Desktop Metal [NYSE: DM] reported that the company inked a definitive contract to purchase EnvisionTEC. Desktop Metal will purchase EnvisionTEC for a total consideration of $300 which will include cash and the company’s newly issued stocks. Furthermore, The transaction is subject to customary closing conditions.
Upon the completion of the transaction, Envision will work under Desktop as its subsidiary. Moreover, AL Siblani the founder of the company will operate as the CEO of EnvisionTEC business. EnvisionTEC provides photopolymer 3D printing solutions and has over 1k dental clients using its printer.
Ric Fulop CEO of Desktop Metal said “I’m glad to collaborate with EnvisionTech team to bring development into the market. EnvisionTEC is a leader in control for many technologies to create end-use polymer products. Additionally, Together both companies have a chance to transform the future of additive manufacturing 2.0. I anticipate welcoming the EnvisionTEC team to Desktop metal.”