3D printing and additive manufacturing solutions provider Stratasys Ltd. recently announced that it has entered into a definitive agreement to acquire privately-held GrabCAD Inc., in an all-cash transaction. Terms of the deal were not disclosed, but the transaction is expected to close by the end of September. Upon completion of the transaction, GrabCAD will operate as a unit within the Stratasys Global Products and Technology Group, with Hardi Meybaum, co-founder and CEO of GrabCAD continuing to lead GrabCAD within the group.
Founded in 2010 and led by Meybaum, a man Stratasys called "a visionary entrepreneur and pioneer in 3D CAD cloud collaboration tools," GrabCAD helps engineers get products to market faster by connecting people, content and technology. GrabCAD offers GrabCAD Workbench, a cloud-based collaboration tool that enables engineers and designers to share, view and manage CAD files and other design data. GrabCAD is also home to a community of more than 1.5 million members from around the world who can access a large public CAD file library as well as connect with other engineers.
The acquisition is expected to enable Stratasys to provide its customers with enhanced collaboration tools and improved accessibility relating to 3D CAD content, said Stratasys. 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.
"The addition of GrabCAD provices Stratasys with a leading cloud-based collaboration platform for engineering teams to manage, share and view CAD files," said David Reis, Stratasys CEO. "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. 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. We also welcome GrabCAD's active and important community to the Stratasys family. The potential within our 3D ecosystem is very exciting."
Commenting on the acquisition of his company, Meybaum said in a prepared statement, "GrabCAD was founded to bring the world's engineers together and help them collaborate to bring better products to market faster. By joining forces with Stratasys, we believe we can extend the reach of one of the most exciting and innovative design collaboration technologies available. With it s broad and growing customer base and worldwide presence, Stratasys can provide more customers around the world with exciting new solutions to meet their design needs."
GrabCAD has built a global, leading and fast growing community of mechanical engineers and designers, with 1.5 million users who are passionate about design, said Stratasys. This includes a large online community of M-CAD users and a significant public online repository of free CAD files, with more than 500,000 CAD designs available for download and nearly 50,000 file downloads per day.