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Monday, September 17, 2012

iRobot Acquires Competitor Evolution Robotics for $74 million

iRobot Corp. today announced it 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, for $74 million.
Credit: Evolution Robotics, Mint
Evolution Robotics was founded as an operating company of Idealab, a creator and operator of technology businesses, and has been funded by Vodafone Ventures Ltd, CMEA Ventures and Shea Ventures.

Evolution Robotics develops state-of-the-art robotics solutions, and partners with original equipment manufacturers to integrate those technologies into new and more intelligent products. The line of products for businesses include: NorthStar® — a low-cost, hardware and software localization solution that enables mobile devices to navigate more intelligently in indoor environments. The NorthStar system brings advanced localization performance at costs suitable for the consumer products industry.
ERSP® — a complete software development platform for organizations with their own engineering teams. Available for Linux or Windows, ERSP provides core infrastructure, computer vision (based on ViPR® technology), complete autonomous navigation with vSLAM® and human-robot interaction modules.

ER will contribute with an estimated net revenue of $4-6M in Q4 2012 and $22-24M in 2013. ER domestic revenue is expected to be 97% of 2012 sales. International sales to date are limited. 65% of ER's 2012 revenue comes from current iRobot domestic accounts. ER currently utilizes 2 contract manufacturers in China.

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