MakerBot agreed to merge with a subsidiary of 3D printing and additive manufacturing specialist Stratasys in a stock-for-stock transaction.
The company was founded in 2009. Since then, it has built the largest installed base of 3D printers in the desktop 3D printing market by making the devices more accessible: since it started operating. MakerBot has sold over 22,000 3D printers.
The merger with Stratasys is expected to drive faster adoption of 3D printing for multiple applications and industries, as desktop 3D printers are becoming a mainstream tool across many market segments.
Stratasys will initially issue approximately 4.76 million shares in exchange for 100% of the outstanding capital stock of MakerBot. The proposed merger has an initial value of $403 million.
Once the transaction is complete (in the third quarter of the year), MakerBot will operate as a separate subsidiary of Stratasys, maintaining its own identity, products and go-to-market strategy. Bre Pettis, CEO and co-founder of MakerBot, will continue to lead the company.
The deal is expected to strengthen Stratasys’ position in the rapidly growing 3D printing market, by allowing it to offer affordable desktop 3D printers.
David Reis, Stratasys CEO, said: “MakerBot’s 3D printers are rapidly being adopted by CAD-trained designers and engineers. The company has built the strongest brand in the desktop 3D printer category by delivering an exceptional user experience. It has impressive products, and we believe that the company’s strategy of making 3D printing accessible and affordable will continue to drive adoption.”
Pettis added: “We have an aggressive model for growth, and partnering with Stratasys will allow us to supercharge our mission to empower individuals to make things using a MakerBot, and allow us to bring 3D technology to more people.”
Once the merger is finalised, Stratasys and MakerBot will jointly develop and implement strategies for building on their complementary strengths, intellectual property and technical know-how.
Last year, Stratasys merged with Israel-based Objet.