RTTNews | Dec 9, 2020 06:20AM EST

06:19 Wednesday, December 9, 2020 (RTTNews.com) - Stratasys Ltd. (SSYS) signed an agreement to acquire 3D printing start-up Origin Inc. for total consideration of up to $100 million, including cash and stock. Stratasys expects the acquisition to accelerate growth rate and be slightly dilutive to non-GAAP earnings per share in 2021, and accretive to non-GAAP earnings per share by 2023.

The total consideration for the transaction is comprised of $60 million paid on closing and $40 million that is subject to performance-based earnouts over 3 years. The acquisition will be paid using a combination of stock of approximately $45 million and cash of approximately $55 million at closing and throughout the earnout period. Approximately $32 million of the cash expenditure will be at closing.

Based in San Francisco, Origin is pioneering a new approach to additive manufacturing of end-use parts. The company is led by alumni from Google and Apple. Investors include Floodgate, DCM, Mandra Capital, Haystack, TDK Ventures, Stanford University, and Joe Montana.

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