Stratasys to Acquire GrabCAD
Stratasys Ltd, a leading global provider of 3D printing and additive manufacturing solutions, has 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 Global Products and Technology Group. Mr 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 Mr 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 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 Mr 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."