iRobot to buy Evolution who make the Mint Robotic Floor Cleaner
(Best Syndication News) - Today, iRobot Corp. (NASDAQ: IRBT) announced that they have signed a definitive agreement to purchase Evolution Robotics, Inc., which is the company who developed Mint® and Mint® Plus floor cleaner products.
The board of directors and stockholders of the privately held Evolution approved the definitive agreement for iRobot to acquire them. The cost to purchase Evolution is around $74 million. The transaction should be completed sometime in the fourth quarter 2012.
Evolution first introduced Mint in 2010. The floor cleaning robot was invented for the purpose of cleaning hard surface flooring. The cleaning approach differs from iRobot’s products in that it dusts and damp mops the floors using readily available cleaning cloths such as Swiffer® brand Dry and Wet Cloths and more. A year later Evolution introduced Mint Plus, which offered new features. The Evolution product line offered a less expensive robot floor cleaning product for consumers.
Colin Angle, iRobot chairman and CEO said in a statement: “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. There are tremendous opportunities to leverage the strength of the iRobot brand and our sales and distribution network to expand Mint product sales around the world. Robotic floor cleaners are one of the fastest growing consumer products in the past few years and our retailers and distributors welcome opportunities to fuel that growth.”
Paolo Pirjanian, CEO of Evolution Robotics said that he will be joining iRobot as the Chief Technology Officer and will continue to have the office operate out of Pasadena.
Having the new product lines joining iRobot should create an additional $4 to $6 million in 2012 and $22 to $24 million in 2013.
Despite the acquisition news today, iRobot shares closed down at $26.01, down $0.36 (-1.37%).
By: Dave Reddy
Demonstration of the Evolution Mint and Mint Plus robotic floor cleaner YouTube Video