Xometry (NASDAQ: XMTR) has acquired Turkey’s leading on-demand manufacturing marketplace Tridi, making it the fourth addition to the company. The Dell and BMW I Ventures-backed firm continues to grow aggressively in Europe. As part of its strategy, the firm made a small tuck-in acquisition in Turkey to further expand its alternative cost supplier network to serve the European market. News of the deal comes simultaneously as Xometry announces its expansion to the UK, the region’s third-largest manufacturing market.
Following the Tridi acquisition on January 2023, the Xometry website for the Turkish market and its localized Instant Quoting Engine started to serve under the “Xometry Turkey” brand on March 2, 2023. Around the same time, Tridi’s co-founders, Çınar Topaloğlu, Sultan Nur Bulut, Onur Keskin, and all of the company’s employees, were officially welcomed to the Xometry family.
Essential to the new agreement is that Xometry’s technological opportunities are now available to Tridi customers in Turkey, especially the brand’s superior technical infrastructure and intelligent manufacturing solutions, as well as a global manufacturing network with over 2,000 manufacturing centers in over 25 European countries.
According to Xometry’s recent earnings report for the fourth quarter and full year of 2022, the purchase price for Tridi was approximately $3.8 million. In addition, the purchase price includes a contingent consideration arrangement to the former owners of Tridi up to a maximum amount of $1.25 million in shares to be paid in two installments on the first and second anniversary of the acquisition. , However, this will be based on achieving certain undisclosed revenue targets.
With the acquisition of the Istanbul-based company and the launch of a localized marketplace for Turkish customers, Xometry adds a significant market in a strategic area of the region that can support customer needs throughout Europe. In addition, Tridi extends Xometry’s capabilities in Europe by opening a vast array of affordable suppliers since the Turkish brand operates an online marketplace for manufacturing with the ability to serve all of Europe within a 24-hour turnaround period.
Since its inception in 2014, Tridi has amassed a customer base that is quite diverse and includes some of the most attractive industries for the 3D printing space, including aerospace and aeronautics, automotive, consumer electronics, and plastics. Its offerings include not only 3D printing but also CNC machining, sheet metal fabrication, injection molding, and urethane casting services across its network of vetted regional manufacturing suppliers.
Under the Xometry Turkey brand, Tridi has now become a subsidiary of Xometry Europe. As such, it will support Xometry’s land and expand strategy in the continent, which has been vital to its revenue growth in the last months. Last week, Xometry executives disclosed that the company’s Q4 2022 international revenue (which grew 89% year-over-year and 15% quarter-over-quarter) was driven almost entirely by its European business growth.
“Our continued expansion across Europe reflects our commitment to becoming the global marketplace for the large and growing industrial market,” said Randy Altschuler, CEO of Xometry. “With the acquisition of Tridi, we’re giving our customers throughout Europe more opportunities to source their manufacturing needs. Our localized marketplaces help entrepreneurs, small- and medium businesses, as well as large enterprise organizations connect with manufacturers to create locally resilient supply chains so that they can bring goods to market faster and operate with greater efficiency. We are proud of our track record in Europe, where we now have 11 localized marketplaces, and we welcome Tridi into the Xometry family.”
Xometry Europe Managing Director Dmitry Kafidov adds that the expansion into Turkey is crucial to European manufacturing supply chains thanks to its strong internal manufacturing market.
Described by many as the “world’s manufacturing hub,” Turkey is looking to benefit from the reorganized, post-Covid supply chains. A competitor with the far East, the country has become a prime sourcing destination for Europe, and Xometry has quickly tapped into this market.
3D printing, in particular, is becoming a significant sector in Turkey, which now boasts more than 30 3D printing companies and promotes many initiatives to drive interest. For example, academic endeavors a few years ago helped create Turkey’s first 3D printing technology center, which has helped fulfill the needs of Turkish aviary and defense since 2018. Additionally, companies like BCN3D and Farsoon quickly noticed Turkey’s interest in the technology and signed new partnerships in 2020 to accelerate their regional expansion.
The Xometry Marketplace features the company’s proprietary Instant Quoting Engine, powered by artificial intelligence (AI) and capable of analyzing millions of data points in real-time to deliver instant pricing, accurate lead times, and instant feedback, empowering entrepreneurs, small-and-medium businesses, and large enterprise organizations to create locally resilient supply chains. In addition, this benefit will allow regional customers to get quotes and purchase parts directly in local currency.
This success story has plenty of stakeholders, including Tridi co-founder and CEO Çınar Topaloğlu, who said he is thrilled to join Xometry. The entrepreneur believes Xometry Turkey’s customers and manufacturing partners can already benefit from the international brand’s cutting-edge marketplace technologies and global manufacturing expertise by quoting and sourcing parts via xometry.com.tr. He also said the trio of founders is “crowning the Tridi adventure,” which began in 2014 with this “successful exit.”
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