[September 16, 2014] |
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Stratasys to Acquire GrabCAD, a Leading 3D CAD Collaboration Platform
MINNEAPOLIS & REHOVOT, Israel --(Business Wire)--
Stratasys
Ltd. (NASDAQ: SSYS), a leading global provider of 3D printing and
additive manufacturing solutions, today announced that it has entered
into a definitive agreement to acquire privately-held GrabCAD, Inc. 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 (News - Alert) Global Products and Technology Group. Hardi Meybaum,
Co-founder and Chief Executive Officer of GrabCAD, will continue to lead
GrabCAD within the group.
Founded in 2010 and led by Mr. Meybaum, a visionary entrepreneur and
pioneer in 3D CAD cloud collaboration tools, GrabCAD is helping
engineers get products to market faster by connecting people, content
and technology. 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 Chief Executive Officer. "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 utilize 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 fastr," said Hardi
Meybaum, Chief Executive Officer of GrabCAD. "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."
Benefits of the Transaction
Through its acquisition of GrabCAD, Stratasys expects to gain:
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Knowledge: With the addition of GrabCAD, Stratasys gains an
industry leading team of software professionals with a deep
understanding of the needs of designers and engineers.
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Products: GrabCAD's cloud-based collaboration platform,
Workbench, will enable Stratasys to offer customers a solution to
drive communication and ease of use throughout the design and 3D
printing process. GrabCAD also provides Stratasys with the opportunity
to further partner with CAD vendors and other ecosystem partners while
offering innovative collaboration tools related to 3D CAD.
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Community: GrabCAD has built a global, leading and 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.
About Stratasys Stratasys Ltd. (Nasdaq:SSYS), headquartered
in Minneapolis, Minnesota and Rehovot, Israel, is a leading 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. Online at: www.stratasys.com
or http://blog.stratasys.com.
About GrabCAD GrabCAD is leading the Open Engineering
movement, helping engineers get products to market faster by connecting
people, content and technology. GrabCAD Workbench makes it easy for
engineers to share files, work with partners and complete projects on
time, while the GrabCAD Community accelerates the design process by
tapping into the knowledge and resources of the largest source of CAD
content and engineering minds in the world. Founded in 2010, 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.
Cautionary Statement Regarding Forward-Looking Statements The
statements in this press release relating to Stratasys' expectations of
the benefits that it and its customers will receive from its acquisition
of GrabCAD are forward-looking statements reflecting management's
current expectations and beliefs. These forward-looking statements are
based on current information that is, by its nature, subject to rapid
and even abrupt change. Due to risks and uncertainties associated with
Stratasys' business, actual results could differ materially from those
projected or implied by these forward-looking statements. These risks
and uncertainties include, but are not limited to: the risk that the
GrabCAD Workbench platform will not function as expected with company's
products due to unforeseen reasons; customers will not perceive the
benefits provided by the GrabCAD Workbench platform and the GRABCAD
Community to be as Stratasys believes them to be; the risk that the
integration of GrabCAD and its platform into Stratasys and its products
will be more difficult and time consuming than Stratasys expects; and
other risk factors more fully explained under the caption "Risk Factors"
in Stratasys' most recent Annual Report on Form 20-F, filed with the
Securities and Exchange Commission (SEC (News - Alert)) on March 3, 2014. Stratasys is
under no obligation (and expressly disclaims any obligation) to update
or alter its forward-looking statements, whether as a result of new
information, future events or otherwise, except as otherwise required by
the rules and regulations of the SEC.
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