Acquisition valuations in today’s market often hinge on a simple metric: how many times revenue the buyer is willing to pay. In technology and software sectors, companies frequently change hands at multiples between 5x and 10x annual revenue, with hot AI-adjacent businesses sometimes commanding even higher prices. Private SaaS deals in 2025 averaged around 4.7x revenue, while public companies traded closer to 6.1x. When a transaction comes in below 1x revenue, it stands out as unusual, and investors take notice.
Stratasys Ltd. (NASDAQ: SSYS) announced that it has entered a definitive agreement to acquire MarkForged, Inc. from Nano Dimension Ltd. (NASDAQ: NNDM) in an all-cash transaction valued at $42.5 million. MarkForged generated approximately $70 million in revenue in 2025, which means Stratasys is purchasing a business at roughly 0.6x revenue. This represents a steep discount compared to typical technology acquisition multiples, especially in an industry where consolidation has been accelerating.
Stratasys Ltd. is a global leader in polymer-based 3D printing solutions, serving aerospace, defense, automotive, consumer products, and healthcare with hardware systems, consumables, software, and professional services. The company provides end-to-end solutions from rapid prototyping through production-grade manufacturing, with a growing focus on defense and industrial applications. MarkForged, Inc. operates as a private subsidiary of Nano Dimension and provides end-to-end Fused Filament Fabrication solutions through its integrated Digital Forge platform, which combines hardware, in-house materials, and secure software including simulation, part management, and automated print optimization.
The transaction includes MarkForged’s software-integrated Digital Forge system and carbon fiber printing technology, which enables industries such as aerospace, defense, automotive, and food and beverage to produce parts that are both lighter and stronger than traditional FFF alternatives. Nano Dimension will retain MarkForged’s Metal Binder Jetting product line, which is included in the $70 million revenue figure. The deal is expected to close in the second half of 2026, subject to customary closing conditions and regulatory approvals.
From a financial perspective, Stratasys expects the transaction to be accretive to gross margins and to realize meaningful cost synergies, along with positive adjusted EBITDA contribution, within the first year after closing. The company intends to update guidance following the closing of the transaction. For a small-cap company, achieving EBITDA accretion within 12 months signals a potential pivot toward profitability after years of losses.
The market responded positively to the announcement. Stratasys stock has risen more than 21% over the last 5 days, confirming that investors are pricing in meaningful value creation from this deal. This move comes as defense manufacturing budgets are surging, and the acquisition doubles down on aerospace and defense applications where additive manufacturing continues to displace traditional manufacturing for high-requirement production applications.
Cross-selling opportunities should emerge as Stratasys brings MarkForged’s products and software systems into its existing partner networks. The transaction increases Stratasys’ distribution channel and expands its capabilities in aerospace and defense industries, further strengthening the company’s go-to-market strategy. MarkForged’s continuous carbon fiber offering is expected to support aerospace and defense use cases for tooling, fixtures, ground support equipment, and select production parts.
This deal stands out in a consolidating industry where valuation multiples have compressed for many technology businesses. For investors, the acquisition represents both an M&A catalyst that expands capabilities and a signal that management is focused on profitability. The sub-1x revenue multiple suggests Stratasys identified an opportunity to acquire productive assets at a discount, which could prove to be a value-unlocking move if integration proceeds smoothly.
