Last week Nano Dimension offered to buy Markforged for cash. What does this mean for their technology portfolio?
The cash-rich company has been on an acquisition strategy for a couple of years now, gradually scooping up a variety of 3D printer manufacturing companies. Some of the acquired companies had themselves acquired other companies prior to the Nano Dimension acquisition, leading to a cascade of 3D print technologies.
Larger 3D printer manufacturing companies benefit from this by having more technologies to offer to clients. Their sales forces and resellers can add more products to their catalogs, and when a customer has a need, they might be better able to fill it. More sales with the same sales forces.
Let’s start with Nano Dimension’s traditional technologies. They had these:
- Additively Manufactured Electronics (AME): 3D printed circuit boards
- Pick and Place: High speed chip mounting on circuit boards
Since then they’ve made (or will make) a number of acquisitions:
- April 2021: DeepCube (Deep learning software for AI)
- April 2021: Nanofabrica (Micro 3D printing with 2PP process)
- November 2021: Essemtec (PCB assembly, reflow)
- January 2022: Global Inkjet Systems (Inkjet tech for 3D printing)
- July 2022: Formatec (Metal and ceramic powders)
- July 2022: Admatec Europe (Ceramic 3D printing)
- August 2023: Additive Flow (AI powered AM software)
- July 2024: Desktop Metal
- Upcoming 2024: Markforged
As you can see, there is quite a variety of 3D print technologies in the above list. However, Desktop Metal and Markforged deserve special mention as they themselves were one-time acquirers.
Markforged has made two major acquisitions:
- April 2022: Teton (Advanced 3D print job slicing software)
- July 2022: Digital Metal (High precision metal 3D printing)
Desktop Metal completed a number of acquisitions:
- January 2021: EnvisionTEC (Professional resin 3D printing)
- May 2021: Adaptive3D (Photopolymer resin manufacturer)
- July 2021: Aerosint (Multimaterial SLS technology)
- August 2021: ExOne (Binder jet systems for sand and metal 3D printing)
- September 2021: Aidro (On demand 3D print services)
- November 2021: Meta Additive (Jetting tech for 3D printing)
And there’s more. ExOne made an acquisition:
- April 2021: Freshmade 3D (AM and engineering services)
At this point Nano Dimension’s technology portfolio is extremely broad, with tech inherited from 18 other companies. They have multiple 3D print processes covering metal, ceramic, polymer, and more. They also have a number of supporting services and materials, including AI capabilities. They even have a wood printing process via Desktop Metal’s Forust system.
Which technologies does Nano Dimension NOT have at this point? I can think of a few, but there’s not that many:
- 3DCP: They do not have a concrete extrusion technology for building projects
- Large Format: They do not have a very large format 3D printer in the portfolio
- LBPF: They do not have a traditional laser bed metal 3D print technology
Note: there just happens to be a struggling LBPF manufacturer ready for acquisition: Velo3D. Could we see Nano Dimension take on that company in coming weeks?
While Nano Dimension’s technology portfolio is now quite broad, there are going to be many challenges. As someone who’s worked in several corporate merger scenarios, the big challenge is to integrate the technology together. Operating companies separately might feel good for those involved, but it doesn’t provide any financial synergy. Nano Dimension is leaving money on the table if they do not properly integrate all these technologies.
That will require a considerable amount of effort to do, and will perhaps introduce some new one-time costs for reorganization. It isn’t as easy as buying a company; acquisitions require an enormous amount of effort and change.
It may be that Nano Dimension hasn’t gotten to the integration stage yet — particularly with the most recent and upcoming acquisitions. We may see the company slow down on the acquisitions and focus on internal reorganization in the near future.
Via Nano Dimension
