Additive Manufacturing (3D Printing)
3D printing company Markforged to go public with acquisition of One
February 25, 2021 by Manufacturing AUTOMATION
Additive manufacturing company Markforged will merge with One, a special purpose acquisition company.
One, stylized as one, is sponsored by A-star and founded and led by technology industry veteran Kevin Hartz. It completed its initial public offering in August 2020.
The combined company will retain the Markforged name and will be listed on the New York Stock Exchange under the ticker symbol MKFG.
Founded in 2013, Markforged’s AI-powered additive manufacturing platform delivers tangible value to customers by solving demanding applications across key verticals, including industrial automation, aerospace, military and defence, space exploration, healthcare and medical and automotive.
The platform combines 3D printers with industrial-grade materials and cloud-based machine learning software. Markforged invented a new industrial-grade process that replaces traditionally manufactured plastic, steel and aluminum end-use parts with metal and the company’s proprietary continuous carbon fibre reinforced (CFR) composites.
This solution is powered by an integrated modern software platform that continuously updates and learns via AI. Markforged’s products are in 10,000 facilities across 70 countries.
“This transaction will enable us to build on our incredible momentum and provide capital and flexibility to grow our brand, accelerate product innovation, and drive expanded adoption among customers across key verticals,” says Shai Terem, president and CEO of Markforged, in a statement.
“We’re focused on making manufacturing even better by capitalizing on the huge opportunity ahead, and we are making this important leap through our new long-term partnership with Kevin Hartz and the entire team at one, a group of seasoned founders and operators with unparalleled experience.”
The combined company will have an estimated post-transaction equity value of approximately $2.1 billion at closing. Shai Terem will continue to lead Markforged as president and CEO. Kevin Hartz will join the company’s board.