3D Systems Corp. (DDD) announced Thursday that it has signed a definitive agreement to sell its Geomagic software portfolio to Swedish digital reality solutions provider Hexagon AB (HXGBF.PK) for $123 million.
Hexagon's Manufacturing Intelligence Division will make the deal, which was decided following a strategic review of 3D Systems' software investment strategy.
The transaction is expected to close in the first half of 2025, following the completion of customary regulatory reviews.
The Geomagic product portfolio is an integrated software tool kit that includes Design X, Control X, Freeform, Wrap, and Geomagic for SolidWorks.
Hexagon, in its statement, noted that Geomagic suite of interoperable software packages are used to create high quality 3D models from multiple sources, including laser scanning.
The Geomagic software business, in 2023, had around 100 employees, generated revenues of around $30 million and delivered operating margins accretive to those of the Manufacturing Intelligence division.
Norbert Hanke, Hexagon interim President and CEO, said, "The combination of Geomagic and our existing solutions will further strengthen our market leadership in 3D metrology and reengineering, demonstrating our commitment to deliver increasingly user friendly tools capable of executing complex tasks, so our customers can bring innovative, high quality products to the market at speed and with confidence."
Following the deal closure, 3D Systems said it will focus on its software platforms that are core to customer adoption and application of its 3D printing technologies.
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