Nano Dimension and Markforged Holding Corporation have entered into a definitive agreement under which Nano Dimension will acquire all outstanding shares of Markforged in an all-cash transaction valued at $5.00 per share.
This acquisition is set to elevate Nano Dimension’s position in the additive manufacturing (AM) sector, making it a major player in the industry with technologies poised for future growth.
Markforged reported revenue of USD 93.8 million in 2023, with gross margins of 47.4 per cent and non-GAAP gross margins of 48.6 per cent.
In the second quarter of 2024, Markforged’s gross margin increased to 48.3 per cent, with non-GAAP gross margin reaching 51.9 per cent.
The combined company, including Desktop Metal (which Nano Dimension announced it would acquire in July 2024), is expected to have a solid balance sheet, with a projected cash and marketable securities total of $475 million.
“In combining with Markforged, Nano Dimension is taking bold action in its journey towards becoming a digital manufacturing leader and being a foundational pillar of Industry 4.0,” said Yoav Stern, CEO of Nano Dimension.
He added, “We believe the combination of Nano Dimension, Desktop Metal, and Markforged further strengthens our unique opportunity in creating value for our shareholders, customers, and employees as we work to deliver profitable growth, exceptional services, and notable career development opportunities.”
The combined revenue from Nano Dimension, Desktop Metal, and Markforged is expected to total $340 million based on fiscal year 2023, with a clear path toward profitability. This consolidation is anticipated to give Nano Dimension a commanding presence in the AM market, as it becomes a trusted partner for clients across various high-growth industries.
“We’re excited to bring together our pioneering, complementary product portfolios.”said Shai Terem, CEO and president of Markforged.
“[This acquisition] will further enhance our ability to serve our customers in high-growth industries with a more complete offering of highly innovative solutions used on the factory floor. Not only is our product offering unique, but together we will have the scale and balance sheet strength to become an even more trusted partner to our customers, who are leaders across several industries,” he added.
The acquisition of Markforged is expected to close in the coming months, subject to customary closing conditions and regulatory approvals.
