iRobot Corp. a head in providing robotic technology-based alternatives, today declared it has finalized a specified contract to obtain privately-held Progress Robotics, Inc. (ER), designer of Mint® and Mint® Plus automatic floor washing spiders, centered in Pasadena, Florida. The buy and the specified contract have been approved by the panel of administrators of iRobot and the panel of administrators and stockholders of ER. The buy, which is expected to close in it all quarter of 2012, increases iRobot's technological innovation authority through a mixture of ip, technological innovation ability and new items that will extend iRobot's global profile of practical robotics alternatives. iRobot will obtain ER for $74 million, subject to traditional price improvements. iRobot will use its cash supplies to pay for the buy.
ER's technological innovation started in 2001 in a technological innovation company incubator. Truly, ER released Mint®, an automatic floor washing software designed only for difficult area areas, which offers a different approach to washing than iRobot's current items. Great instantly dusts off and soaked cleaning solutions difficult area areas using popular washing towels, such as Swiffer® product Dry and Wet Cloths and other similar items. This year, ER extended its products with the release of Mint® Plus, an improved edition. Both items have been available for buy on ER's website and from select U.S. suppliers. Mint® provides iRobot with a supporting dry/wet floor washing solution preferably suited for maintenance of difficult areas. Positive client encounter has motivated strong income development since its first item release in 2010. Mint® provides lower industry places for customers with difficult areas.
"Evolution Robotics' items will increase our automated floor care promotions while its technological innovation and ip will bring visible routing and multiple localization and applying, among other technology, which could be implemented in future iRobot items to deliver greater client value," said Colin Position, iRobot chair and CEO. "There are remarkable possibilities to make use of the strength of the iRobot product and our income and submission network to flourish Great income around the world. Computerized floor cleaning solutions are one of the quickest growing consumer items in modern times and our suppliers and suppliers welcome possibilities to petrol that development."
"I am also pleased to declare that Paolo Pirjanian, CEO of Progress Robotics, will be becoming a member of iRobot as Primary Technology Officer, continuing to be in the Pasadena office. I have known Paolo for many decades and his comprehensive encounter as an industry-leading roboticist will greatly improve our team," Position added.
"I am very thrilled about Progress Robotics and iRobot becoming a member of together as a powerful force in robotic technological innovation and look forward to my new role as iRobot's CTO," said Paolo Pirjanian, CEO of Progress Robotics, Inc.
The acquisition is expected to contribute additional revenue of $4-6 million in 2012 and $22-24 million in 2013. On a GAAP basis, iRobot expects the acquisition to be dilutive in 2012 and 2013, subject to final purchase price accounting determinations. The acquisition is expected to be accretive by Q4 2013, excluding non-cash charges, one-time charges and integration costs. Please refer to the supplemental data sheet attached hereto for detailed information about the financial impact of the transaction.
The acquisition is expected to contribute additional revenue of $4-6 million in 2012 and $22-24 million in 2013. On a GAAP basis, iRobot expects the acquisition to be dilutive in 2012 and 2013, subject to final purchase price accounting determinations. The acquisition is expected to be accretive by Q4 2013, excluding non-cash charges, one-time charges and integration costs. Please refer to the supplemental data sheet attached hereto for detailed information about the financial impact of the transaction.