3D Systems to Acquire Geomagic
ROCK HILL, S.C. – 3D Systems announced that it has signed a definitive agreement to acquire Geomagic, a global provider of 3D authoring solutions including design, sculpt and scan software tools that are used to create 3D content and inspect products throughout the design and manufacturing process. The acquisition is subject to customary closing conditions, and is expected to close during the first quarter of 2013, after conditions are met. Terms of the transaction were not disclosed.
The combination of Geomagic’s powerful sculpting, modeling, scanning and inspecting software tools with 3D Systems’ portfolio strengthens its 3D authoring platform and positions the company for accelerated growth in the 3D content-to-print space. The transaction adds complementary products and technology, increases the company’s reseller coverage globally and is expected to be accretive to its non-GAAP earnings in the first full year following the completion of transaction.
“Geomagic represents the perfect strategic fit for us and we are thrilled to welcome 3D pioneer and Geomagic founder and CEO, Ping Fu, as our chief strategy officer,” said Abe Reichental, president and CEO, 3D Systems. “Our complementary capabilities in product development, channel coverage and marketing combined with greater efficiencies are sure to result in more affordable and user friendly solutions that will delight our customers and could present attractive long term shareholder value. In line with that, we intend to expand the range of our 3D authoring solutions further into new manufacturing and consumer applications, and concurrently maintain and enhance the existing Geomagic and Rapidform product lines.”
“We have worked with 3D Systems for several years to accelerate adoption of 3D content-to-print solutions and believe that now is the right time to combine our efforts to further democratize access to design and 3D printing,” said Ping Fu, founder and CEO of Geomagic. “Joining 3D Systems provides us with the scale, resources and strategic platform to realize our shared vision of delivering functional, affordable and extensible 3D authoring solutions for the benefit of professional designers and engineers, as well as the exciting Maker’s movement.”