Shape Robotics intends to take over Skriware in a transaction worth approx. EUR 6 million

Skriware – a Polish company specializing in 3D printing and robotics solutions for the education sector, has signed a letter of intent under which it will be fully acquired by Shape Robotics – a Danish company listed on the NASDAQ Nordic stock exchange. The transaction is expected to be completed by the end of this year, and Shape Robotics has exclusive rights to negotiate with Skriware until December 1, 2023. If it happens, Skriware shareholders will take up shares in Shape Robotics in exchange for 100% of shares in the Polish company, with a potential additional cash settlement. At the moment, the value of Skriware is estimated at EUR 5.8-6.4 million.

Skriware has been operating on the market since 2015. Initially, the company specialized in the production of its own FDM / FFF 3D printers (it even obtained funding on the Kickstarter platform for the development of the premiere device), but later focused its activities on school education in the STEAM model. It has created its own educational platform – SkriLab, where teaching programs based on robotics and 3D printing are available. In February 2021, the company started close cooperation with Zortrax, which supplies it with its flagship 3D printers – Zortrax M200 Plus (known as 3D Skrinter), while in January 2023 Skriware signed a contract with the Ministry of Education for providing access for PLN 4,8 million of the Skriware Academy platform to primary schools participating in the government program Future Laboratories.

Shape Robotics is the Danish equivalent of Skriware, operating on a slightly larger scale. The company cooperates with with Samsung, which ensures the international distribution of its solutions – its key market is, for example, Romania. By taking over Skriware, the Danish company intends to further expand its reach and take advantage of the recognition of the Polish brand.

“Shape Robotics enters the Polish market by taking over a well-established and recognized company from the ed-tech sector in Poland. With minor post-acquisition adjustments, this acquisition could serve as an effective entry into a fast-growing market where timely availability and local presence are essential to winning the most attractive tenders. In addition, the acquisition may bring long-term benefits, such as the opportunity to develop both software and hardware for existing and new markets,” said Danish company CEO André Fehrn.

The non-binding letter of intent concerns the planned acquisition of Skriware’s entire share capital through a share swap, potentially with an additional cash payment. The exact number of new shares issued in connection with the proposed acquisition will be determined on the basis of the final valuation and will depend on the negotiations, conclusion of final agreements and completion of due diligence. Its commencement is planned for August 2023. The assumed date of the share exchange transaction – after meeting the above-mentioned conditions – is the fourth quarter of 2023. The current value of Skriware is estimated at EUR 5.8 – 6.4 million.

Source: www.cision.com via www.crn.pl