As such, we don't we plan to provide additional detail about Q4 today, as the primary purpose of this call is to discuss the strategy behind our expansion into ceramic tile imaging, which we have been evaluating for a long time and our choice of Cretaprint to enable EFI to participate in this fast transition from analog to digital technology. Cretaprint, which is located in Spain, is a leading provider of inkjet printers for ceramic tile. EFI paid approximately $31 million in cash, in addition to up to $21 million earn-out based on growth targets over the next two years. We expect Cretaprint to contribute approximately 5% to 7% of our 2012 revenue and anticipate the acquisition will be immaterial to Q1 earnings and accretive to the full year 2012 results.
We are very excited about this transaction as it [extends the time] for inkjet business by about $500 billion, while tile imaging is estimated to be only 4% converted to digital technology today. The pressure in past couple of years on the construction industry has accelerated the adoption of digital print, due to both the reduced costs along with the saving presented by not getting inventory of hundreds of tile design. Further the capability and the quality of digital print have reached a level where it’s superior to the analog forces and as such it enables manufactures to charge a premium for the higher quality.
Currently tile imaging is one of the industries converting the fastest digital printing technology. as noted by an industry analyst in our press release this morning, the payback can be as fast as six months. Synergies are key factor behind this field. Cretaprint would benefit from EFI’s industrial leading inkjet R&D capabilities to innovate as well as supply chain synergies as both companies use similar designs and key components.