Stratasys and Objet Merger received $3 billion evaluation
3 December, 2012
The 2 companies have decided to merge in order to become a world leader in 3D printing and direct digital manufacturing
Stratasys Inc. and Objet Ltd. today announced that their merger, completed these days, reaches evaluation of approximately $3.0 billion. The 2 companies have decided to merge in order to become a world leader in 3D printing and direct digital manufacturing. The combined company will trade on the NASDAQ stock exchange as Stratasys Ltd. under the symbol SSYS beginning December 3, 2012.When they announced their merger agreement in April 2012, the mutual market-cap evaluation was $1.4 billion.
The agreement received yesterday a formal approval by the Committee on Foreign Investment in the United States (“CFIUS”). Former Stratasys stockholders hold approximately 55 percent of the combined company’s common stock, and former Objet shareholders hold approximately 45 percent on a fully diluted basis. The new entity, Stratasys, is based in Minneapolis, Minn. and Rehovot, Israel. The company manufactures 3D printers and materials for prototyping and production.
Prior to merging, the two companies’ revenues totaled $277 million for 2011. Its patented FDM and inkjet-based PolyJet processes produce prototypes or manufactured goods directly from 3D CAD files or other 3D content. The company’s range of more than 120 3D printing materials includes over 100 proprietary inkjet-based photopolymer materials and 10 proprietary FDM-based thermoplastic materials.
Stratasys also manufacturers Solidscape 3D Printers and operates the RedEye On Demand digital-manufacturing service. The company has over 1,000 employees, holds over 500 granted or pending additive manufacturing patents globally.
David Reis, chief executive officer of Stratasys and former CEO of Objet, stated, “We are excited to move forward as one company. Stratasys is now uniquely positioned to offer a comprehensive portfolio of innovative products and technologies. We have the scale, team and financial strength to achieve our goals and deliver advanced solutions to our customers worldwide.”