iRobot Acquiring Evolution Robotics For $74 Million
iRobot Corporation is acquiring Evolution Robotics for $74 million. iRobot is known for building the Roomba vacuum cleaner. Evolution Robotics creates robots that clean hard floors. The flagship Evolution products include the Mint and Mint Plus automatic floor cleaning robots that are designed for cleaning cloths including Swiffer products to automatically dust and mop hard surfaces.
This deal is reportedly closing in Q4 and will reportedly add between $4 million and $6 million to iRobot’s fourth-quarter revenue. It will also give $22 to $24 million in additional revenue in 2013. Evolution Robotics shareholders and their board of directors approved of the deal. iRobot is also known for making the Scooba floor washer and robots that are used in bomb disposals and surveillance.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry