Here's the Deal
Baird's Investment Banking Group is pleased to announce the following transaction:
Evolution Robotics, Inc.
Sale to iRobot Corporation
Baird served as exclusive financial advisor to Evolution Robotics, Inc.
Evolution Robotics, Inc. (“Evolution Robotics” or the “Company”) recently entered into a definitive agreement to be acquired by iRobot Corporation (“iRobot”) (NASDAQ-GS: IRBT) for $74 million in cash.
Evolution Robotics designs and develops state-of-the-art robotics solutions for vision, autonomous navigation and intelligence applications. The Company’s current product portfolio includes the Mint® and Mint® Plus automatic floor cleaning robots for hard surface floors. Evolution Robotics’ technology portfolio includes NorthStar, a hardware and software localization solution for indoor navigation; ViPR, a visual pattern recognition and autonomous navigation technology; and vSLAM, a localization and mapping technology used in large or small indoor and outdoor environments. Evolution Robotics currently sells its products to consumers through national retail chains and online retailers, including Amazon, Bed Bath & Beyond and Best Buy, and through its on-line store. Evolution Robotics was founded in 2001 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 is based in Pasadena, California.
iRobot designs and builds robots for the consumer, government and industrial markets worldwide. iRobot offers floor vacuuming and washing robots, pool and gutter cleaning robots, unmanned ground robots and vehicles, and maritime unmanned vehicles. iRobot’s consumer and military robots feature iRobot Aware® robot intelligence systems, proprietary technology incorporating advanced concepts in navigation, mobility, manipulation and artificial intelligence. iRobot sells its robots to consumers through chain stores and other national retailers, as well as through its on-line store; and to the U.S. military, and other government agencies. iRobot is based in Bedford, Massachusetts.