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Stratasys to acquire Origin for up to $100M

December 9, 2020 By Sean Whooley

Stratasys (NSDQ:SSYS) announced that it agreed to acquire 3D printing startup Origin for a total consideration of up to $100 million.

Stratasys said the merger will lead to innovation in the mass production parts segment using a next-generation photopolymer platform, according to a news release. The deal is expected to close in January 2021.

Stratasys expects Origin’s proprietary programmable photopolymerization technology to drive growth upwards of $200 million in incremental annual revenue within five years of the merger, helping to solidify the company’s standing in polymers and production applications of 3D printing in the dental, medical and tooling industries, among others.

Under the agreement, $60 million will be paid on closing, with $6 million of that subject to the founders’ retention over three years. Then, there is $40 million that is subject to performance-based earnouts over three years.

The merger will be paid for using a combination of stock worth approximately $45 million, with the remaining $55 million in cash at closing and throughout the earnout period. Approximately $32 million of the cash expenditure will be paid at closing. Stratasys expects the acquisition to be slightly dilutive to non-GAAP earnings per share in 2021 and accretive to its non-GAAP EPS by 2023.

Origin’s team will join Stratasys and lead the development of its technology and product platform, with the companies eyeing a full global launch toward the middle of 2021.

“Our customers are looking for additive manufacturing solutions that enable use of industrial-grade resins for mass production parts with process and quality control,” Stratasys CEO Yoav Zeif said in the release. “We believe Origin’s software-driven Origin One system is the best in the industry by combining high throughput with incredible accuracy. When combined with Origin’s extensive materials ecosystem and our industry-leading go-to-market capabilities, we believe we will be able to capture a wide range of in-demand production applications on a global scale.

“Together with our intended entry into powder bed fusion technology, the acquisition of Origin reflects another step in fulfilling our objective to lead in polymer additive manufacturing by offering comprehensive, best-in-class technologies and solutions to create a fully digital additive value chain, designed for Industry 4.0 integration,” Zeif added.

Origin’s Origin One, its first manufacturing-grade 3D printer, precisely controls heat and force, along with other parameters, through the company’s closed-loop feedback software. The companies signed an agreement in April to produce more than 1 million nasopharyngeal COVID-19 testing swabs (produced with the Origin One) per week.

“We founded Origin to create a whole new additive manufacturing platform that enables mass production of end-use parts with incredible accuracy, consistency, and throughput along with a wide range of available materials,” Origin CEO and co-founder Christopher Prucha said. “Stratasys is the best company for us to join to achieve our vision, giving us an unparalleled opportunity to significantly expand market reach and enable us to bring our P3 technology to a larger audience.”

About The Author

Sean Whooley

Sean Whooley is an associate editor who mainly produces work for MassDevice, Medical Design & Outsourcing and Drug Delivery Business News. He received a bachelor's degree in multiplatform journalism from the University of Maryland, College Park. You can connect with him on LinkedIn or email him at swhooley@wtwhmedia.com.

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