GrabCAD will operate as a unit within the Stratasys Global Products and Technology Group and is expected to enable Stratasys to provide its customers with enhanced collaboration tools and improved accessibility relating to 3D CAD content.
MINNEAPOLIS & REHOVOT, Israel--Stratasys Ltd. (NASDAQ: SSYS), a leading global provider of 3D printing and additive manufacturing solutions, today announced the completion of its acquisition of GrabCAD, which was announced on September 16, 2014.
GrabCAD will operate as a unit within the Stratasys Global Products and Technology Group and is expected to enable Stratasys to provide its customers with enhanced collaboration tools and improved accessibility relating to 3D CAD content. GrabCAD's cloud-based collaboration platform and community site is CAD software agnostic, and empowers designers and engineers to manage, share, and view CAD files.
Stratasys acquired GrabCAD in an all cash transaction. The acquisition is not expected to contribute to revenue in 2014. Costs associated with the acquisition are expected to impact Stratasys' fourth quarter 2014 earnings by $0.03 to $0.05 per share.
David Reis, chief executive officer of Stratasys, stated, "We are pleased to have completed this transaction and welcome GrabCAD's industry leading team of software professionals to the Stratasys family. 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. The potential within our 3D ecosystem is very exciting and we look forward to continuing to drive value for our shareholders through the execution of our strategy."
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.