Rehovot-based 3D printing solutions developer Stratasys Inc. (Nasdaq: SSYS) has agreed to acquire privately-held US company GrabCAD Inc. in an all-cash transaction. Terms of the deal were not disclosed. The transaction is expected to be completed by the end of September.
On completion of the deal, GrabCAD will operate as a unit within the Stratasys Global Products and Technology Group and Hardi Meybaum, GrabCAD Co-founder and CEO will continue to lead the company within the group.
Founded in 2010, GrabCAD pioneers 3D CAD cloud collaboration tools that help engineers get products to market faster by connecting people, content and technology.
The acquisition will enable Stratasys to provide customers with enhanced collaboration tools and improved accessibility relating to 3D CAD content. The addition of GrabCAD Workbench provides Stratasys with an opportunity to drive communication and ease of use throughout the 3D printing process and grow its technology solutions and user communities.
Stratasys CEO David Reis said, “The addition of GrabCAD provides Stratasys with a leading cloud-based collaboration platform for engineering teams to manage, share and view CAD files. By increasing the collaboration and accessibility of 3D CAD files, we believe we can further accelerate the adoption of 3D printing solutions and Stratasys’ product offerings."
Published by Globes [online], Israel business news - www.globes-online.com - on September 16, 2014
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