Introduction:3D printingThe market has undergone earth-shaking changes in 2021, and these changes will continue in 2022.
Israel Additive Manufacturing Electronics (AME) / 3D printingNano Dimension (NASDAQ: NNDM), an expert in electronics (PE) and micro-additive manufacturing (Micro-AM), announced on January 5, 2022 the acquisition of British inkjet specialist Global Inkjet Systems Ltd. (GIS) . This move will further deepen Nano Dimension’s position in the field of 3D printed electronic circuits. It is also another important aspect of the company’s acquisition of micro-additive manufacturing startup Nanofabrica, Swiss electronic assembly equipment manufacturer Essemtec, and machine learning company DeepCube in 2021. Acquisition.
△GIS
Promote technical cooperation and accelerate product development
Nano Dimension relies on inkjet3D printing technologyIt is well known that this technology can combine conductive and dielectric materials to make printed circuit boards (PCBs). In 2021, the company released the latest version of the PCB 3D printing system DragonFly IV, and demonstrated a new generation3D printerThe ability to manufacture integrated capacitors, coils, antennas, electromechanical components and transformers, as well as the application of conductive and dielectric inks.
△Nano Dimension
The acquisition of GIS will further expand these functions. GIS was established in 2006, mainly developing inkjet hardware andsoftware, Such as ink supply and control electronics. The company’s Atlas software is a modular kit used to control everything from data to printing, including necessary subsystems and peripherals. So far, the British company’s technology has been used in applications such as container packaging, printed electronics and inkjet 3D printing. Especially for major manufacturers to improve various print heads, including Fujifilm Dimatix, Konica Minolta, Kyocera, Ricoh (Ricoh), SII Printek, Toshiba TEC (Toshiba TEC) and Xaar.Through this acquisition, Nano Dimension can become3D printerSupplier of components and 3D printed electronic products.
△Global Inkjet Systems provides a series of print head interface boards, which can control allstandardPrint head settings, waveform control and resolution
All in all, this acquisition means for Nano Dimension to achieve stricter control over the production of inkjet electronic products, and is enabling the Israeli company to have an internal supplier that provides drivers, hardware and software for PCB 3D printing. Of course, GIS can also provide the same service for other subsidiaries of Nano Dimension: speed up product development and promote the latest PCB
3D printing technologyFurther applications. In addition, this acquisition will improve Nano Dimension’s technical performance and speed up time to market.
3D printing technologyFurther applications. In addition, this acquisition will improve Nano Dimension’s technical performance and speed up time to market.
△GIS Atlas software controls all the functions of the print head, including the Direct To Shape module, which is used to plan and control inkjet printing on complex shapes
Yoav Stern, Chairman and CEO of Nano Dimension, said that GIS’s ink delivery technology and software are essential for the company’s AME and ink deposition methods in 3D printing solutions, and the GIS research and development route will help Nano Dimension in industrial 3D In terms of printing, it provides better resolution and higher productivity. He said that the combined company will have innovative printing technology, provide leading solutions, and give the company a clear competitive advantage.
△Nano Dimension’s DragonFly LDM 3D electronic printer. Filmed by Nano Dimension.
Use commercial synergies to promote company growth
It is understood that GIS received US$10 million (approximately RMB 63,800) in the 12-month period ending March 31, 2021 (that is, before the outbreak of the new crown epidemic).income, The gross profit margin is 51%. This achievement is expected to provide an additional source of income for Nano Dimension.
△Global Inkjet Systems demonstrated the inkjet system components in a laboratory environment. Image courtesy of Nano Dimesnion.
For this acquisition, Nano Dimension paid US$18.1 million (approximately RMB 116 million) in cash to GIS shareholders. If GIS can achieve certain financial performance within the agreed period, Nano Dimension also promised to pay 1.3 million to 10.7 million US dollars in the next 27 months. After the acquisition, GIS will continue to develop and sell breakthrough hardware and software globally, while using Nano Dimension’s listing resources and global influence to more effectively penetrate the fast-growing printing market.
△Dragonfly system running in the workflow of LDM process.
Antarctic Bear believes that this acquisition is a win-win transaction for the two companies. GIS’s innovative hardware and software will upgrade Nano Dimension’s product line, while the latter’s listing network can expand the former’s customer base. Nano Dimension also said that the emerging 3D printing market segment is particularly dependent on the support of GIS industrial precision level applications, and the merger of the two companies will allow Nano Dimension to access new market segments and application areas.
△Electronic circuit 3D printing technology
Acquire mature companies and strive to increase their value
In the past, Nano Dimension has received some doubts about the potential impact on the management team from dilution of shares and reckless acquisitions. For example, DeepCube didn’t seem to realize the excessive PCB 3D printing immediately after the acquisition. In this regard, InvestorPlace once pointed out that this acquisition is more likely to be “impulsive” and will cause a series of problems. In addition, joining Nano Dimension’s board of directors by two DeepCube executives will also bring uncertainty to the company. There is another article from Edwin Dorsey that pointed out that Nano Dimension CEO Yoav Stern had been charged before but was not convicted of “extortion.” The former chairman of the company has been arrested for money laundering, serious fraud and violations of securities.
△Video: Principles of Circuit Board 3D Printing Technology
Nevertheless, this company was once undervalued. Nano Dimension has 1.4 billion U.S. dollars (approximately 8.9 billion RMB) in cash, cash equivalents and short-terminvest, Of which cash totals 1.1 billion U.S. dollars (approximately 7.02 billion yuan). In contrast, its debt is 3.5 million U.S. dollars (approximately 22.34 million yuan).However, the company’sMarket valueBut it is lower than its 970 million U.S. dollars (about 6.191 billion yuan). In other words, the value of this company’s stock is approximately 66% of its true value.
△LDM principle
Although Nano Dimension hopes to profit from the sale of DragonFly IV 3D printers and Nano Fabrica Tera 250 machines, the acquisition of companies like GIS is still very important. Compared with start-ups, more mature companies will provide a more stable flow of funds. At the same time, it can make the structure of the entire group more complete and increase the company’s market valuation. This may be another significance of Nano Dimension’s acquisition of GIS!
(Editor in charge: admin)
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