3D Systems Acquires Quickparts
3D printer company looks to double its custom parts services revenue.Comments Off on 3D Systems Acquires Quickparts
3D Systems Corporation announced that it has acquired Quickparts, the Atlanta-based custom parts services company with 2010 annual revenue of $25 million. The company expects this acquisition to be immediately accretive to its net income and contribute favorably to its long-term target operating model.
The company acquired all of Quickparts’ outstanding shares in a cash transaction. At closing, the company paid $15.9 million, net of cash acquired, from its cash and recorded a deferred payment of $7.2 million that is due six months after closing, subject to customary terms and conditions.
“There is a basic capability here that we intend to leverage,” said Abe Reichental, president and CEO of 3D Systems in a conference call. “For us, QuickParts is a new channel that we will leverage not only to bring our portfolio of products and services as it pertains to custom parts, but we feel this channel could do wonders for some of our entry level personal printers and we certainly feel that QuickParts is ready to go international.”