Prodways Solidscape
Prodways Group has acquired Solidscape, a staple of the jewellery 3D printing segment, from Stratasys.
Solidscape was founded in 1994 and acquired by Stratasys seven years ago. Over the last two decades, the company has been a significant driver of 3D printing in the jewellery and investment casting sectors, with a total of more than 5,000 machines sold around the world. Those machines are able to print solid and complex wax models and promise high precision and repeatable accuracy. It is why so many manufacturers sought to adopt the process, and also why Stratasys moved to buy out the company at a starting price of £38m back in 2011.
Now letting the subsidiary go for an undisclosed amount, it appears Stratasys is moving away from the jewellery market, in favour of other verticals.
“Since 2011, Stratasys proudly promoted Solidscape and its proprietary technology as part of its product portfolio,” said Rich Garrity, President of Stratasys Americas. “As Stratasys moves strategically to more focus on specific vertical markets, we believe that this acquisition is beneficial for all parties and we wish Prodways the best of luck in accelerating the growth of Solidscape and maintaining its position as a market leader in its core markets.”
For Prodways, it is a significant addition. The company, itself, has developed a range of 3D printing machines designed for the jewellery sector to enable professionals to achieve quality, customised products. It believes the offerings of both Prodways and Solidscape will complement one another and provide a more comprehensive range of hardware and materials to jewellery and investment casting players.
Prodways projects Solidscape should generate revenue greater than $10m in 2019, 50% of which will come from sales of materials and supplies. Marketing Prodways’ small MOVINGLight machines through the Solidscape network meanwhile, should help the new subsidiary to post a double-digit Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) by 2020. The brand name, management, and 66 employees will all be retained, and Prodways' presence in the North American sector expanded.
“The acquisitions of Solidscape dovetails with Prodways Group’s overall strategy and is a unique opportunity to bolster its machine sales business and expand its portfolio of technologies, while gaining excellent geographic coverage and teams renowned for their expertise in additive manufacturing,” commented Raphael Gorge, Chairman and Chief Executive Officer of Prodways Group.
