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ROCK HILL, S.C., Feb. 27, 2013 (GLOBE NEWSWIRE) --
3D Systems (NYSE:DDD) announced today that it has completed its previously announced acquisition of Geomagic, Inc.
("Geomagic"), for $55 million in cash.
Geomagic is a leading global provider of 3D authoring solutions including design, sculpt and scan software tools that are used to create 3D content and inspect products throughout the entire design and manufacturing process.
The combination of Geomagic's powerful sculpting, modeling, scanning and inspecting software tools with 3D Systems' portfolio strengthens its 3D authoring platform and positions the company for accelerated growth in the expanding advanced manufacturing, healthcare and consumer opportunities. The transaction adds complementary products and technology and increases the company's reseller coverage globally.
The Company expects Geomagic to be accretive to earnings and contribute approximately $17 million of revenue to its previously announced 2013 annual guidance.
"This is an exciting development for us and our customers. With our combined portfolio, we are committed to enhance our customers' processes and workflows, including capture, design, modify, inspect and interact," said Avi Reichental, President and CEO of 3D Systems. "The completion of this transaction today marks the beginning of a journey to democratize access to our unmatched portfolio of powerful 3D content-to-print products and services for the benefit of professionals and consumers alike."
Certain statements made in this release that are not statements of historical or current facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to be materially different from historical results or from any future results or projections expressed or implied by such forward-looking statements. In addition to statements that explicitly describe such risks and uncertainties, readers are urged to consider statements in the conditional or future tenses or that include terms such as "believes," "belief," "expects," "estimates," "intends," "anticipates" or "plans" to be uncertain and forward-looking. Forward-looking statements may include comments as to the company's beliefs and expectations as to future events and trends affecting its business and are necessarily subject to uncertainties, many of which are outside the control of the company. The factors described under the headings "Forward-Looking Statements," "Cautionary Statements and Risk Factors," and "Risk Factors" in the company's periodic filings with the Securities and Exchange Commission, as well as other factors, could cause actual results to differ materially from those reflected or predicted in forward-looking statements.