iRobot to Acquire Evolution Robotics
BEDFORD, Mass.-iRobot has signed an agreement to purchase Evolution Robotics, the developer of the Mint and Mint Plus floor-cleaning robots, for $74 million.
The acquisition, which is expected to close in the fourth quarter, will broaden iRobot's product portfolio and expand its technology offerings with a combination of intellectual property and engineering talent, according to a joint statement from the two companies. The Mint, which debuted in 2010, cleans hard-surface floors by automatically dusting and damp-mopping using cleaning cloths such as Swiffer branded dry and wet cloths and other similar products. The Mint Plus is an enhanced version of the Mint introduced last year.
Colin Angle, chairman and CEO of iRobot, said, "Evolution Robotics' products will expand our automated floor-care offerings, while its technology and intellectual property will bring visual navigation and simultaneous localization and mapping, among other technologies, which could be deployed in future iRobot products to deliver greater customer value."
Paolo Pirjanian, Evolution Robotics' CEO, will join iRobot as chief technology officer when the deal is finalized, and will work out of Evolution Robotics' office in Pasadena, Calif.
The statement said the acquisition should produce additional revenue for iRobot of from $2 million to $4 million for the remainder of 2012, and from $22 million to $24 million in 2013.