Morrisville-based Geomagic fetched a $55 million sale price, more than three times its projected annual revenue.
3D Systems, a publicly traded company based in Rock Hill, S.C., announced in January that it was acquiring Geomagic but didn't disclose the sale price at that time. However,in conjunction with the closing of the deal Wednesday it reported that it paid $55 million in cash for Geomagic, whose software creates 3D digital models.
3D Systems, which produces three-dimensional printers used to create 3D objects out of plastic and other materials, also reported that it expects Geomagic to contribute about $17 million in revenue this year.
3D Systems CEO Avi Reichental said in a statement that the deal give the company an "unmatched portfolio of powerful 3D content-to-print products and services."
With the deal's completion, Geomagic co-founder and CEO Ping Fu became chief strategy officer at 3D Systems as well as general manager of its Geomagic unit. Fu said when the deal was announced that none of Geomagic's 120 employees would be laid off and that she expects the local work force to expand "drastically" moving forward.