Product design startup GrabCAD acquired by Stratasys for $100 million

Image via GrabCAD
Image via GrabCAD

Computer-aided design (CAD) startup GrabCAD of Cambridge has been acquired by Stratasys (SSYS), a Minnesota-based 3D printer and 3D production systems maker. Although terms of the deal were not disclosed, a source close to the deal said that it is for $100 million in cash and stock.

GrabCAD was founded in Estonia by Hardi Meybaum, and moved its headquarters to Boston to take part in the Techstars accelerator program in 2011. GrabCAD is a community of more than 1 million engineers, designers, and CAD fans who share and collaborate on three-dimensional models through the site. GrabCAD offers a library of free models that engineers can adapt or combine, and the company created a tool last year called Workbench that made it possible for engineers and companies to work privately on CAD design projects through the site.

GrabCAD has raised $13.6 million in funding from a group of investors that includes Matrix Partners, Atlas Venture, NextView Ventures, CRV, and other individual investors.

The move to acquire GrabCAD, combined with several other recent acquisitions, gives Stratasys control over more aspects of the 3D printing process from initial design through revisions to printing.

Stratasys was founded in Eden Prairie, Minnesota, in 1989, and merged with Israel-based 3D manufacturer Objet Ltd., in 2012.

In 2013, the company acquired MakerBot Industries, one of the most well-known consumer-focused 3D printer companies, for $403 million. (Brooklyn-based Makerbot has a brick-and-mortar shop on Newbury Street.) Earlier this year, Stratasys also acquired Solid Concepts and Harvest Technologies.

The company’s stock was trading for $121.58 at the close of the day yesterday.

Dennis Keohane was a Senior Staff Writer for BetaBoston.
Follow Dennis on Twitter - Google+