Bulgarian Software Company Chaos Merges with Enscape, Backed by TA Associates and LEA Partners

Bulgarian software company Chaos will merge with Enscape, a leading developer of real-time rendering technology and interactive design, based in Germany. The merger will be backed by the private equity firms TA Associates and LEA Partners, who announced the agreement on 11 January. The newly-combined company will retain the Chaos name and will develop and strengthen its product portfolio to create a comprehensive end-to-end visualization ecosystem, designed to meet the evolving needs of its customers.

Founded in 2017, Enscape offers solutions that connect directly into modeling software for the AEC industry, integrating design and visualization workflows seamlessly into one. This allows the company to support its customers through the entire design process with unprecedented ease-of-use, enabling faster concept iteration, real-time collaboration and feedback. With its innovative solutions, Enscape has quickly grown since entering the market, establishing its position as a leading provider to the AEC industry.

Chaos, founded in 1997, is widely known as a world leader in visualization and computer graphics, offering an ecosystem of 3D rendering, real-time visualization and simulation software. Chaos’ flagship rendering solution, V-Ray, is the go-to visualization tool across multiple industries, supporting everything from architecture, product designs and world-class advertising campaigns to visual effects in film and television. In addition to V-Ray, Chaos provides a broad suite of connected tools, including Phoenix, Cosmos, Vantage, Scans and Cloud, as well as the Corona Renderer.

Peter Mitev, CEO and co-founder of Chaos, and Christian Lang, CEO of Enscape, will share the title of co-CEO for the new company. Vladimir Koylazov, co-founder of Chaos and current head of software operations, will also continue to drive R&D and innovation in a leadership position. The joint workforce will total more than 500 employees across the globe, with corporate headquarters in Karlsruhe, Germany and additional offices in Sofia (Bulgaria), Prague (Czech Republic), Tokyo (Japan), Seoul (Korea), Los Angeles (USA) and New York (USA).

“Visualization is critical to creating the future—both in the real world and the metaverse,” said Peter Mitev. “We are excited to team up with Enscape, TA, and LEA Partners to bring forth the world’s best 3D visualization ecosystem.”

The transaction is subject to customary regulatory approvals and is expected to be completed during the first quarter of 2022. Financial terms of the transaction were not disclosed.