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  "documentTitle": "Nano Dimension | Mergers and Acquisitions Presentation Deck | 36 slides",
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  "authorName": "Nano Dimension",
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  "presentationDate": "2023-07-01 00:00:00",
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  "notes": "Uses a three-column layout to detail specific failed acquisitions (MakerBot, Solid Concepts, Origin Labs) followed by a summary callout box.",
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      "kind": "callout",
      "text": "Despite Spending ~$1bn on these 3 Poorly Timed Acquisitions, Stratasys’ Efforts Have Not Delivered Results, with only a 3% Top-Line CAGR from 2013 to 2022",
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      "text": "Origin Labs: Acquired in December 2020 for $100m; Transaction at near-peak valuations; Origin sued Stratasys for breach of agreement in June 2023.",
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      "text": "Solid Concepts: Acquired in April 2014 for $232m; 2013 Revenue of $65m (~3.2x EV / Sales); Services Business has only grown at ~5% CAGR since 2014.",
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      "text": "MakerBot: Acquired in June 2013 for $615m; 2012 Revenues of $16m (~39x EV / Sales); Divested in 2022 for $106m in stock, destroying $510m in value.",
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      "kind": "source-note",
      "text": "Source: FactSet as of 7/8/2023",
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      "kind": "title",
      "text": "Recent M&A Track Record Confirms Stratasys’ Board is Misallocating Capital",
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