3D Systems Acquires Quickparts
ROCK HILL, South Carolina – February 22, 2011 - 3D Systems Corporation (NASDAQ: TDSC) announced today that it acquired Quickparts, a leading custom parts services company based in Atlanta, GA with 2010 annual revenue of $25 million. Quickparts is dedicated to providing its customers with best in class e-commerce procurement and delivery services. The company expects this acquisition to be immediately accretive to its net income and contribute favorably to its long-term target operating model.
“We are honored to become part of 3D Systems, a recognized global 3D content-to-print leader,” said Ron Hollis, President and Chief Executive Officer of Quickparts. “Over the past decade, Quickparts changed the way product development and manufacturing professionals source custom parts. We plan to leverage our proprietary e-commerce and high-touch customer care capabilities for the benefit of the entire 3D Systems’ product portfolio. Our mission has always been to make it easy for our customers to buy custom parts, we believe that as part of 3D Systems we can deliver greater benefits to our customers.”
“We are very pleased to add a true leader and innovator with Quickparts’ reputation and scale to our rapidly growing, global network of custom parts services,” said Abe Reichental, President and Chief Executive Officer of 3D Systems. “With Quickparts, under the capable leadership of Ron Hollis, we take another step to democratize access to all our 3D content-to-print solutions and accelerate adoption for the benefit of our growing customer base.”
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. 3D Systems plans to integrate its own parts fulfillment capabilities with Quickparts and to expand the use of Quickparts’ proprietary e-commerce sourcing and delivery platform to benefit its growing global network of custom parts services . The company plans to operate its Quickparts and 3Dproparts™ as independent brands within its growing custom additive and subtractive parts services portfolio.
About 3D Systems
3D Systems is a leading provider of 3D content-to-print solutions including 3D printers, parts and production systems. Its expertly integrated rapid prototyping and manufacturing solutions reduce the time and cost of designing new products and printing real parts directly from digital input. These solutions are used to design, communicate, prototype and produce functional end-use parts; customers create with confidence.
About Quickparts
Quickparts is a custom manufacturing services company dedicated to providing customers with online, high touch customer care to procure low and high-volume custom parts. Quickparts provides its customers with instant, custom-generated quotations using QuickQuote®, a proprietary engine that evaluates the part geometry, required materials, lead-time, and quantity. More information on the company is available at www.quickparts.com.
About Madison Park Group
Madison Park Group is an investment banking firm focused on advising technology and business services companies on pursuing M&A and private equity transactions. Madison Park Group's principals have extensive transaction and operating experience in the technology and business services sectors and have executed over $30 billion in financing and M&A transactions. For additional information, please visit www.madisonparkgrp.com
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