Stratasys expands portfolio with acquisition of GrabCAD

Stratasys, a provider of 3D printing and additive manufacturing solutions has entered into a definitive agreement to acquire privately-held GrabCAD in an all-cash transaction. Terms of the transaction were not disclosed. The transaction is expected to be completed by the end of September, subject to the fulfillment of customary closing conditions. Upon completion of the transaction, GrabCAD will operate as a unit within the Stratasys Global Products and Technology Group. Hardi Meybaum, Co-founder/CEO of GrabCAD, will continue to lead GrabCAD within the group.

Founded in 2010 and led by Meybaum, a pioneer in 3D CAD cloud collaboration tools, the company is backed by Matrix Partners and Charles River Ventures and is headquartered in Boston, MA with development offices in Estonia and the UK. GrabCAD offers GrabCAD Workbench, a cloud-based collaboration tool that enables engineers and designers to share, view and manage CAD files and other design data. GrabCAD is also home to a community of more than 1.5 million members from around the world who can access a large public CAD file library as well as connect with other engineers.

The acquisition is expected to enable Stratasys to provide its customers with enhanced collaboration tools and improved accessibility relating to 3D CAD content. The addition of GrabCAD Workbench provides Stratasys with an opportunity to drive communication and ease of use throughout the 3D printing process and grow its technology solutions and user communities.

"The addition of GrabCAD provides Stratasys with a leading cloud-based collaboration platform for engineering teams to manage, share and view CAD files," said David Reis, Stratasys CEO. "By increasing the collaboration and accessibility of 3D CAD files, we believe we can further accelerate the adoption of 3D printing solutions and Stratasys' product offerings. Together with GrabCAD, we believe that we will accelerate innovation and provide increased value to a growing universe of customers seeking to utilise 3D printing solutions. We also welcome GrabCAD's active and important community to the Stratasys family. The potential within our 3D ecosystem is very exciting."

"GrabCAD was founded to bring the world's engineers together and help them collaborate to bring better products to market faster," said Hardi Meybaum. "By joining forces with Stratasys, a global leader in 3D printing and additive manufacturing, we believe we can extend the reach of one of the most exciting and innovative design collaboration technologies available. With its broad and growing customer base and worldwide presence, Stratasys can provide more customers around the world with exciting new solutions to meet their design needs."

To summarise, through its acquisition of GrabCAD, Stratasys expects to gain GrabCAD's cloud-based collaboration platform, Workbench; as well as a fast growing community of mechanical engineers and designers, with 1.5 million users who are passionate about design. This includes a large online community of M-CAD users and a significant public online repository of free CAD files, with more than 500,000 CAD designs available for download and nearly 50,000 file downloads per day.

Stratasys, headquartered in Minneapolis, Minnesota; and Rehovot, Israel, is a global provider of 3D printing and additive and additive manufacturing solutions. The company's patented FDM, PolyJet and WDM 3D Printing technologies produce prototypes and manufactured goods directly from 3D CAD files or other 3D content. Systems include 3D printers for idea development, prototyping and direct digital manufacturing. Stratasys subsidiaries include MakerBot and Solidscape, and the company operates a digital-manufacturing service comprising RedEye, Harvest Technologies and Solid Concepts. Stratasys has 26 regional offices, four manufacturing locations, more than 2,500 employees, more than 260 resellers, holds over 600 granted or pending additive manufacturing patents globally, and has received more than 25 awards for its technology and leadership.

(IMA)

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