[Techtaffy Newsdesk]
3D and digital printing companies Stratasys and Objet have completed their merger. The combined company will trade on the NASDAQ stock exchange as Stratasys Ltd. (“Stratasys”) under the symbol SSYS beginning December 3, 2012. Based on the closing price of Stratasys stock on November 30, 2012, the market capitalization of the new company will be approximately $3 billion.
David Reis, former chief executive officer of Objet, has assumed the role of chief executive officer; Erez Simha, former chief operations officer and chief financial officer of Objet, has assumed the role of chief operations officer (IL) and chief financial officer; Scott Crump, co-founder and former chief executive officer of Stratasys, has become full-time executive chairman of the board; and Elchanan Jaglom, formerly chairman of Objet, is serving as the full-time chairman of the executive committee.
Stratasys management will immediately begin the process of fully integrating the two companies, and the company has formed an executive committee comprised of four members of the board of directors to oversee the integration process. In the near term, customers can expect to work with each company as they always have, and in the coming months, will have the ability to purchase both Stratasys and Objet products from one channel partner point of contact.
Piper Jaffray acted as financial advisor to Stratasys and the firms McLaughlin & Stern, Richards, Layton & Finger, Latham & Watkins, and Fischer Behar Chen Well Orion acted as its legal advisors. J.P. Morgan Securities acted as financial advisor to Objet and the firms Meitar Liquornik Geva & Leshem Brandwein and Cooley acted as its legal advisors.
Stratasys is the corporate entity formed in 2012 by the merger of 3D printing companies Stratasys, and Objet, based in Minneapolis, Minn. and Rehovot, Israel. The company manufactures 3D printers and materials for prototyping and production. Prior to merging, the two companies’ revenues totaled $277 million for 2011. Its patented FDM and inkjet-based PolyJet processes produce prototypes or manufactured goods directly from 3D CAD files or other 3D content.