If you're a professional CAD designer, you already know about GrabCAD and its enormous repository of design files and engineering data.

GrabCAD's community of more than 1.5 million members from around the world access a large public CAD file library – more than half a million files and counting – and carry out an ongoing conversation with their fellow engineers about the nuances of designing for three dimensional applications.

Founded in 2010 Hardi Meybaum, a visionary entrepreneur and pioneer in 3D CAD cloud collaboration tools, GrabCAD also attracted the attention of Stratasys Ltd, a leading global provider of 3D printing and additive manufacturing solutions, and as a result, Stratasys has acquired the privately-held GrabCAD, Inc. as part of an all-cash transaction.

The terms of that transaction were not disclosed, but the details are expected to be completed by the end of September.

Part of the deal was access to GrabCAD Workbench, a cloud-based collaboration tool to enable engineers and designers to share, view and manage CAD files and other design data via the internet.

The purchase is expected to provide Stratasys' customers with enhanced collaboration tools and improved accessibility relating to 3D CAD content, and GrabCAD Workbench also gives Stratasys with an opportunity to tap into the communications network GrabCAD has built and apply it to 3D printing processes and technology solutions.

"The addition of GrabCAD provides Stratasys with a leading cloud-based collaboration platform for engineering teams to manage, share and view CAD files. By increasing the collaboration and accessibility of 3D CAD files, we believe we can further accelerate the adoption of 3D printing solutions and Stratasys' product offerings," said David Reis, the CEO of Stratasys. "Together with GrabCAD, we believe that we will accelerate innovation and provide increased value to a growing universe of customers seeking to utilize 3D printing solutions."

It's expected that Meybaum, the Co-founder and Chief Executive Officer of GrabCAD, will continue to lead GrabCAD within the Stratasys group.

"GrabCAD was founded to bring the world's engineers together and help them collaborate to bring better products to market faster," said Meybaum. "We believe we can extend the reach of one of the most exciting and innovative design collaboration technologies available. With its broad and growing customer base and worldwide presence, Stratasys can provide more customers around the world with exciting new solutions to meet their design needs."

The purchase gives Stratasys access to an industry leading team of software professionals wired into the needs of designers and engineers, and to GrabCAD's cloud-based Workbench collaboration platform. The deal also includes access to 1.5 million users, a large online community of M-CAD users and to an enormous public online repository of free CAD files which are downloaded and nearly 50,000 times a day.