EDEN PRAIRIE, Minn. & REHOVOT, Israel--(BUSINESS WIRE)--Stratasys Ltd. (NASDAQ: SSYS), a leader in polymer 3D printing solutions, announced today the acquisition of quality assurance software company Riven. The Berkeley, Calif.,-based start-up has been a Stratasys connectivity software partner and its cloud-based software solution will now be fully integrated into Stratasys’ GrabCAD® Additive Manufacturing Platform, benefiting customers using any Stratasys 3D printer running GrabCAD Print software.
“We believe that by identifying state of the art technology platforms and cultivating them under the Stratasys umbrella, companies like Riven can add incremental growth engines to our platform. By integrating Riven’s offerings into our GrabCAD software platform, we will enable more manufacturing customers to adopt Stratasys solutions for end-use parts production,” said Stratasys Vice President of Global Software Shaul Samara. “This important functionality will help ensure production-scale parts are 3D printed accurately and can be inspected quickly within a closed-loop additive manufacturing process. The acquisition of Riven is another example of how we are working to ensure we are providing our customers with complete solutions across the entire additive manufacturing digital thread.”
Riven’s cloud-based software helps customers quickly inspect, diagnose, and automatically correct deviations between CAD files and actual printed parts, resulting in more accurate parts at a lower overall cost. A new version in testing uses artificial intelligence to pre-adjust the models automatically. Parts inspection in particular can be a significant bottleneck in the production process, in many cases creating delays of weeks or months. By integrating Riven’s software into a closed-loop 3D printing process, Stratasys will be able to help its customers scale their shipments of 3D printed end-use parts while reducing waste through fewer iterations to improve sustainability.
“It’s been clear to us for some time how much quality is in Stratasys’ DNA, so we knew joining them would be a great fit,” said Riven founder James Page, who will now be a software vice president at Stratasys. “Our combined mission is to ensure that users’ 3D printed reality matches the CAD file each time. By enabling even higher accuracy, we can open new markets and applications.”
Stratasys’ GrabCAD AM Platform enables two-way connectivity between 3D printers, additive manufacturing and enterprise applications, and broader Industry 4.0 infrastructure. The open and enterprise-ready platform brings together GrabCAD applications and functionality from GrabCAD Software Partners. This allows manufacturers to manage their production-scale additive manufacturing operations across the entire digital thread, from design through production.
The acquisition, which closed in October 2022, included all intellectual property associated with Warp Adaptive Modeling (WAM) and Predictive WAM (PWAM). Members of the Riven team will be integrated into the Stratasys Software business unit.
About Stratasys
Stratasys is leading the global shift to additive manufacturing with innovative 3D printing solutions for industries such as aerospace, automotive, consumer products and healthcare. Through smart and connected 3D printers, polymer materials, a software ecosystem, and parts on demand, Stratasys solutions deliver competitive advantages at every stage in the product value chain. The world’s leading organizations turn to Stratasys to transform product design, bring agility to manufacturing and supply chains, and improve patient care.
To learn more about Stratasys, visit www.stratasys.com, the Stratasys blog, Twitter, LinkedIn, or Facebook. Stratasys reserves the right to utilize any of the foregoing social media platforms, including the company’s websites, to share material, non-public information pursuant to the SEC’s Regulation FD. To the extent necessary and mandated by applicable law, Stratasys will also include such information in its public disclosure filings.
Stratasys and GrabCAD are trademarks or registered trademarks of Stratasys Ltd. and/or its affiliates. All other trademarks are the property of their respective owners, and Stratasys assumes no responsibility with regard to the selection, performance, or use of these non-Stratasys products.
Cautionary Statement Regarding Forward-Looking Statements
The statements in this press release regarding Stratasys’s intentions with respect to the proposed transaction are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may include, but are not limited to, statements relating to the anticipated completion of the combination of MakerBot and Ultimaker, the financial position and prospects of the new combined company, and the desktop 3D printing market. Forward-looking statements are subject to significant risks and uncertainties, and actual results could differ materially from those projected. There can be no assurance that Stratasys will be able to complete the transaction on the anticipated terms, or at all. Important factors that could cause actual results and developments to differ materially from those anticipated in these forward-looking statements include, among other things, risks and uncertainties related to market conditions, satisfaction of customary closing conditions related to the transaction and the risk factors and other matters referred to under “Risk Factors,” and generally in Stratasys’ Annual Report on Form 20-F for the year ended December 31, 2021 filed with the U.S. Securities and Exchange Commission, or SEC, on February 24, 2022, and in other reports that Stratasys furnishes to or files with the SEC from time to time, including, most recently, the report of foreign private issuer on Form 6-K reporting Stratasys’ results for the quarter ended March 31, 2022, furnished to the SEC on May 17, 2022. Readers are urged to carefully review and consider the various disclosures made in Stratasys’ SEC reports, which are designed to advise interested parties of the risks and other factors that may affect its business, financial condition, results of operations and prospects. The forward-looking statements in this release speak only as of this date, and Stratasys disclaims any intent or obligation to revise or update publicly any forward-looking statement except as required by law.
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