IP isn't the only kind of value. MakerBot has a pouplar hardware product in active production, which represents a pretty big investment that can't be easily reproduced (or Stratasys, which makes its own hardware, would probably done so). They have a very strong brand, including the Thingiverse site. These are things that drive Replicator sales in the future. And Stratasys (correctly) views them as someone they'd rather acquire now than in three years.

That said: yes, the MakerBot really is just a refined RepRap. There's not much really of unique value there, technologically, beyond the aforementioned high expense of "refining" a hardware product.

First off, it was $200M cash and $400 newly issued stock. They'll have to get the shareholders to approve, but seeing as they're pretty well up in after-hours, I don't think that will be a problem.

Also they had a $10M round just recently, so those investors are going to want to cash out.

After that, theres rumors that their last year broke $70M in revenues (after $10M in revenues the year before), and they're not really slowing down.

So, all things considered its a high price, but I dont think $200M cash isn't too much to fork over.

The big question will be how they handle it. Will they start persuing all the other (much smaller) 3D printing companies for infringement? Will they just give makerbot more resources and freedom and tell them to keep doing their thing? Will they make their (professional) CAD software compatible with Makerbots printers and software, allowing a clean upgrade path between low-end and high-end printers? We'll see, but apparently Stratasys has high hopes for what they can do with it.

Isn't it a 200M earn out after 12 or 18 months and 400M in stock right away? 200M cash is likely more money than Stratasys has on hand right now given their balance sheet.

They are also getting the branding and employees, which I would imagine are where most of the worth is.

Also, the MakerBot Replicator 2, which has sold more units than all previous models combined, is mostly not at all opensource.

it's definitely not a talent acquisition. most of the valuable employees left in the past few years.

Do you have a lot of knowledge of their team's background and what Stratasys wanted from this deal? Without a clear definition of what's valuable here that's a sweeping judgement.

it is quasi-public knowledge that Makerbot has been hemorrhaging engineers for the past few years, and continues to suffer a high turnover rate due to a toxic work environment. you're right, i have firsthand knowledge about what exactly Stratasys wanted from this deal, but what i do know is that it doesn't make very much sense to acquire the company for its engineering team.

I assume you meant "I don't have firsthand knowledge"

thanks that is what i meant.

I happen to have first hand knowledge that two extremely good engineers fucked off when things started going closed and ugly and immoral.

MakerBot have at least some patents, including a patent on a conveyor system for automated building.

Which never worked correctly, and was silently scrapped.

Yeah, though if someone else does manage to come up with one that works it'd let Stratasys sue them and probably even buy it off them in bankrupcy.