3D Systems Corporation (NYSE:DDD) raised about $317 million in a secondary stock offering last week. Many argued that the offering was ill-timed because the stock was down more than 40% this year before the offering. Pacific Crest analyst Weston Twigg said that the offering reinforces investors’ concerns that 3D Systems is growing mainly through acquisitions.

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Will 3D Systems buy Arcam?

However, 3D Systems Corporation (NYSE:DDD)’s cash pile has grown to $620 million after the offering. RBC Capital Markets analyst Amit Daryanani says that big-ticket deals are now imminent. 3D Systems has made more than 45 acquisitions in the past four years totaling $520 million. So, the company has ample experience in making strategic acquisitions. Daryanani believes that the Rock Hill, South Carolina-based company will focus on acquisitions in the range of $100-$300 million. So, a big question is: Which companies are the potential acquisition target?

Seeking Alpha contributor William Anglyn says that Arcam AB (OTCMKTS:AMAVF) looks like a natural first target. The Swedish company specialized in electron beam melting, and it could be an incredible asset to 3D Systems Corporation (NYSE:DDD). Another potential target could be Florida-based ARC Group Worldwide Inc (NASDAQ:ARCW). Purchase of ARC Group makes sense because this 3D printing service bureau is already the world’s biggest metal injection molding company.

3D Systems may also acquire tech companies for new activities

3D Systems Corporation (NYSE:DDD) could also be interested in Materialise, a Belgium-based 3D printing software and service provider that recently filed for a $125 million IPO. ExOne Co (NASDAQ:XONE) and Voxetjet AG (ADR) (NYSE:VJET) can’t be ruled out either. Though these high flier stock have tumbled in the past few week, proper execution could boost the value of their technologies.

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Moreover, 3D Systems Corporation (NYSE:DDD) also has the possibility to acquire one or more technology companies that may help it with new activities like Google Inc (NASDAQ:GOOGL) (NASDAQ:GOOG)’s Project Ara.

3D Systems Corporation (NYSE:DDD) shares inched up 0.69% to $51 in pre-market trading Monday.