3D Printing Company Stratasys Will Acquire GrabCAD
Eden Prairie-based Stratasys Ltd., a manufacturer of 3D printing equipment, announced plans this week to acquire GrabCAD Inc. in an all-cash deal it expects to close by month’s end.
The company did not disclose terms of the deal. The addition of Boston-based GrabCAD will provide Stratasys with a cloud-based collaboration platform to help engineers easily market products.
“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,” Stratasys CEO David Reis said in a statement.
Stratasys said it expects to gain knowledge, products and a larger networking community through the GrabCAD acquisition. GrabCAD’s co-founder and CEO Hardi Meybaum is expected to continue his duties under Stratasys ownership.
Earlier this year, Stratasys acquired two companies, Solid Concepts and Harvest Technologies, with services similar to GrabCAD. Last month the company announced plans to acquire specific assets of Hafner’s Buero GmbH, a German-based reseller partner.
Stratasys expects sales to grow up to 30 percent this year, not including any recent acquisitions. They also anticipate a raised profit outlook for the year with a range of $2.25 to $2.35 per share, which is up $0.10 from previous estimates.