner platform is well - positioned to drive additional growth . Byte has developed an innovative business model , built on doctor - directed care that provides excellent outcomes for patients with mild to moderate orthodontic needs . Byte was founded on the 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 a consumer's home . The CEO of Byte , Neeraj Gunsagar , and the existing management team will continue to operate the business . Don Casey , Chief Executive Officer of Dentsply Sirona , said , " 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 . 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 . This transaction is immediately accretive to Dentsply Sirona's revenue growth rate and Non - GAAP EPS . 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 . " Strategic and Financial Benefits • Enhances scale in the important clear aligner space : With the market projected to increase at a 20-25 % growth rate , Dentsply Sirona strengthens its SureSmile clear aligner platform with the addition of the Byte business . • Accelerates the growth and profitability of Dentsply Sirona's combined clear aligners business : Dentsply Sirona's R & D capabilities and commercial expertise offer significant potential to drive additional growth of the Byte clear aligner solutions . Additionally , Byte has developed an innovative direct - to - consumer system that expands patient access , enabling Dentsply Sirona to connect additional patients with its network of dental partners and increase access to quality oral healthcare . • Accretive to Dentsply Sirona's long - term financial targets and Non - GAAP EPS in 2021 Byte is expected to generate 2021 run - rate sales of at least $ 200 million . Combined with the SureSmile business , which has an expected revenue run - rate of $ 100 million by the end of 2021 , Dentsply Sirona expects a combined clear aligner revenue run - rate in excess of $ 300 million by the end of 2021. Given the proven track record of profitability at Byte , the acquisition is expected to generate Non - GAAP EPS accretion of at least $ 0.05 in 2021 and be incrementally accretive in the years thereafter . The net present value of the tax benefits associated with the transaction is estimated to be approximately $ 160 million . The transaction closed on December 31 , 2020 and was funded with cash on Dentsply Sirona's balance sheet . Centerview Partners LLC served as financial advisor to Dentsply Sirona and Skadden , Arps , Slate , Meagher & Flom LLP served as legal counsel . Goldman Sachs & Co. LLC and American Discovery Capital LLC served as financial advisors to Byte , with Bodman PLC as legal counsel .