Final month, 3D printing service supplier Shapeways filed for chapter. Now, the corporate has relaunched in Europe below a brand new title: Manuevo BV.
The transfer was accomplished after Shapeways’ Eindhoven-based crew and two co-founders acquired the agency’s defunct property.
Particularly, Manuevo bought the property of Shapeways BV, the Dutch subsidiary of US-based Shapeways Holding Inc. which went public in 2021 following a $605 million SPAC deal.
Shapeways’ Eindhoven manufacturing plant will stay energetic, with 30 of the 53 jobs anticipated to be retained on the website. The Netherlands-based firm will proceed to serve US, UK and European Union clients who is not going to incur import duties.
The administration buyout means that Shapeways’ enterprise mannequin continues to be viable, regardless of the corporate’s falling share worth and worsening monetary efficiency earlier than its chapter.
As a primary mover within the 3D printing bureau market, Shapeways probably accrued substantial money owed and bills that stunted its profitability. This might have been pushed by excessive wages related to a big headcount of skilled employees, a doable reliance on outdated legacy gear or different “tech debt”, and probably different inefficiencies linked to bloated enterprise operations.
Manuevo might be operated by skilled business personnel in a leaner, extra streamlined operation than its predecessor. This could go away extra room for profitability by way of its design, engineering, prototyping and bridge manufacturing providers.
The price of the asset acquisition stays undisclosed, however the Eindhoven Shapeways crew appears to own the next valuation of the corporate than MyMiniFactory. The London-based file-sharing platform had made a $5 million rescue bid, which Shapeways rejected earlier than declaring chapter.
The rescue bid was the end result of a prolonged negotiation course of that started at the least one 12 months in the past. These efforts have been led by UK-based 3D printing service supplier 3DC Ltd., which MyMiniFactory acquired in 2022. The valuation of the provide was reportedly based mostly on figures beforehand supplied by Shapeways. Reportedly, the provide by MyMiniFactory Co-CEO Alexander Ziff was “laughed off” as unserious.
Shapeways’ monetary turbulence and chapter
Based as a spin-off of Phillips in 2007, Shapeways projected optimistic progress after going public in 2021.
On the time, the corporate projected annual progress of 95% between FY 2021 and FY 2022. Shapeways forecasted pre-tax earnings of $107 million by 2025 and anticipated income of $150 million in FY 2023, which it hoped would rise to $250 million in FY 2024.
These projections have starkly contrasted with actuality. In Q3 2023, the corporate posted income of simply $8.4 million, a gross revenue of $3.4 million, and a considerable internet lack of $19.4 million which had elevated 198.5% YoY. Removed from the lofty ambitions of 2021, FY 2023 income got here to simply $34.5 million.
What’s extra, Shapeways’ share worth plummeted from $83.60 per share in January 2021 to $1.94 by February 2024.
Amid these poor outcomes, the corporate pursued a spread of strategic options to enhance its monetary place.
Earlier this 12 months, Shapeways auctioned $5 million of its Desktop Steel 3D printers. This adopted an earlier $4 million public sale of Desktop Steel expertise held in October 2023. Moreover, the agency accomplished a 15% discount of its complete world workforce and a lower to non-critical capital and discretionary working bills.
Regardless of these efforts, Shapeways filed for chapter and introduced that it had ceased operations in the beginning of July. The corporate’s govt crew of Greg Kress, chief govt officer, Alberto Recchi, chief monetary officer, and Andy Nied, chief working officer, all subsequently resigned.
Shapeways relaunches as Manuevo
In a current LinkedIn submit, Manuevo acknowledged that it’ll proceed to supply the complete suite of providers beforehand provided by Shapeways. Like its predecessor, the corporate operates in keeping with ISO 9001, ISO 14001, and IATF 16949 requirements.
Manuevo boasts a broad portfolio of additive manufacturing expertise. This consists of SLS, MJF, MJP, SLA, DLP, binder jetting, misplaced forged waxing, and metallic SLM 3D printers, in addition to over 120 supplies.
The 3D printing service supplier will primarily serve B2B clients ordering small and medium sequence 3D print jobs. It’s focusing on functions within the automotive, aerospace, protection, structure, medical expertise, robotics, and semiconductor verticals.
From its Eindhoven base, Manuevo is supported by 40 strategic provide chain companions, serving shoppers in Europe and North America.
Clients can at the moment place orders through electronic mail or by way of a kind on the official Manuevo web site. The corporate acknowledged that current Shapeways buyer ought to quickly have the ability to re-establish their APIs, whereas it is usually working to relaunch its self-serve choice.
“We now have labored long and hard to get this over the end line however I’m completely happy and proud to share that we have been capable of restart the Shapeways BV enterprise,” commented Manuevo’s new Chief Working Officer. “Manuevo is in enterprise as of this month and is trying ahead to placing our clients first and offering a full suite of options.”
3D printing asset acquisitions
Shapeways will not be the primary 3D printing firm to have its property bought after submitting for chapter. In 2022, product design and manufacturing service supplier SyBridge Applied sciences acquired the property of bankrupt 3D printing bureau Quick Radius in a deal value round $15.9 million.
Sybridge Applied sciences’ fully-owned affiliate, SyBridge Digital Options, received the bid for property. The agency anticipated that this buy would enable it to raised help clients all through their product lifecycle, from design, engineering and prototyping to manufacturing.
Launched in 2017, Quick Radius signed a $1.4 billion merger with the SPAC ECP Environmental Development Alternatives in July 2021. Following this, the corporate set a income goal of $635 million by 2025. Nevertheless, simply 16 months later, Quick Radius filed for chapter. The corporate cited “current turbulence within the capital markets which severely hampered the corporate’s capability to arrange the required capital construction” as driving this.
Extra not too long ago, 3D printer producer Stratasys acquired the Mental Property (IP) and expertise portfolio of carbon fiber 3D printing agency Arevo. This adopted a 3D printing {hardware} public sale of Arevo’s property.
The corporate initially centered on the commercialization of its AQUA 3D printers and manufacturing carbon fiber composite buildings. Nevertheless, Arevo shifted its focus to the full-time manufacturing of its 3D printed SuperStrata bikes in 2020. Regardless of elevating $70 million in B Bridge, B1, B2, C, and crowdfunding, the agency ceased operations final 12 months, fulfilling 96% of its bike orders.
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Featured picture exhibits a Shapeways signal inside its New York warehouse. Photograph through Gizmodo.