3D Hubs provides engineers with on-demand access to a global network of approximately 240 manufacturing partners. The transaction will provide Protolabs with a network of partners to fulfil capabilities outside of its current remit, as well as a broader offering of pricing and lead time options.
Rob Bodor, Protolabs’ current VP and GM of the Americas and incoming president and CEO said that the addition of 3D Hubs will allow Protolabs to provide ‘unprecedented manufacturing flexibility’ to customers. “Our combined organisations will provide the market with an industry-leading digital manufacturing solution to serve their needs from idea to prototype to full end-use part production. Together we can fulfil nearly every custom manufacturing need across the product lifecycle.”
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Founded in 2013, 3D Hubs has facilitated production of more than six million custom parts and provides customers with instant pricing and design feedback, with orders fulfilled through its manufacturing partners in over 20 countries.
Under the terms of the agreement, the closing consideration of $280m will be funded with $130m in cash and $150m in Protolabs common stock. An additional $50m is payable subject to performance-based targets over two years after close, funded with 50 per cent cash and 50 per cent Protolabs common stock.
Protolabs has also announced the establishment of an employee incentive fund payable to 3D Hubs employees based on achievement of financial performance and employee retention targets.
The company says its acquisition of 3D Hubs will accelerate revenue growth rate and be marginally dilutive to non-GAAP earnings per share in 2021. The transaction is expected to close by the end of January, subject to customary closing conditions.
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