MINNEAPOLIS & REHOVOT, Israel--(BUSINESS WIRE)--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.”
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.
Cautionary Statement Regarding Forward-Looking Statements
The
statements in this press release relating to Stratasys’ expectations of
the benefits and impacts of 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) 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.