MakeTime, an online marketplace for manufacturing services that was created in Lexington in 2014, has been acquired by a larger Maryland company, which also announced it has raised $25 million for expansion.
The acquisition by Xometry of Gaithersburg, Md., creates the largest network in the growing market for on-demand manufacturing services, with 2,300 partners that can make prototypes and parts for customers.
Financial terms of the deal were not disclosed.
The acquisition and investment capital will lead to long-term employment growth in both Maryland and Kentucky, executives said. The combined company now has 170 employees, including about 30 in Lexington.
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Xometry, which was founded a year before MakeTime, is on pace to double last year’s revenues of $20 million, said Bill Cronin, Xometry’s senior vice president of sales and marketing. He declined to disclose MakeTime’s revenues.
Maketime founder and CEO Drura Parrish said he will remain with the company as executive vice president for platform. He said the Lexington office will continue to house software developers and sales and partnership management personnel.
“It’s a win-win,” Parrish said. “With this scale, it allows us to take a larger part of the market.”
MakeTime brings with it advanced software tools that will give customers and manufacturing partners more flexibility in design and pricing, the companies said.
Foundry Group, one of MakeTime’s investors, is the lead investor in the $25 million round of funding. Other investors include Almaz Capital, Highland Capital Partners, the Maryland Venture fund and the venture funds of BMW and General Electric.