Zebra Technologies, a provider of workplace performance management software, disclosed its intent yesterday to buy a portfolio company, US-based warehouse robotics technology producer Fetch Robotics, for $290m.
The corporate currently owns a 5% stake in Fetch and the $290m figure represents the price of the 95% it does not hold, valuing the company at $305m. Vedder Price is legal counsel for Zebra on the deal while Fenwick & West is legal counsel for Fetch and Evercore its financial adviser.
Founded in 2014, Fetch has developed automated technology which enables robotics systems to find items in warehouses, move them and track their location. It had raised a total of $94m as of a $46m series C round in mid-2019 that included Zebra subsidiary Zebra Ventures.
The round was led by Fort Ross Ventures and also featured communications software producer Redwood Technologies, media group O’Reilly’s OATV unit and SoftBank Capital, a subsidiary of telecommunications and internet group SoftBank.
Ceas Investments, TransLink Capital, Shasta Ventures and Sway Ventures filled out the series C round, which followed $25m in a 2017 series B round led by Sway Ventures and backed by existing investors SoftBank, OATV and Shasta Ventures.
Photo courtesy of Fetch Robotics, Inc.
