Startups

Maryland’s Xometry acquired industrial supplier Thomas for $300M

This marks the company's first acquisition following its IPO from earlier this year, with which it raised $300 million.

Xometry premiered on the Nasdaq in June 2021.

(Photo via @Nasdaq on Twitter)

After making a splash earlier this year on the public market, on-demand manufacturing marketplace Xometry has made its first post-IPO acquisition.

The Rockville, Maryland company announced Wednesday that it acquired New York-based product sourcing and supplier Thomas in a deal worth $300 million. Xometry acquired the company for approximately $198.5 million in cash plus $101.5 million of its stock.

With the acquisition, Xometry said it expects to rapidly expand the buyer and seller base for its digital marketplace. It also hopes to take advantage of the company’s marketing and data services, bringing in fintech and digital marketing products. Currently, Thomasnet.com has over 1.3 million registered users and more than 500,000 commercial and industrial sellers.

“Xometry and Thomas share a common mission of championing the digital transformation of the manufacturing industry, one of the largest sectors of the global economy and the foundation for innovation everywhere,” said Randy Altschuler, Xometry CEO, in a statement. “Thomas brings strong brand equity, trusted and extensive relationships, proprietary data and advanced full-funnel marketing services – assets that perfectly complement our digital marketplace. Together, we will introduce new services, cross-sell to our combined base and expand our suite of products, particularly in fintech and digital marketing.”

The acquisition news follows the company’s initial public offering from earlier this year. In June, Xometry premiered on the Nasdaq, raising about $300 million. At the time, in its IPO filing document, the company noted that it would use the funds for additional product offerings, international expansion and pursuing acquisitions.

With the Thomas acquisition, Xometry said it expects the deal to be immediately accretive to its margins. It expects full-year profitability in 2023.

Companies: Xometry
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