MakerBot and Stratasys merger now official, promises 'full speed ahead' on 3D printing
Just a couple of months after Stratasys announced it would be acquiring 3D printing firm MakerBot, their marriage is now officially complete. Following the terms of the merger, the Israeli 3D printer and manufacturer will exchange up to 4.7 million of its shares for 100 percent of MakerBot's outstanding capital stock. Stratasys is widely known for factory-level printing and prototyping for designers and engineers, while MakerBot signifies its entry into the consumer space. Indeed, MakerBot is almost synonymous with the desktop 3D printing movement, having sold more than 22,000 3D printers since 2009. MakerBot founder and CEO Bre Pettis said in a statement that they're "excited for the future" and ended with a declaration of "full speed ahead!" Let's hope this "speed" refers to future iterations that will print out that miniature dalek in minutes rather than hours.
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Stratasys and MakerBot Complete Merger
Merger enhances Stratasys' leadership position in 3D printing and additive manufacturing and enables the company to offer world's most popular desktop 3D printer
Minneapolis, MN; Rehovot, Israel, August 15, 2013 – Stratasys, Ltd. (NASDAQ: SSYS), the leader in professional 3D printing, and MakerBot, the leader in desktop 3D printing, today announced the completion of their merger first announced on June 19th.
Stratasys is a pioneer in 3D printing for prototyping and production, and for more than 25 years has enabled designers and engineers to bring their ideas to life. MakerBot, founded in 2009, helped develop the desktop 3D printing market and has built the largest installed base of 3D printers in the category by making 3D printers highly accessible. MakerBot has sold more than 22,000 3D printers since 2009.
"Stratasys and MakerBot share a vision about the potential for 3D printing to transform design and manufacturing," said David Reis, Stratasys CEO. "Our goal now is to maximize the benefits this merger creates for our shareholders, our customers and our employees."
Bre Pettis, CEO of MakerBot added, "We are excited for the future - full speed ahead!"
Transaction Information
Consistent with the terms of the merger, Stratasys will issue up to 4.7 million of its shares in exchange for 100% of the outstanding capital stock of MakerBot. MakerBot stakeholders also qualify for performance-based earn-outs that provide for the issue of up to an additional 2.36 million shares through the end of 2014. Those earn-outs, if earned, will be made in Stratasys shares or cash (in an amount reflecting the value of the Stratasys shares that would have otherwise been issued at the relevant earn-out determination date), or a combination thereof, at Stratasys' discretion.
