Metal 3D printing company Markforged announces plans to go public via SPAC
The business states its technology has actually been utilized to print north of 10 million parts considering that its 2013 founding, with its makers deployed in some 10,000 locations throughout 70 nations. In 2015, it drew in around $70 million in revenue. It has actually raised north of $136 million thus far, consisting of an $82 million round back in 2019.
“We’ve been at the forefront of the additive manufacturing industry,” the executive stated in a release tied to the news, “and this deal will enable us to build on our amazing momentum and offer capital and versatility to grow our brand, accelerate item innovation, and drive broadened adoption amongst customers throughout essential verticals.”
Big early morning for Massachusetts tech companies preparing to go public via SPAC. Soon after Berkshire Grey revealed its objectives, Watertown-based Markforged has announced its own plans. The metal 3D printing business plans to merge with ONE, an unique function acquisition company created by Kevin Hartz, who will join its board.
The deal, which might value the additive manufacturing company at around $2.1 billion, would bring in around $400 million in money. The company says its technology has actually been utilized to print north of 10 million parts given that its 2013 starting, with its makers deployed in some 10,000 places across 70 countries. 3D printing has actually seen some strong development in recent years, and that’s expected to continue as companies look to the innovation to expand beyond the fast prototyping for which it’s best known.
The deal, which might value the additive manufacturing business at around $2.1 billion, would generate around $400 million in cash. Markforged strategies to utilize the cash on R&D for brand-new products, products and building out brand-new verticals for its tech. Shai Terem will stay on as CEO.
SPACs are, of course, becoming an increasingly popular route for taking companies public. Hardware makers have not been a substantial player so far (with a few exceptions like smart lock mater, Latch), though that looks like it might be altering. The deal is anticipated to close over the summer.
3D printing has seen some strong development in recent years, and that’s expected to continue as business want to the technology to expand beyond the rapid prototyping for which it’s best understood. Metal printing from the similarity Markforged and rivals including Desktop Metal are viewed as an important step, providing far more durability than plastic deposits.