Nano Dimension has announced the completion of its acquisition of Markforged in a deal worth $116 million (or $5.00 per share).
The news comes just weeks after the additive manufacturing (AM) company was ordered to complete its acquisition of Desktop Metal, concluding a prolific M&A saga that included significant leadership shuffles and two lawsuits, with a final transaction valued at $179.3 million.
With Markforged, Nano Dimension says it aims to expand its reach with its metal and composite technologies, of which there are over 15,000 machines installed globally, alongside its AI and cloud-based manufacturing capabilities. It also brings on board Markforged Chief Financial Officer Assaf Zipori as its new Chief Financial Officer.
Mr. Ofir Baharav, Chief Executive Officer of Nano Dimension, commented: “Nano Dimension remains firmly committed to its vision: building a preeminent digital manufacturing leader. Completing the Markforged acquisition is a major milestone in fulfilling that vision. With proven metal and composite solutions that tightly integrate hardware, cloud-based AI-enhanced software, and materials science, Markforged has played a critical role in manufacturing on factory floors worldwide. Its install base of over 15,000 systems across leading industrial customers can serve as a strong platform for expanding Nano Dimension’s reach. While Markforged solutions have achieved nearly 50% gross margin, we will continue to take clear, decisive steps to drive profitability and strengthen our capital position in the quarters ahead.”
In March, Nano Dimension launched a comprehensive strategic assessment, with a particular focus on its core business and recent acquisitions. Last week the company said it was exploring 'all strategic alternatives' to address Desktop Metal's liabilities and liquidity needs with reports suggesting the review could lead to the divestiture of the company, just weeks after completing its acquisition. According to an announcement from Nano Dimension, Desktop Metal has appointed Robert Warshauer to its Board of Directors and engaged Piper Sandler & Co. and FTI Consulting, Inc. as financial advisers and said 'No assurances can be given as to the outcome or timing of the strategic review process.'
