Origin, a US-based printing technology provider backed by consumer electronics producer TDK, has agreed to be acquired for up to $100m by 3D printer manufacturer Stratasys.
The company’s shareholders will receive $60m in cash and Stratasys shares once the deal closes, and up to $40m in performance-based milestones over the next three years. The total figure will be made up of $45m in stock and $55m in cash, and Stratasys will pay at least $32m in cash once the deal closes.
Founded in 2015, Origin provides 3D printing hardware, software and liquid photosensitive polymer resins, enabling users to design and manufacture parts for mass-produced goods.
Origin’s Programmable PhotoPolymerization (P3) technology molds resins into the user’s intended dimensions by manipulating light, heat and force.
Stratasys will take on the company’s team to distribute P3 to its customers from mid-2021. It aims to build its market share in areas of 3D printing such as consumer goods, defence, industrial and dental technology.
Venture capital firm DCM led a $10m series A round for Origin when it emerged from stealth in late 2018, adding to $2.3m in seed capital already raised from Stanford University, Floodgate, Joe Montana and undisclosed others.
TDK’s corporate venturing arm TDK Ventures, was also identified as an exiting investor by the company, as were Mandra Capital, Haystack Capital and private investor Tim O’Reilly, without disclosing when they invested.