Shapeways Announces Transformative Software Releases
May 03 2023 - 3:22PM
Business Wire
Realizing record-breaking customer acquisition
growth in Q1 2023
Shapeways, Inc. (NYSE: SHPW), a global leader in the large and
fast growing digital manufacturing industry, announced today a
significant milestone that accelerates the growth of its software
tools and services offering with the release of their Orders and
Transactions functionality via its MFG.com brand. The release of
this suite of powerful new features enables Shapeways to increase
customer acquisition, improve customer retention, and enhance
customer lifetime value. These releases have led to record breaking
SaaS sales growth in Q1 2023 which will convert to recognized
revenue over the next 12 months.
MFG, acquired by Shapeways in 2022, has historically focused on
connecting small and medium-sized manufacturers with custom-part
buyers through its global Manufacturer Database and Request for
Quote (RFQ) process. The new features expand MFG customers’ ability
to not only facilitate relationships with prospective new
opportunities, but also win more of these opportunities and manage
them through the manufacturing process, end-to-end.
“We will continue to commercialize and grow our software tools
and service offerings through MFG,” said Greg Kress, CEO of
Shapeways. “We had an incredible starting point when we acquired
MFG, and adding the new features allows us to expand our offerings
to those customers. The latest feature releases are just the start
of how MFG will grow to be a comprehensive software platform for
manufacturers to unlock new revenue opportunities that grow their
businesses, find operational efficiencies to improve profitability,
increase customer satisfaction, and expand their manufacturing
capabilities.”
Creating a Manufacturing Software Platform
The primary new feature is MFG Transactions, allowing
manufacturers to send invoices–and buyers to pay for their
services–within the MFG platform. After a recent survey found that
92% of MFG’s buyers wanted this feature, the MFG team made it a
priority.
“MFG Transactions streamlines the process of invoicing for both
buyers and manufacturers,” says Greg Rothman, GM of Software for
Shapeways. “It conveniently integrates with ERPs like Quickbooks,
and is powered by Stripe. This instills trust in the buyer that
their payment is secure, and will increase customer retention for
manufacturers using MFG.”
MFG Orders was also announced today as a feature that bolsters
the potency of the entire software offering. MFG Orders was rolled
out to further deepen the platform’s ability to help manage all
parts of the manufacturing process. It includes tools such as Parts
Tracking and the ability to create purchase orders (POs). Parts
Tracking was built so buyers can be automatically notified about
the status of their custom part order through a simple update from
manufacturers, thus ensuring higher customer engagement and
satisfaction. The ability to create POs through the platform helps
to eliminate the back-and-forth of creating POs in other programs
and sending them outside of MFG.
Highest Quarter on Record for Both Manufacturer
Registrations, Live Projects for Quoting, and SaaS Contract
Commitments
In addition to growth through new features and functionality,
MFG also experienced a record-breaking Q1 for customer acquisition.
“We are excited at the momentum we’re seeing from the market. We
welcomed a record number of new manufacturers to the platform, and
saw our highest-ever number of open projects from buyers,” says
Rothman. “We’re committed to continue supporting these new
customers so they can be successful, and to see more join as we
expand our functionality.”
Both manufacturers and custom-part buyers can join MFG.com at no
cost. Upgraded accounts are available for manufacturers to gain the
ability to respond to RFQs and use new Transactions and Orders
features.
About Shapeways
Shapeways is a leader in the large and fast-growing digital
manufacturing industry combining high quality, flexible on-demand
manufacturing powered by purpose-built proprietary software which
enables customers to rapidly transform digital designs into
physical products, globally. Shapeways makes industrial-grade
additive manufacturing accessible by fully digitizing the
end-to-end manufacturing process, and by providing a broad range of
solutions utilizing 12 additive manufacturing technologies and more
than 120 materials and finishes, with the ability to easily scale
new innovation. To date, Shapeways has delivered over 24 million
parts to over one million customers in over 180 countries. To learn
more, please visit https://www.shapeways.com.
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