Stratasys Ltd. has signed an agreement to merge MakerBot, a maker of desktop 3D printers, with a Stratasys subsidiary in a stock-for-stock transaction. Upon completion of the transaction, which is expected in the third quarter of this year, MakerBot will operate as a separate subsidiary, maintaining its own identity, products and go-to-market strategy. Bre Pettis, CEO and co-founder, will continue to lead the company.
Since it was founded in 2009, Brooklyn, N.Y.-based MakerBot has sold more than 22,000 3D printers, including 11,000 of its Replicator 2 desktop printer within the last year. MakerBot reports that during the first quarter of 2013, it generated $11.5 million in total revenue, compared with $15.7 million for all of 2012.
The proposed merger has an initial value of $403 million based on Stratasys’ closing stock price of $84.60 as of June 19. MakerBot stakeholders also qualify for performance-based earn-outs with a value of as much as $201 million.