Israeli electronic components 3D printing company Nano Dimension (Nasdaq: NNDM) has signed a definitive agreement to acquire Formatec Holding B.V, which includes its two subsidiaries - Admatec Europe B.V. and Formatec Technical Ceramics B.V. The Dutch companies develop and manufacture additive manufacturing and 3D printing systems for ceramic and metal end-user parts, had revenue of $5.3 million in 2021.
This is Nano Dimension's fifth modest acquisition since it raised nearly $1.5 billion, a remarkable amount, in a series of public offerings on Wall Street in late 2020 and early 2021. The five acquisitions of Deep Cube ($70 million), Nano Fabric ($55-60 million), Essemtec ($15-25 million), GIS ($18.1 million), and now Formatec ($12.9 million) total less than $200 million, leaving Nano Dimension with well over $1 billion cash in its coffers. Meanwhile like most unprofitable tech companies, Nano Dimension's share price has plunged about 80% from its peak last year, giving the company a market cap of $841.74 million, about $500 million less than the cash in its coffers.
According to a presentation in early 2022, Nano Dimension, led by CEO Yoav Stern, had examined buying 170 companies over the previous year, many of them with bloated valuations. Nano Dimension said that it seeks companies that will provide it with access for its products, or will bring innovative technologies, or that sells capital equipment to industry, or which like Deep Cube adds value through its machine learning technology.
Published by Globes, Israel business news - en.globes.co.il - on July 12, 2022.
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