Adept Technology, Inc.
, announced a deal to acquire New Hampshire-based, privately held MobileRobots Inc.
, a company that designs and develops autonomous robot and automated guided vehicle (AGV) technologies. According to an official press release, the terms of the acquisition involve approximately $1 million of cash at closing, plus 763,359 shares of Adept common stock which is subject to vesting conditions, and a contingent cash payment of up to $320,000 after one year for an estimated transaction value of $4.5 million.
Adept President and CEO, John Dulchinos explained the appeal of the acquisition. "With this acquisition, Adept strengthens its ability to develop and deliver highly flexible automation solutions aligned with the needs and demands of our target markets."
MobileRobots solutions include individual robots in hospitals, factory floor AGV fleets, and more. The company's autonomous platforms are able to navigate in unstructured environments and provide comprehensive solutions and unmatched flexibility in delivering supplies, components and parts in complex and peopled environments.
Jeanne Dietsch, CEO and Co-founder of MobileRobots was very pleased with the decision to join forces with Adept. "In carefully analyzing the combining of the companies it became clear that our roadmap, positioning, organization and culture are complementary and the acquisition will therefore enable us to more rapidly and fully service our customers," she said.
The acquisition is subject to customary closing conditions and is expected to be completed by July 2010. MobileRobots generated $3.9M in revenues in 2009. The transaction is expected to be accretive in the second fiscal year of combined operations.