iRobot Corp (IRBT) to Acquire Evolution Robotics in $74M Deal

September 17, 2012 4:31 PM EDT Send to a Friend
iRobot Corporation (Nasdaq: IRBT) has signed a definitive agreement to acquire privately-held Evolution Robotics, Inc. (ER), developer of Mint® and Mint® Plus automatic floor cleaning robots, based in Pasadena, California.

The acquisition and the definitive agreement have been approved by the board of directors of iRobot and the board of directors and stockholders of ER. The acquisition, which is expected to close in the fourth quarter of 2012, expands iRobot’s technology leadership through a combination of intellectual property, engineering talent and new products that will broaden iRobot’s global portfolio of practical robotics solutions. iRobot will acquire ER for $74 million, subject to customary purchase price adjustments. iRobot will use its cash reserves to pay for the acquisition.


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