Estonian-founded, US-based startup GrabCAD has been acquired by the US-Israeli provider of 3D printing solutions, Stratasys Ltd, for around $100M. It is the second biggest startup exit for an Estonian startup and the biggest for Estonian seed investors.
According to Stratasys, the acquisition is expected to enable the company to provide its 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,” the company announced.
Terms of the transaction were not disclosed, but technology news website Techcrunch claims the deal is worth around USD100 million.
“The addition of GrabCAD provides Stratasys with a leading cloud-based collaboration platform for engineering teams to manage, share and view CAD files,” David Reis, Stratasys’s Chief Executive Officer, said. “By increasing the collaboration and accessibility of 3D CAD files, we believe we can further accelerate the adoption of 3D printing solutions and Stratasys’s product offerings.”
“GrabCAD was founded to bring the world’s engineers together and help them collaborate to bring better products to market faster,” said Hardi Meybaum, Chief Executive Officer of GrabCAD. “By joining forces with Stratasys, a global leader in 3D printing and additive manufacturing, we believe we can extend the reach of one of the most exciting and innovative design collaboration technologies available.”
The transaction is expected to be completed by the end of September and upon completion, GrabCAD will operate as a unit within the Stratasys Global Products and Technology Group.
Meybaum, who is also a co-founder of GrabCAD, will continue to lead GrabCAD within the group.
Founded in 2010, GrabCAD is helping 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.
Cover photo: Hardi Meybaum, Chief Executive Officer and cofounder of GrabCAD.