IRobot Acquires Evolution Robotics for $74M
Both companies specialize in robotic floor-cleaning products
IRobot (Nasdaq: IRBT), which makes the Roomba vacuum cleaner, will acquire Evolution Robotics for $74 million in cash.
Evolution Robotics, based in Pasadena, Calif., makes the Mint Automatic Floor Cleaner, which specializes in cleaning hard floors, including those made of wood, tile, vinyl and laminate.
The acquirer hopes the deal will give it a broader consumer base in Europe and Asia, where hard floors are common.
In 2011, Bedford, Mass.-based IRobot generated more than $465 million in revenue and employed more than 600 professionals.
IRobot expects the deal to contribute between $4 million and $6 million more in revenue for 2012, and between $22 million and $24 million more in revenue for 2013.
Evolution’s chief executive, Paolo Pirjanian, will join IRobot as chief technology officer.
The deal was announced late Sept. 17.
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