Robotics manufacturer iRobot will acquire Vodafone-backed fellow robot developer Evolution Robotics for $74m.
iRobot expects the deal will contribute an additional revenue of $4m to 6m for 2012, and a further $22m to 24m next year. Evolution chief executive officer Paolo Pirjanian will join iRobot as chief technology officer, and continue on in Evolution’s California base.
In 2008, Evolution held a series B round that raised $13.9m. Venture firm CMEA Ventures, Vodafone’s venture unit, and start-up investor Idealab all participated in the round. It was Evolution’s only disclosed venture round to date.
“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,” said Colin Angle, iRobot chairman and CEO.
He added: “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.”