BEDFORD, Mass., April 11, 2017 /PRNewswire/ -- iRobot Corp.
(NASDAQ: IRBT), a leader in consumer robots, today announced that
it has closed the previously announced acquisition of the
iRobot-related distribution business of privately-held Sales On
Demand Corporation (SODC) based in Tokyo,
Japan. The preliminary purchase price of approximately
$18 million, equal to the book value
of the acquired assets, is subject to adjustments and will be
finalized no later than May 18, 2017.
The company also announced that Hajime Hikino, has been named
president and representative executive officer of iRobot
Japan. Mr. Hikino will assume
day-to-day operational responsibility for all market activities in
country. Japan is a key strategic
country for iRobot, given its status as the largest consumer
robotics market outside of North
America.
As announced on November 21, 2016, the acquisition will better
enable iRobot to maintain its leadership position and accelerate
the growth of its business in Japan through direct control of pre- and
post-sales market activities including sales, marketing, branding,
channel relationships and customer service. It also provides iRobot
with a talented team in Japan that
already understands iRobot and the Japanese market, and a team that
has the relationships and proven capabilities required to
succeed.
Mr. Hikino comes to iRobot with a successful global track record
of establishing and growing profitable consumer businesses in
Japan. He has a wealth of
experience developing premium consumer technology brands, while
both managing and growing relationships with strategic partners to
drive growth. Most recently, Mr. Hikino served as
Representative Director at Bose K.K. where he oversaw Asia sales and channel development, covering a
wide range of regions such as Japan, China,
India, Korea, ASEAN and the
Middle East. He initially joined
Bose Corporation as General Manager for Japan in 2013. Under his leadership, the
company established a strong market position with consecutive years
of double digit growth. Prior to Bose, Mr. Hikino spent
20 years in various Japan,
Asia-Pacific and global roles with
Hewlett-Packard.
"iRobot is excited to begin a new chapter in Japan, a market that has proven very
successful in the past and holds even more promise for the future,"
said Colin Angle, chairman and chief
executive officer of iRobot. "We welcome Hajime, and the entire
team in Japan, to iRobot as we
continue to drive increased adoption of robots for the home and
solidify our leadership position in the market."
"I am excited to join iRobot, a company that has a long history
of providing innovative consumer technologies to the Japanese
market," said Hajime Hikino, president and representative executive
officer of iRobot Japan. "In
Japan, iRobot experienced revenue growth and increased momentum in
2016, and revenue growth is expected to accelerate in 2017. I am
confident that our dedicated organization will capitalize on the
many opportunities in front of us."
Additional financial details will be provided in the company's
first-quarter earnings release on April 25,
2017.
About iRobot Corp.
iRobot, the leading global consumer
robot company, designs and builds robots that empower people to do
more both inside and outside of the home. iRobot created the home
robot cleaning category with the introduction of its Roomba®
Vacuuming Robot in 2002. Today, iRobot is a global enterprise that
has sold more than 15 million robots worldwide. iRobot's product
line, including the Roomba and the Braava™ family of mopping
robots, feature proprietary technologies and advanced concepts in
cleaning, mapping and navigation. iRobot's engineers are building
an ecosystem of robots and data to enable the smart home. For more
information about iRobot, please visit www.irobot.com.
For iRobot Investors
Certain statements made in this
press release that are not based on historical information are
forward-looking statements which are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. This press release contains express or implied
forward-looking statements relating to iRobot Corporation's
expectations concerning future sales and management's plans,
objectives and strategies. These statements are neither promises
nor guarantees, but are subject to a variety of risks and
uncertainties, many of which are beyond our control, which could
cause actual results to differ materially from those contemplated
in these forward-looking statements. Existing and prospective
investors are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof.
iRobot undertakes no obligation to update or revise the information
contained in this press release, whether as a result of new
information, future events or circumstances or otherwise. For
additional disclosure regarding these and other risks faced by
iRobot, see the disclosure contained in our public filings with the
Securities and Exchange Commission including, without limitation,
our most recent Annual Report on Form 10-K.
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SOURCE iRobot Corp.