Terms of the transaction were not disclosed, but it is reported to be worth around USD100 million.

"GrabCAD was founded to bring the world’s engineers together and help them collaborate to bring better products to market faster," said Hardi Meybaum, Chief Executive Officer of GrabCAD. "By joining forces with Stratasys, a global leader in 3D printing and additive manufacturing, we believe we can extend the reach of one of the most exciting and innovative design collaboration technologies available."

"The addition of GrabCAD provides Stratasys with a leading cloud-based collaboration platform for engineering teams to manage, share and view CAD files," David Reis, Stratasys’s Chief Executive Officer, said. "By increasing the collaboration and accessibility of 3D CAD files, we believe we can further accelerate the adoption of 3D printing solutions and Stratasys’s product offerings."

The transaction is expected to be completed by the end of September and upon completion, GrabCAD will operate as a unit within the Stratasys Global Products and Technology Group.

Meybaum, who is also a co-founder of GrabCAD, will continue to lead GrabCAD within the group.

Founded in 2009 by Estonians Hardi Meybaum and Indrek Narusk, GrabCAD is helping engineers get products to market faster by connecting people, content and technology. GrabCAD offers GrabCAD Workbench, a cloud-based collaboration tool that enables engineers and designers to share, view and manage CAD files and other design data. GrabCAD is also home to a community of more than 1.5 million members from around the world who can access a large public CAD file library as well as connect with other engineers.