Big morning for Massachusetts tech companies planning to IPO via SPAC. Shortly after Berkshire Gray announced its intentions, Watertown’s Markforged announced its own plans. The metal 3D printing company intends to partner with ONE, a special-purpose acquisition company founded by Kevin Hartz, who will join its board of directors.
The deal, which could value the additive manufacturing company at around $ 2.1 billion, would raise around $ 400 million in cash. Markforged plans to use the money on research and development on new products, materials, and building new industries for its technology. Shai Terem remains CEO.
“We were leaders in the additive manufacturing industry,” said the CEO in a press release associated with the news. “This transaction will allow us to build on our incredible momentum and provide capital and flexibility to grow and accelerate our brand.” Product innovation and increased customer acceptance in important industries. “
The company says its technology has been used to print more than 10 million parts since it was founded in 2013. The machines were used at around 10,000 locations in 70 countries. Last year around $ 70 million in sales were achieved. More than $ 136 million has been raised to date, including a round of $ 82 million in 2019.
3D printing has seen strong growth in recent years and is expected to continue as companies turn to the technology to expand beyond rapid prototyping, for which it’s best known. Metal printing from Markforged and competitors like Desktop Metal is seen as an important step and offers a far longer lifespan than plastic deposits.
Of course, SPACs are becoming increasingly popular as a way of getting companies public. Hardware manufacturers haven’t been a big player (with a few exceptions like Smart Lock Mater, Latch), although that seems to be changing. The deal is expected to close in the summer.